Purchase or balance transfer?

mackem1980

Dear all,

Sorry if this is a no-brainer but I'd appreciate some advice.

I bought a £1,600 television on a 12-month interest free credit deal in December last year. On expiry of this deal this December, the debt automatically gets rolled into a 36-month repayment scheme with extortionate interest rates.

I'm confident of having the cash to pay the debt off in full by this date, but there's a small chance I'll be £3-400 short. To protect myself against the 36-month scheme, I'm looking to arm myself with an appropriate credit card that will give me the breathing space I need should I fall short.

So that I can get the most appropriate credit card, I need to confirm: would this transaction be classed as a purchase or a balance transfer? If it's a purchase, I'll put it on my Morgan Stanley card and get 3% cashback. If it's a balance transfer, I'll hunt for a good 0% deal.

Yes, the telly was a Christmas extravagance but it's great!

Any advice appreciated.

CLAPTON

first things first, will be loan company allow you to pay by credit card.. most don't.

mackem1980

The loan company is Clydesdale Financial Services. There's nothing in the terms and conditions to suggest there is a penalty.

I've written to them to notify them of a change to my address, and also enquired as to whether or not there are any such penalties. I have not had a reply yet.

CLAPTON

what i'm asking is whether or not the loan company will allow you to pay the loan off by credit card and not whether there is a penalty for doing so.
I dont know of any loan companies that allow payments by credit card.

taxi73

Yes you can pay by credit card to them as I phoned them a couple of weeks ago about the same thing...but 2% CC fee to pay it..so maybe you could get an egg card or MBNA so that you can transfer cash into your bank and pay it by DC ...also this depends on BT fee..hope this helps..