Paying off loan with 0% credit card

sahra

Hi,

I have a loan with Natwest which I would like to clear sooner. Is there a way of paying off this loan with the new Barclaycard 0% card?
I also have an M&S and Debenhams credit card if these could some how be used to pay the loan and then do a balance transfer from those.

Thanks

poppasmurf_bewdley

Loan companies/banks do not usually accept credit cards to pay off loans, as they have to pay out a fee to the CC company.

YorkshireBoy

http://www.moneysavingexpert.com/credit-cards/?_ga=1.257792264.243881804.1422210277


See 'Money Transfers' and 'Cheap Credit Card Loans'

Foxy-Stoat_3

You may be able to do a low rate money transfer with Barclary card, you won't be able to do a 0% interest balance transfer to clear the loan.

Whats the interest rate of the loan?

sahra

YorkshireBoy wrote: »

http://www.moneysavingexpert.com/credit-cards/?_ga=1.257792264.243881804.1422210277


See 'Money Transfers' and 'Cheap Credit Card Loans'

Thanks
May look into the MBNA card which does 24months 0% on money transfers.

thebritishbloke

sahra wrote: »

Thanks
May look into the MBNA card which does 24months 0% on money transfers.

Don't fall into the trap of paying off a loan with a credit card, and then deciding to never pay off that loan in full as the payments aren't as fixed/mandatory.

Why don't you just make overpayments to your personal loan? Depending on your specific loan terms, you might be able to make unlimited overpayments with no penalties. This will save you having to pay the fee for a money transfer.