Paying off loan with credit card

mocksy21

Was just wondering if it's wise to be pay off a loan with a credit card. If so which one?
I took out a loan with Hitachi Finance which was interest free for the first year. Trouble was they set the direct debit to start AFTER the interest free period. Now I'm paying £52 and only £11 of that is actually paying off the debt.

[Deleted User]

You'll need a money transfer option.

bengalknights

One of the virgin or mbna cards with money transfer will help you on this.

System

mocksy21 wrote: »

I took out a loan with Hitachi Finance which was interest free for the first year. Trouble was they set the direct debit to start AFTER the interest free period. Now I'm paying £52 and only £11 of that is actually paying off the debt.

You should have been putting money aside so you could phone them up in month 11 and pay the balance off in full. Anyway as you've not done that you need to see what the APR of the loan is and see if you can find a money transfer credit card offering less than that, use that to transfer the money into your bank and repay the loan. You then set up a direct debit to pay the credit card at a rate which will see the balance repaid by the end of the 0% period, cut up the card and forget it exists for spending.