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Transfering a loan to a credit card?
kitkats118
Posts: 1 Newbie
in Credit cards
I have a loan of £4500 left to pay (9.5% interest), would it be better to transfer the balance to a credit card, thereby getting some of the interest back? If I did do it, what credit card would I have to get? % on balance transfers card, 0% on purchases or a normal credit card?
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Comments
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You'd need one that offers a money transfer. But if you can't pay it off before any promo period ends, you could be left paying a lot more than 9.5%.0
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>> MSE's money transfer guide0
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Deleted_User wrote: »You'd need one that offers a money transfer. But if you can't pay it off before any promo period ends, you could be left paying a lot more than 9.5%.
Some lenders allow you to pay off loans early using credit/debit cards. It varies wildly on the lender and type of loan though, always worth asking.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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