Pay Loan off with 0% Credit Card?

MinisterOfHousehold

Hello,

I have a person loan with Barclays.
It's at 3.735% over 5 years.
I have 2 years left to pay it off.
Balance is £3000.

I would like to know if I could somehow transfer this loan to a 0% credit card. I am looking at ways to not pay anymore interest on the loan and would like to know if this is possible or what options I might have to repay it as cheap as possible.

My credit file is clean with a high score.

Thanks

[Deleted User]

You would need a moneytransfer card.

They normally require a strong credit history (not a high score). Try an eligibility checker.

TadleyBaggie

Probably your only option is to get a card with a "Money Transfer" offer. Don't forget there will be a flat fee of 3-4% added.

Candyapple

Here is the link:
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.240988618.853387645.1516702376-1180520233.1516702376

TadleyBaggie wrote: »

Probably your only option is to get a card with a "Money Transfer" offer. Don't forget there will be a flat fee of 3-4% added.

If you have a Barclaycard check your monthly offers for money transfers, my most recent has been 0% for 12 months at 1.9% fee.

dresdendave

If you are unable to get a money transfer card there is a more long winded way you may be able to transfer the debt.

Get a 0% purchases card and use it for as much of your spending as possible, ie all fuel, groceries, public transport etc. This means more of your money will stay in your current account.

Pay the minimum payment on the card each month and make an overpayment towards the loan. Over several months, depending on your spending habits, the loan should disappear.

Make sure you have a plan in place to pay off the card balance by the time the 0% expires or you will defeat the object of avoiding interest.

DCFC79

OP I take it you didn't see Martins latest show on ITV ?

Explains about credit scores and the history aspect.