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Loan- credit card?
Hi all,
I have a loan for £5,000 from an x forces charity and am paying 6.25% for the service, £150 p/m payments,,,so, How would I go about balance transferring some or all of it onto a 0% credit card please. I have already applied for a cc and been accepted btw. Also, would the 6.25% transferred over be worth it as my calculation doesn't seem to show much benefit.
Regards
Shane
I have a loan for £5,000 from an x forces charity and am paying 6.25% for the service, £150 p/m payments,,,so, How would I go about balance transferring some or all of it onto a 0% credit card please. I have already applied for a cc and been accepted btw. Also, would the 6.25% transferred over be worth it as my calculation doesn't seem to show much benefit.
Regards
Shane
0
Comments
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You will need a money transfer card, not a BT card.
Whether the fee will be worth it depends on the fee, how long you would otherwise have the loan for, and over what period you can pay it off at 0%.0 -
You can only do a balance transfer from a credit card (Or certain store cards).
You will need a Money transfer card. That way you transfer the cash to your account, make an overpayment to the loan to the amount you can get on the Money Transfer card.
Cross posted with ZX81.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Here is the link for the eligibility calc, what do the results say?
https://creditcards.moneysavingexpert.com/?money-transfersI'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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