Paying off a Loan with a Credit Card?

sar050680

Hi all, as I'm new to Credit Cards, balance transfers and all that I thought I'm best asking a question in here before I go any further.

I have a Personal Loan with Lloyds which has about £4500 remaining. Now I'm wondering if, after reading about the "20 mth 0% Credit Cards", could I pay off my Loan with one of these said Cards, then over the 20 months set up payment on the card, in effect paying no interest??

Or am I losing it?

Thanks for any advice, Paul.

sar050680

BUMP...Any offers?

YorkshireBoy

http://www.moneysavingexpert.com/loans/plastic-loans?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

If you're "new to credit cards" a £5K limit on your first one might be a big ask.

And if you breach the card's T&Cs, be aware that a credit card could cost you far more interest than the loan over the same period.

sar050680

Thanks YB, I'll have a read of the link now.

pugzy

Have a look at my thread I started yesterday...click here

sar050680

Hi Pugzy, seems we both have the same idea eh, just you put it in a better way than me pal. I understand the 'money transfer' bit now and how to set it up, I just don't know whether to go for it or not! Decisions, oh and good luck with yours mate.