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.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Paying off a car loan

thebigun
thebigun Posts: 13 Forumite
Part of the Furniture First Post Combo Breaker
in Credit cards
Hi All,

I've searched the forum but could only find an old thread regards this - sorry if I missed any others.
I have a car loan that I'd like to pay off with a credit card and have two options. A cash transfer to my current account at 4% or I could open a 0% spending card e.g. Tesco currently looks like a good deal for me.
Anybody any experience or advice with either of these options?

Thanks

Thebigun

Comments

  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    I take it the car loan is not a lot if your planning to use a credit card.
  • thebigun
    thebigun Posts: 13 Forumite
    Part of the Furniture First Post Combo Breaker
    edited 12 August 2012 at 4:56PM
    Hi BugsyBrown yes it's the balance

    Thanks
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    does your car loan allow payment by credit card?

    do you have a CC which allows BT to you current a/c?
  • Sparx
    Sparx Posts: 909 Forumite
    Part of the Furniture Combo Breaker
    A lot of loan/credit/finance companies do not allow you to pay off a loan with a credit card (e.g. Argos, Creation Finance, etc) due to high card processing fees.

    Despite they get all of their money back, the processing fees for them would be 1-2% meaning it takes away a chunk (if not all or more) of the profit.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.7K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.8K Work, Benefits & Business
  • 603.2K Mortgages, Homes & Bills
  • 178.2K Life & Family
  • 260.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only 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.
Update Your Picture