using 0% card to pay off debt/loan

mrluke

i have a egg loan of 1750

would i beable to use a 0% on new purcahses for 12 months creditcard to pay off the loan and then just pay my normal payments each month and not pay any intrest ?

can u use a CC with 0% to pay off a loan ??

wannabedebtfree_2

Depends on the CC - check the terms, if its doesn't mention loans but it does overdrafts then you can transfer some cash into your bank account to then pay off the loan - depending on how long the loan has been running for depends on how much interest you have already paid - so you need to work out how much it will actually save you before you do it.

mrluke

i am looking at the HSBC creditcard 0% on new purchases for 12 months

current egg loan is 14.01% pa

loan end date 01 January 2011

your loan £1,783.85

payment amount £54.66

wannabedebtfree_2

It may not qualify as a purchase to pay off your loan, you need a "Super" Balance transfer cards that allow loan or overdraft payments as transfers, not all cards do so check with the card issuer BEFORE applying.

Cos2k3

Have a look at the mbna credit cards, you can balance transfer virtually anything on to them and have 0% until June 2008

jay78

mrluke wrote: »

i have a egg loan of 1750

would i beable to use a 0% on new purcahses for 12 months creditcard to pay off the loan and then just pay my normal payments each month and not pay any intrest ?

can u use a CC with 0% to pay off a loan ??

Mrluke, what you need is a balance transfer card, NOT a purchase card. I believe Virgin/MBNA has been mentioned; you can have the balanced transfer amount transfered into your bank account.