Paying loan using credit card?

khampson

Hi., I currently have a loan of £4000 with sainsburys at a rate of 5.8%, I also have a credit card that is now cleared and I have another 23 months 0% on balance transfers and new purchasewith a credit limit of £3000. Can I pay chunks of my loan off using this credit card or can't you use credit cards to pay for loans?

Thank you
Keith

DCFC79

khampson wrote: »

Hi., I currently have a loan of £4000 with sainsburys at a rate of 5.8%, I also have a credit card that is now cleared and I have another 23 months 0% on balance transfers and new purchasewith a credit limit of £3000. Can I pay chunks of my loan off using this credit card or can't you use credit cards to pay for loans?

Thank you
Keith

What does your terms and conditions for the loan say.

khampson

DCFC79 wrote: »

What does your terms and conditions for the loan say.

Not sure at the minute as I'm at work, will ring them on my lunch

Pixie5740

You need to check the T&C of your loan. In my experience payments to loans cannot always be made by card, especially credit cards.

If your card allows you to do a super balance transfer then you can transfer money from your card to your current account and then to your loan.

Alternatively you can use your card for purchases (since your card is offering 23 months 0% for both BT and purchases) like groceries, petrol, every day things instead of using your current account and use the money in your current account to pay off your loan instead.