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Loan over-payment on creditcard
simpson_77
Posts: 118 Forumite
in Loans
Hi all,
Does anyone know if I can pay of my Nram loan using a credit card. Where i transfer the balance to 0% cards? Outstanding loan is £23k. Thinking of doing 10K at a time using an Lloyd's Avios MasterCard (to collect points) and then transferring straight onto by 0% BT no fee Barclaycard. clear it then do the same again. currently paying circa £195 pm interest on a £250 pm payment. Am in correct in thinking this would save me £2,340 pa. Even if Avios mark ti as a cash withdrawal, if I do a BT the same day surely there would be no interest to pay?
Thanks,
Does anyone know if I can pay of my Nram loan using a credit card. Where i transfer the balance to 0% cards? Outstanding loan is £23k. Thinking of doing 10K at a time using an Lloyd's Avios MasterCard (to collect points) and then transferring straight onto by 0% BT no fee Barclaycard. clear it then do the same again. currently paying circa £195 pm interest on a £250 pm payment. Am in correct in thinking this would save me £2,340 pa. Even if Avios mark ti as a cash withdrawal, if I do a BT the same day surely there would be no interest to pay?
Thanks,
0
Comments
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Do they accept card payments at all? If they do, it won't be as a BT.
A better option would be a money transfer card.0 -
as zx81 states your best bet is probably a money transfer card to do this with0
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yeah, i have spoken to Nram and they do accept Visa and Mastercard. I don't have a money transfer card but would like to pay with the Avios mastercard (to collect points). my thinking is pay Nram 10K on the Avios card, then transfer the balance straight to my 0% Barclaycard which has 0 balance transfer fee. Its then 0% for 31 months and I collected 2,000 avios
plus not paying any interest. 0 -
You may want to double check whether you'll get points. Normally it'll be for purchases only, not refinancing debt0
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