Super balance transfers - confused!

Felinefancier

Hello!

First post so hi to everyone!

These super balance transfers - can I really use this to pay off a loan?

Bought cooker from Currys three years ago now - in the process of moving forgot that 6 months interest free period had expired - now still paying a whacking 22% interest :eek: So for a £400 cooker, if i continue paying 22% I'll have actually paid £800 for it! Can I get, therefore, a SBT to pay money into my bank so I can pay off this cooker? Any other ideas?

Thanks

Effy

colinw

Yes
If you get an Egg card you can do a transfer straight into your current account and from there pay off the loan. The Virgin CC will also give you this ability.

Felinefancier

Thank you Colin - one worry off my mind at last - just hope I get accepted for CC.

Effy

Kazza242

Felinefancier wrote:

Hello!

These super balance transfers - can I really use this to pay off a loan?

Bought cooker from Currys three years ago now - in the process of moving forgot that 6 months interest free period had expired - now still paying a whacking 22% interest :eek: So for a £400 cooker, if i continue paying 22% I'll have actually paid £800 for it! Can I get, therefore, a SBT to pay money into my bank so I can pay off this cooker? Any other ideas?

Yes, you could open a credit card account and SBT your credit limit to your current account where you could use it to pay off your loan. Remember though, although the money you owe Curry's will have been paid, the debt will still exist as you'll owe the credit card company money. Therefore, it is advisable that you save up monthly during the credit card's interest-free period, so that once this period expires you'll be able to pay the credit card company back. Otherwise, you could find yourself having to pay hefty monthly interest charges on your remaining credit card debt. Of course you could BT the credit card balance to another 0% card should you not get to pay it off in time.

Chadsman

Felinefancier wrote:

These super balance transfers - can I really use this to pay off a loan?

It may be a good idea to double check if there are any early redemption penalties on the loan or if the charges were all made upfront.