Hitachi loan / credit card question

haxor

Hi,

Quick question - I've got a loan with Hitachi for my dentist treatment ( £ 1,948.98 outstanding)

The monthly instalment is 324.83.

I'm wondering if I get a credit card (not sure which one) would i be able to pay this balance in full and split the monthly payment to a longer period?

What credit card should i look into ? balance transfer or purchase ?

Many thanks

Willing2Learn

haxor wrote: »

What credit card should i look into ? balance transfer or purchase ?

Neither lol. You want to be looking for a money transfer card

https://www.moneysavingexpert.com/credit-cards/money-transfers/

haxor

Willing2Learn wrote: »

Neither lol. You want to be looking for a money transfer card

https://www.moneysavingexpert.com/credit-cards/money-transfers/

Hi thanks for your response.

Can i just ask why would i need a money transfer card ? when i got on hitachi website i can see there's option to make payments with credit card so wouldn't a balance transfer works too?

I'm very new into this credit card world but even after researching this part was never very clear.

thanks

[Deleted User]

haxor wrote: »

Can i just ask why would i need a money transfer card ? when i got on hitachi website i can see there's option to make payments with credit card so wouldn't a balance transfer works too?

No, because a payment isn't a BT.

The danger with dong it as a payment is if it treated as cash.

Money transfer is the safer option, although it comes with a fee.

Ben8282

You cannot do a balance transfer to a loan account.
What you should have done is obtain a 0% credit card in the first place and used it to pay your dentist rather than take out the loan.
Your only option now is to obtain a money transfer card, do a money transfer to your bank account and use the money to repay the loan.
You do say that the loan company accept payments by credit card. IF such payments are treated as purchases for this purpose then yes a 0% purchase card would be ok but the danger here is that the card issuer may treat the loan repayment as a cash transaction which would not qualify for the 0% on purchases.

haxor

Perfect ! thanks everyone for explaining it.

Vortigern

haxor wrote: »

Can i just ask why would i need a money transfer card ? when i got on hitachi website i can see there's option to make payments with credit card so wouldn't a balance transfer works too?

No, not a balance transfer, as explained already. A 0% on purchases card might work as long as the CC company don't treat it as a cash advance. A small trial payment from credit card to Hitachi would establish whether they see it as purchase or cash. Tesco credit cards would almost certainly treat it as a cash advance according to recent reports on here.