switching loan to 0% card

grecian9

How can I use a 0% card to take a chunk out of my expensive loan?
I took out the Natwest classic 0% for 13 months card with a view to paying off a chunk of a loan.
As I have a Cahoot flexi loan which lets me pay any amount off I presumed that I would be able to use it to do that.
However, it now turns out that a payment to this loan on the card is exactly that, a payment, and thus doesn't qualify for the 0% rate.
Having only taken out the card 3 weeks ago I don't want to apply for more credit but now I seem to have a 0% card that i will never use.
The only thing I can think of is to do to all my spending for a month on my current account mastercard and then balance transfer that before I pay any interest.
But that's pretty hard to do as 90% of my outgoings are set up as direct debits - so it's not really feasible.

wannabedebtfree_2

Will it allow you to transfer to your current account?

If so, I don't think they check if you are actually overdrawn, so its worth a try, I have done this before to get me out of a bind, so maybe you could do that........then use the cash in your account to pay the loan.

jonesMUFCforever

Is it 0% on balance transfers or purchases?

If it is on purchases put your normal shopping on the card and overpay the loan from your current account.

grecian9

I've just noticed the card offers 0% on purchases for 3 months. If I apply for another card in 2 months time I can then balance transfer to that. I know the usual advice is to wait 6 months between credit applications but would anyone advise me not to try again in 2 months?

betandjon

Hi. Don't forget that any balance transfer has a 3% handling fee,so £2000 will be £60, also you will pay interest from day one unless you have a deal with 0% on balance transfers, the handling fee is always in the smaller print John:beer:

grecian9

the BT fees are nowt compared to the whopping interest I'm paying on my loan thanks to Cahoot doubling the rate from 7 - 14% overnight.