Can I pay a out standing loan with a credit card?

Mrtight

Had a loan of £7500 over 3years I'm about 18months in. out standing is about £3500ish not phoned for settlement fee yet the rate is only 5%
I'm sure they will charge me a months interest...

But just wondering if it pos to put this debt on a 0% card 12-24months fee free or a small fee.

I understand that I could do cash transfer then use that to pay loan but is this the best way? And is it cost effective?

Can't see me being refused loans credit cards etc got a very good credit rating.
Iv been stozzing a few years now I cut the cards up burn the pin set up a min payment mark date when needs paying off, are the credit card companys happy to make money just of the fee or will they refuse me because they don't make money on me?
Also have barcalycard cash back. food and fuel goes on this and paid of every month.

bsms1147

A money transfer/super balance transfer card would allow you to get cash out for a flat fee of around 3-5%. These are specialist cards, look on the mainsite for them, and you need a pretty decent-looking credit file to get them.

Mrtight

Could I apply for a 0% card on "all new purchases" and simply phone and up loan company and pay the lot off with the credit card or is this not allowed?.... Was pondering this at 3:30 this morning!

Mrtight

Just looked on a spreed sheet and added up the last 18months of interest £172.88 by the looks of it I still owe £3890 (working on 18months smack in the middle)

If I got the MBNA money transfer card 2.69% fee on £3890 is £104.64
Not a lot in it but there's a little bit plus another 6months to pay it back

Is it going to be worth it's? There's alot of ifs and butts... Credit card companies are so unpredictable one once gave me £10k credit limit prob go and apply for MBNA and only get £1200!

bsms1147

Mrtight wrote: »

Could I apply for a 0% card on "all new purchases" and simply phone and up loan company and pay the lot off with the credit card or is this not allowed?.... Was pondering this at 3:30 this morning!

Some loan companies allow you to pay off with a credit card. If you do, it should be classed as a purchase, so a 0% purchase card may work. Again you'd need a fairly decent credit worthiness to get one of these cards. There will usually be a fee for paying the loan by credit card, if it is available, but it may be less than the money transfer fee.

Mrtight wrote: »

Just looked on a spreed sheet and added up the last 18months of interest £172.88 by the looks of it I still owe £3890 (working on 18months smack in the middle)

If I got the MBNA money transfer card 2.69% fee on £3890 is £104.64
Not a lot in it but there's a little bit plus another 6months to pay it back

Is it going to be worth it's? There's alot of ifs and butts... Credit card companies are so unpredictable one once gave me £10k credit limit prob go and apply for MBNA and only get £1200!

It is worth it for the small saving, as long as you remember to pay off the card too.

Mrtight

Ok I applied for a MBNA card that I can do a money transfer into bank. then the plan is phone and pay loan... But got a credit limit of £6200 and loan is only (I say only) still to much! £3800. Do I transfer as much as I'm aloud find the best interest account put the remainder there for 24 months then out the £224 I used to pay towards loan pay the CC min direct debit then put rest in that account.... Until or very close to my 0% up It sounds confusing but think once it set up would work??

Mrtight

Or gives me a lot of stozzing cash in 18months time if the fee free cards are still about that's an option.

boo_star

Mrtight wrote: »

Or gives me a lot of stozzing cash in 18months time if the fee free cards are still about that's an option.

You're gambling, that isn't money saving.

You should try the stoozing boards. Grats if it works out for you. For most people it isn't worth the effort for a few pounds a year.