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Are capital one credit cards cheaper than payday loans?

AlexEFC · 2012-06-01 13:25:40

basically i am stuck in a bit of a rut. i have payday loans (around £500 spread across 3 companies) that i am paying back and then having to take another one out (or deferring them) as i can't afford to pay them back right now. the capital one card is 34.9% apr and is the only one i could be accepted on due to bad credit…

Comments

izools Posts: 7,513 Forumite

2 June 2012 at 12:39PM

It's certainly worth a punt. Just use whatever limit they give you to clear as much as the payday loan. Even if some of it is transferred you'll be better off.

Some payday loan companies will take a credit card payment over the phone save having to incur cash withdrawal or money transfer fees

Good luck!

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