Paying off loan with barclaycard?

SootSoot

I have recently received a platinum Barclaycard with 12 months 0% on purhcases and balance transfers. I requested a final settlement figure from a loan (not barclaycard loan) and the payment information included debit/credit card payment.

So, my question is, can I repay this loan using my barclaycard at 0% classed as a purchase or would i need to balance transfer or would it be classed as a cash withdrawal?

I have savings to easily cover the loan but wanted to be a bit more savvy by keeping it in an account gaining interest whilst taking advantage of 0% on a credit card.

(hope this is in the right section as it is to do with the credit card rather than the loan)

TIA

thenudeone

It's entirely up to the loan company a) whether they accept credit cards and b) whether they class transactions as cash advances or purchases.

So why not ask them?

SootSoot

Sorry if it wasn't quite clear but the loan company are allowing the loan to be paid off with a credit card. I wanted to know if Barclaycard will class this as a purchase or cash transaction if I pay with my Barclaycard.

jonesMUFCforever

You need to ask them.

Purely my opinion you are paying cash off with a cash advance on the card.
Do you have the option of getting the cash off the card to your current account first?

thenudeone

SootSoot wrote: »

I wanted to know if Barclaycard will class this as a purchase or cash transaction if I pay with my Barclaycard.

Barclaycard doesn't decide this. Barclaycard just gets data about a transaction through the VISA or Mastercard system which already has an indicator to say whether it's a purchase, a cash transaction, a gambling transaction, or whatever. It is the loan company and its card handling partner who decide how the transaction is identified in the system.