6 month 0% kitchen agrrement ending. Can i pay with Credit Card?

shilo_dog

Hi All...this is my first time so be gentle!

I entered into a 6 month interest free agreement with Magnet Kitchens (with Barclays Bank) which is due to end in November. When that day arrives will I be able to pay the complete balance in the region of £5000 with my Credit Card (NatWest MasterCard)? Basically giving myself another months worth of free credit? I’m then planning on transferring that debt to another interest free creditcard...not sure which yet?

Basically can I pay off a credit agreement with a credit card?

Thanks

dazza.mk

shilo_dog wrote: »

Hi All...this is my first time so be gentle!

I entered into a 6 month interest free agreement with Magnet Kitchens (with Barclays Bank) which is due to end in November. When that day arrives will I be able to pay the complete balance in the region of £5000 with my Credit Card (NatWest MasterCard)? Basically giving myself another months worth of free credit? I’m then planning on transferring that debt to another interest free creditcard...not sure which yet?

Basically can I pay off a credit agreement with a credit card?

Thanks

Depends on whether Barclays will accept it as payment (probably unlikely and if they do there will be a fee to do so).

exel1966

shilo_dog wrote: »

Basically can I pay off a credit agreement with a credit card?

Thanks

What did Barclay's say ?

shilo_dog

I haven't contacted Barclays yet. I just had the idea and thought somebody may have already tried it. I'm in work at the moment so can't make the phone call. I'll try tonight and let you know.

thanks

thenudeone

It's possible they might accept a card and treat a transaction as a purchase but very unlikely. To do so they would have to accept paying 2-3% fees to process the transaction.

Shops and retailers accept cards and pay the fees because if they didn't, they might lose the sale; but in this case they've already got the sale, and you have to pay them what's outstanding on the due date, or they start charging interest. They have no incentive or interest in making payment easier for you.

shilo_dog

What if I took a different route and paid the credit agreement off with my overdraft, could I then transfer my overdraft to a 0% credit card?

dazza.mk

shilo_dog wrote: »

What if I took a different route and paid the credit agreement off with my overdraft, could I then transfer my overdraft to a 0% credit card?

Yes.

You'd need a card that would allow you to transfer a balance to your current account (MBNA biggest player who allows it in general - they charge a 4% fee).

Although obviously you're dependent on being approved for a new card and getting a high enough credit limit to transfer it all.