M&S Loan paid off by Credit Card

essien

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

Pixie5740

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

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.