Loan to CC please help

Quinnaay

So i have a question that i really would like advise on please.

I have 24 months left on a loan, i pay 13.3% APR which equates to around £40 a month interest. I can pay my loan off for £2700.

So, if i paid the loan of with the money i have in my bank (albeit i do need) and then took out a credit card for £2700 to get the money back i just spent on paying the loan off. Could i then then do a 0% Balance Transfer to shave the interest to £0 saving me either £40 a month or the time of repayments.

Would this work assuming i get accepted for the CC's?

I currently only have a Halifax Clarity card with a limit of £2600 would this be elgible for a balance transfer also? If so whats the best way to get the money to my main bank account as i think it charges on withdrawals but its intrest free for a month on purchases etc.

Thanks for you time

Luke

YorkshireBoy

Forget Clarity. This is what you want...

http://www.mbna.co.uk/credit-cards/mbna-credit-card/

24 months 0% interest on cash into your current account for a 1.94% fee. See 'Money Transfer'.

Quinnaay

YorkshireBoy wrote: »

Forget Clarity. This is what you want...

24 months 0% interest on cash into your current account for a 1.94% fee. See 'Money Transfer'.

Elgibility calculator suggests im unlikely to be accepted, however the Halifax 0% says 90% chance.


would my method work?

YorkshireBoy

You'll almost certainly have a 50% cash limit on Clarity (maybe even less), meaning the most you'll be able to get over branch counter is £1,300.


You may be able to get a card from another provider, and make 2 cash withdrawals, then 2 BTs from Halifax, but you won't be able to BT from Halifax to Halifax.

MallyGirl

Quinnaay wrote: »

So, if i paid the loan of with the money i have in my bank (albeit i do need) and then took out a credit card for £2700 to get the money back i just spent on paying the loan off.

This is where you have the issue. How do you propose getting the money out of this new CC? If you withdraw cash you will pay for this, and it will take several days. You cannot transfer from a normal credit card to a bank account - that is what you need a money transfer card like MBNA for

Quinnaay

MallyGirl wrote: »

This is where you have the issue. How do you propose getting the money out of this new CC? If you withdraw cash you will pay for this, and it will take several days. You cannot transfer from a normal credit card to a bank account - that is what you need a money transfer card like MBNA for

could I not pay £2600 from the clarity card to my PayPal account or bank account then move that debt to a 0% card?

Sorry these may be silly questions.

Candyapple

Quinnaay wrote: »

could I not pay £2600 from the clarity card to my PayPal account or bank account then move that debt to a 0% card?

Sorry these may be silly questions.

No, not possible.

Also, you are only allowed 1 Halifax credit card at any one time so if you already have the Clarity card, you won't get their 0% card.

What about the Fluid card if you don't think you can get the MBNA money transfer one?

Quinnaay

If not might just gamble and take a punt in mbna very much doubt id be accepted for the full 24 months at 0% though

Quinnaay

Candyapple wrote: »

No, not possible.

Also, you are only allowed 1 Halifax credit card at any one time so if you already have the Clarity card, you won't get their 0% card.

What about the Fluid card if you don't think you can get the MBNA money transfer one?

Had never heard of fluid went on there site for a eligibility check and it says good news I should get accepted! Are these reliable and how does it actually work in terms of shifting a loan to them?

Many thanks honestly.

Candyapple

Quinnaay wrote: »

Had never heard of fluid went on there site for a eligibility check and it says good news I should get accepted! Are these reliable and how does it actually work in terms of shifting a loan to them?

Many thanks honestly.

Yes they are reliable. It works by you requesting a money transfer, the funds go into your nominated bank account and then you use the funds to pay off your loan.

Quinnaay

Candyapple wrote: »

Yes they are reliable. It works by you requesting a money transfer, the funds go into your nominated bank account and then you use the funds to pay off your loan.

Awesome ill apply now fingers crossed! thanks