paying loan with cc advice please

natstu2005

ok we have a car loan with nationwide at 6.6% and want to clear this with a 0% cc that we just opened with barclays.
but want to pay the loan with my tesco cc (to gain the points) then bal trans to barclaycard.
however the loan paperwork says you must notify them hat you want to pay in part (as we will to avoid early repaymet charges for payment in full) and that payment is to be made by posting them a cheque?????
is there anyway i can make payment with our new 0% card or are we stuck?
thanks for advice in advance.
and hope this is in the right place!

bengalknights

You cant generally pay a debt off with another for of debt credit usually.

jonesMUFCforever

You will incur a minimum of 3% if you do what you want to do.
Paying a loan with a credit card is nigh impossible since credit card cheques disappeared.

I would have gone for a long purchase deal spending all of my regular household bills on it - paying the minimum off every month and using the money left in my account to part pay the loan.

Having said all of this 6.6% is a great rate for a loan and if you should not be able to pay your credit card before the end of the promotional period you may face an interest rate of 15% or more.
Take care!

natstu2005

thanks for the replies.
bummer, bummer, bummer only activated the card today!
oh well will need to think again.
got the money to pay the loan off but want to hang onto it as im on maternity leave and smp is done and i dont have any income for the next 3-4 months when i return to work.
we are planning on working towards paying off the mortgage so first stop was the loan.
what you are suggesting is stooging? paying min balance on the card but banking the cash until the 0% period is up.

jonesMUFCforever

natstu2005 wrote: »

thanks for the replies.
bummer, bummer, bummer only activated the card today!
oh well will need to think again.
got the money to pay the loan off but want to hang onto it as im on maternity leave and smp is done and i dont have any income for the next 3-4 months when i return to work.
we are planning on working towards paying off the mortgage so first stop was the loan.
what you are suggesting is stooging? paying min balance on the card but banking the cash until the 0% period is up.

Yes................................:D
But it's called stoozing.

natstu2005

:rotfl:lol,