Pay Student Loans With 0% Credit Card

seanfielding

I have a 0% credit card with 6 months left to run on the 0% on purchases aspect of it. I used it to buy car insurance and have paid the balance off very early.

I also have some student debt sat there gathering interest and thought that I could make a payment on my student loans account using the card and then pay this back monthly at 0% as a credit card balance. I am not certain however if this would count as a purchase. I do not want to pay it and then be charged a large amount of interest if the payment turns out to be treated as a cash advance or anything else.

Does anybody on here know or have any recommendations on how I should proceed?

Thanks

Sean

OllyM

It's not worth bothering with - it will count as a purchase but they will charge you a 1.5% fee to make a payment by credit card, and the current interest rate is 1.5%. If you take in to account the fee and the fact that you only have 6 months of your 0% period left to run then you'll end up paying more.

seanfielding

Thanks for this. If I had just gone one step further on the payment section of the site it would have told me that I would be charged and I never would have had to ask! I tried it and they want to levy a charge of £6.30 for mastercard payments.

Thanks