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M&S Loan paid off by Credit Card

essien
essien Posts: 16 Forumite
Hi

I have a loan with M&S for just under 4K and want to take out a long term balance transfer credit card and pay it off with smaller amounts than I currently am. Plus I should save money on interest also

Does anyone think this would be a problem ? Also can I just give the credit card people my loan reference to make the transfer

Sorry this is all quite new to me

Many thanks

Essien

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    You would need to use a money transfer credit card where you transfer the money into your current account and then use that money to settle the loan. There's usually a fee of circa 3% of the balance being transferred.

    If you are planning to reduce your monthly repayments will you pay off the balance before the introductory rate ends?
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    What is the current monthly repayments and how long do you have left on the loan?


    You need a money transfer option, barclary card and virgin have them, but only if its a current offer so you may struggle to get £4,000.
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