Pay off loan with credit card

brown1e

As title suggests, can it be done? Would it be stoozing - the free cash would be the saving of cash that would have been paid in interest of the loan? Would it be a balance transfer or a purchase? Could it be a way or reducing debt if the card is 0%?

Open topic for debate - possibly a stupid idea, or genius discovery - or been done before and old news!!

YorkshireBoy

brown1e wrote: »

been done before and old news!!

Yes...


http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

brown1e

lol, well, that's cleared that one up - thanks!!

is there a way of deleting the post or is it ok to just leave it hanging??

Leafeysurrey2

'the free cash would be the saving of cash that would have been paid in interest of the loan?'

It's a nice feeling closing a loan early but before you do it's a good idea to check out you aren't going to be stung for the privilege of settling the loan early i.e. an early redemption fee of 1 or 2 times monthly interest added to the settlement figure. It can make a nasty dent in your profit.