Can I...

Trying_to_get_debt_free_2

... Transfer an exisiting loan to a 0% credit card without penalty?? 2 years left on a Sainsburys loan (circa £4.5k balance).

Thanks, any advice would be great.

bigadaj

Depends on your terms and conditions, read them or ring the company.

You'd typically pay two months interest as a penalty, and you woudknt be able to pay teh loan off from the card. You'd need a card that will balance transfer to a bank account and then lay the loan off from there.

What interest rate are you paying as there would be a fee from the credit card balance transfer which needs to be factored in, and this assumes you above a very good credit record to get teh 0% deal in the first place.

Trying_to_get_debt_free_2

Thanks for the info. Already had a redemption figure from them, my question was more if I can pay off with a credit card without incurring a cash advance penalty. You've answered my question perfectly.

AFK_Matrix

You also might not get the limit on the CC that you need too. I have a very good credit record and applied for a super balance transfer card and I only got a limit of 4k. So just be aware that you might not get the full amount you need, and you won't find that out till you get the credit card.