Looking for advice on CC or Loan?

NikkixBx

Hi all, long time lurker first time poster.

If this has been asked a million times before then I apologise.

I wish to pay off a loan and also pay my partner for his credit card balance (Holiday cost)

Am I best getting a loan to pay these both or is it possible to pay the loan and pay my partners credit card company and still have both these things come under the Sainsburys 29 Month interest free deal?

[Deleted User]

You'll need a money transfer if you use a card, at least for the loan. The card debt could be done with a BT.

Whether you use a card or loan depends on what rates you can get.

NikkixBx

Thank you.

The card from Sainsburys is a purchase credit card, I guess I should ask them over the phone how and if this would work.

From what I have seen the card was the better in the sense I could get the 0% however if not possible given how I wish to structure the purchases then a loan will be the better rate.

It's just shy of £4,000 which is annoying in the sense that a little higher and the loan rates come down.

MallyGirl

if it is a 0% on purchases card then I wouldn't use this to balance transfer. You would be better off getting a 0% money transfer card - the money goes into your account and you can pay off the loan and give some to BF, dependent on the limit being high enough. There would be a MT fee.
With a purchases card all you can do for your partner is to put all his purchases on your card until he has spent the equivalent of what you owe him.

NikkixBx

Thank you very much for the reply. Excellent advice.

dresdendave

NikkixBx wrote: »

I wish to pay off a loan and also pay my partner for his credit card balance (Holiday cost)

Am I best getting a loan to pay these both ......

The best thing you could do is reduce your outgoings and/or increase income to free up cash, allowing you to actually pay the loan off. All your current plan achieves is moving the debt to a different lender. Plenty of friendly advice regarding this on the DFW board.