We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
0% Credit Card To Pay Off Personal Loan
NathanMorgan
Posts: 173 Forumite
in Credit cards
I have a little over 3K left on my personal loan and was wondering if its possible to apply for a 0% credit card to pay off my personal loan early in hope of saving a little bit of money.
If yes, what's the best way to go about it?
- Nathan
If yes, what's the best way to go about it?
- Nathan
0
Comments
-
https://apply.mbna.co.uk/UKNeoCCapp/entry?sc=1OCMCPLIAC004DN&mc=OCACPL005SP
24 months at 0% on money transfers to your current account, which you can use to pay off the loan. 1.94% fee.
Best to check that the saving will be greater than the 1.94% fee and the early repayment charge (if any), but it almost certainly will be.0 -
0% money transfer cards
Alternatively you can 'shift' your spending to a Spending 0% Card and direct the 'saved' money to the loan.0 -
Do I firstly ask my bank for a early settlement figure before deciding to apply for these type of credit cards?0
-
NathanMorgan wrote: »Do I firstly ask my bank for a early settlement figure before deciding to apply for these type of credit cards?
You can do, but it doesn't really matter. The card company doesn't ask for it, but it'll help if you want to know how much of a transfer to ask for (although it'll be something in the region of the outstanding balance, obviously!).0 -
so my best bet is to look for a credit card that offers 0% money transfer and move the 3K from that credit card to my personal loan account to pay it off and start making the repayments on the 0% credit card, is that right?0
-
The credit card provider (ie MBNA) will send the funds to your current account, from where you can settle the loan.NathanMorgan wrote: »so my best bet is to look for a credit card that offers 0% money transfer and move the 3K from that credit card to my personal loan account to pay it off and start making the repayments on the 0% credit card, is that right?
EDIT: If you'd read the first article linked to in grumbler's post #3 above you'd have known this.
0 -
how much money can I expect to save going down this route of money transfer using the 0% credit card?0
-
Could be a good bit. Maybe even more.NathanMorgan wrote: »how much money can I expect to save going down this route of money transfer using the 0% credit card?0 -
have any of you applied for a money transfer using a 0% credit card in the past, if yes, do you find them worthwhile?0
-
Are you for real?
Instead of keeping asking pointless questions get your calculator out and start using it and reading.
You can use this one and make an adjustment for the early settlement fee (if any): Balance Transfer Calc0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards