Can you pay off loan with a credit card?

ratrace

Hi all i have applied for a santander cc and i have been accepted limit is £6000 0% for 23 months on both balance transfers and purchases

I also have a loan with tesco for £6000 at 5.25%

I was wondering could i pay the loan off with the credit card and just pay £260ish a month for 23 months to clear the card, if not ill get another card and do a balance transfer to another 0% card hopefully

Is this possible or is it wishful thinking lol

any comments more than welcome

YorkshireBoy

It's unlikely Tesco will accept payment by credit card, but check with them anyway.


You've applied for the wrong card really. You need one offering money transfers at 0% such as those provided by MBNA and Virgin Money.

ratrace

YorkshireBoy wrote: »

It's unlikely Tesco will accept payment by credit card, but check with them anyway.


You've applied for the wrong card really. You need one offering money transfers at 0% such as those provided by MBNA and Virgin Money.

Yep just realised that i got the wrong card lol but i also have a tesco credit card with around £2000 of debt which im going to transfer to the new card as the 0% tesco card is coming to an end

I originally got the new card to do a balance transfer so i dont pay intrest at the same time i thought can i pay the loan off instead and just pay the tesco card with my savings lol but im just going to do a transfer and leave the loan for now its only 5.25% so not really that high

thanks mate

jonesMUFCforever

Can you overpay the loan at all to reduce interest?

joe134

ratrace wrote: »

Hi all i have applied for a santander cc and i have been accepted limit is £6000 0% for 23 months on both balance transfers and purchases

I also have a loan with tesco for £6000 at 5.25%

I was wondering could i pay the loan off with the credit card and just pay £260ish a month for 23 months to clear the card, if not ill get another card and do a balance transfer to another 0% card hopefully

Is this possible or is it wishful thinking lol

any comments more than welcome

I hope, for your sake, you , don't get into the trap, of robbing Peter, to pay Paul.
Your Quote"Believe you can and you're halfway there."
Theodore Roosevelt ; could be answered by the Bankruptcy Court. Having just cleared my Daughters CC debts, I know the pitfalls That's how she started off. Good luck.:money:

ratrace

joe134 wrote: »

I hope, for your sake, you , don't get into the trap, of robbing Peter, to pay Paul.
Your Quote"Believe you can and you're halfway there."
Theodore Roosevelt ; could be answered by the Bankruptcy Court. Having just cleared my Daughters CC debts, I know the pitfalls That's how she started off. Good luck.:money:

Thanks, Nah I was trying to not pay interest on the loan by trying to be smart and shift the debt but didnt realise that there are specific cards out there to do it with i would save around £600 in interest and that cash would go towards paying the car off lol

joe134

ratrace wrote: »

Thanks, Nah I was trying to not pay interest on the loan by trying to be smart and shift the debt but didnt realise that there are specific cards out there to do it with i would save around £600 in interest and that cash would go towards paying the car off lol

if you cannot find how on here, doubt it's possible.all the best:beer:

Anthorn

Depends on the lender you are paying and the card you are using. Likely scenarios are that the lender won't accept payment by credit card and the credit card will count a payment to another lender as a cash advance priced accordingly.


Paying at a paypoint in a shop will usually circumvent the cash advance fee as does cashback in a shop.