Moving a loan to 0% Credit Card

dph1975

Please, I really need some advice.

I have a loan with Natwest which I'm regretting taking out. I received a Barclaycard mailshot through the post with 0% for 37 months and it got me thinking. Why don't I transfer the balance of the loan onto the card and pay no interest for the loan period.

I should have looked into it a bit more before getting the card. I was accepted by Barclaycard and received the card so I called them up to ask if it is possible to transfer the loan to the card, they said no.

Then I contacted NatWest to see if it is possible to transfer my loan onto my NatWest credit card they said no. Then I asked them if it possible to pay the loan with a credit card and they said it is but they would charge me a cash handling fee of around 30% as it is a cash advance.

Am I being mugged off here? is there a way of doing this easily which is cost effective?

your help is much appreciated.

CLAPTON

dph1975 wrote: »

Please, I really need some advice.

I have a loan with Natwest which I'm regretting taking out. I received a Barclaycard mailshot through the post with 0% for 37 months and it got me thinking. Why don't I transfer the balance of the loan onto the card and pay no interest for the loan period.

I should have looked into it a bit more before getting the card. I was accepted by Barclaycard and received the card so I called them up to ask if it is possible to transfer the loan to the card, they said no.

Then I contacted NatWest to see if it is possible to transfer my loan onto my NatWest credit card they said no. Then I asked them if it possible to pay the loan with a credit card and they said it is but they would charge me a cash handling fee of around 30% as it is a cash advance.

Am I being mugged off here? is there a way of doing this easily which is cost effective?

your help is much appreciated.

you needed to apply for a CC with an option to transfer money to your current a/c and then use the money to clear the loan
most MBNA cards offer this for a fee.

barclaycard do sometime offer this but not very often

I'm surprised that Natwest would accept a payment by CC at all and very surprised at 30% .... are you sure about this ?


what interest rate are you paying on the Natwest loan and how much is it for?

CalumHeath

^^^As above.

1. Get credit card with 0% money transfer offer.
2. Transfer money to yourself.
3. Pay off loan.

Presuming you get a credit card with a limit that is more than your loan.

pmd123

Or...

Get a 0% purchases credit card (24 months is available), do all your monthly spending on the card, and at the end of the month overpay your loan with the money you didn't spend.

You'd need to be very self disciplined to do this, but effectively, you could transfer your loan to 0% over a few months (depending on the size of the loan and the limit of the card).