Moving Loan to Credit Card

ScotsGirl_2

I have a loan with approx £5k outstanding over next 2 years. I had the brainwave that maybe I could transfer this balance onto a 0% credit card over 17 months or so and save myself some interest. Does anyone know if this is possible to do?

All the info seems to be on transferring existing credit card balances to new cards

Apples2

£5k is a lot to expect as an available limit on a new 0% credit card.

You would need one which allows Super Balance Transfers or expect a big fee for transferring money from a Credit Card into your Current Account.

It takes some careful working out, but the chances of getting £5k on a 0% is so remote probably not worth continuing with.

[Deleted User]

even if you did get a 5k limit remember that if you are late with a single payment the 0% deal is off and you will pay 17% or whatever their rate is

AFK_Matrix

It all depends if you have a good credit history, I.E. no defaults, late payments etc.

I got the M&S card which is 15months interest free and I got a 4k limit as I can only assume they matched my other credit card. But then this is all the credit I have so it is well below the 50% of income for me. You can certainly try applying for one but if you get turned down then don't keep on trying to get one as that will not help your credit rating.

And if you do get the card then instantly setup a direct debit to pay off the Minimum amount!! Then start saving so that in 14 months you have enough to pay off the full balance of the card.

banananana_2

Hi, I want to do something similar but I already have lots of empty cards and company's contacting me regularly to get a balance transfer. On one of the b/t forms it says "To reduce the opportunity for fraudulent account activity balance transfers to loans or current accounts are not possible".. But I was wondering if there was a way around this by paying it off with an already "open" card and then transferring that balance, if you know what I mean? Anyway its always worth thinking about how to beat the system..good luck.

gb12345

banananana wrote: »

Hi, I want to do something similar but I already have lots of empty cards and company's contacting me regularly to get a balance transfer. On one of the b/t forms it says "To reduce the opportunity for fraudulent account activity balance transfers to loans or current accounts are not possible".. But I was wondering if there was a way around this by paying it off with an already "open" card and then transferring that balance, if you know what I mean? Anyway its always worth thinking about how to beat the system..good luck.

You can't pay loans from credit cards, so unless you have a card that offers a super balance transfer then you are out of luck I'm afraid.