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Loan V Credit Card - Advise please
Hi - I am in need of some advice.
I am trying to repay some debts of quicker and save some money
I currently have a loan with Nationwide 34 months left at 10.50% APR
My MBNA card is offering a cash transfer of 4.9% PA for the life of the balance. (there is no cash advance fee attached to this)
Would it be worth paying off my loan and transferring the debt to MBNA - I have enough credit limit on my card and would still pay the same amount each month as I do with my loan.
I have been trying to look at the figures but not 100% sure if I would be doing the right thing
Many thanks
I have been trying to work out if it is worthwhile
I am trying to repay some debts of quicker and save some money
I currently have a loan with Nationwide 34 months left at 10.50% APR
My MBNA card is offering a cash transfer of 4.9% PA for the life of the balance. (there is no cash advance fee attached to this)
Would it be worth paying off my loan and transferring the debt to MBNA - I have enough credit limit on my card and would still pay the same amount each month as I do with my loan.
I have been trying to look at the figures but not 100% sure if I would be doing the right thing
Many thanks
I have been trying to work out if it is worthwhile
0
Comments
-
It would mean you pay around half the interest.
Up to you if you think that is worth it or not. Remember the early settlement fee on the loan.0
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