loan to card problem

CraigW_3

Hi, I'm trying to transfer my £5.500 Barclays loan(14.5% -ouch) on to MS card. Got MS card with good limit but been refused Egg. I guess due to my husband who has debt with them. Didn't mention him in the application. MBNA would be the same case. What other credit card can I use instead to transfer my loan. Had enough of Barclays rip off!!

Many thanks
Mich

stphnstevey

Didn't know you could transfer a loan to a credit card?

jamalfatty

You cant, as a loan wouldn't have a conventional 16 digit account number to make payments to as credit cards do. To pay a loan off they would probably ask you to make a BACS payment and as you cant include a reference number with a BT this prevents it from being done.

You would need to get a card that allows you to BT into your current account and then pay the loan off yourself.

YorkshireBoy

jamalfatty wrote: »

You cant, as a loan wouldn't have a conventional 16 digit account number to make payments to as credit cards do. To pay a loan off they would probably ask you to make a BACS payment and as you cant include a reference number with a BT this prevents it from being done.

You can transfer a loan balance to an Egg Card & Egg Money card from your secure area. You're asked for a sort code, account number, roll/reference number, and (I think) the name of the loan account holder - which must be either yourself or an additional cardholder.

You would need to get a card that allows you to BT into your current account and then pay the loan off yourself.

I agree this would be a better approach, since it leaves you in control to settle by cheque or BACS etc.

jamalfatty

I stand corrected! Egg must be only or one of very few CC companies that you can do this with then?

YorkshireBoy

jamalfatty wrote: »

I stand corrected! Egg must be only or one of very few CC companies that you can do this with then?

I believe so, although you could always use a credit card cheque - depending on the accompanying T&C's.

I was fairly certain that my Virgin card also allowed it, but on checking just now the only options are:

Credit/store card
Overdraft
Bill payment (ie BT, British Gas etc).

stphnstevey

Suppose this would only be benificial if the Egg card rate is lower than the loan APR?

CraigW_3

Im trying to follow Martins tip to transfere loan onto plastic. Need to find another hybrid card similar to Egg Money(which I was refused) which will help me to transfer my loan, so my final debt ends up on to Mark&Spencer life of balance card. Any help please?