We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

regarding credit cards and flexi-loans

I have a small flexi-loan of £2000 that has been the monkey on my back for five years now, and I was wondering if it were possible to pay it off using a credit card? I've seen a good 0% interest and balance transfers one (the Halifax One online only mastercard) and would like pay off the flexi-loan using this to a)avoid the interest charges on the loan and b) to take away the temptation of tapping into it every time I run into trouble.

I was intented to cut up the CC once the transfer took place.

Comments

  • Phoenix79_2
    Phoenix79_2 Posts: 1,434 Forumite
    You need a card that allows Super Balance Transfers. Egg Money or MBNA are your best bet. Transfer your credit limit (or however much you need) into your current account and settle the loan
  • Will those cards still have 0% interest and 0% balance transfers though?
  • Phoenix79_2
    Phoenix79_2 Posts: 1,434 Forumite
    MBNA won't be 'free' to transfer to your bank account....you'll pay a fee (2% or 3% can't remember which) But you will get 12 months 0% on it. As for Egg.....i really don't know. I've never had an Egg card....i just know that you can transfer into your account. I'll await an expert to clarify that.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.5K Banking & Borrowing
  • 251.3K Reduce Debt & Boost Income
  • 451.3K Spending & Discounts
  • 238.7K Work, Benefits & Business
  • 614.1K Mortgages, Homes & Bills
  • 174.7K Life & Family
  • 251.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.