Money transfer card help

daisyhank

Hi I’m after advice please, I have a loan for 3.5k which I’m paying off and paying 7% with NatWest. However I have a unexpected bill to pay so I was wondering if I should get a money transfers card for 3.5k plus £500 for the unexpected bill (4K total) have the money put into my bank account, pay the loan off and then pay for the unexpected bill. I know I will get changed a early repayment fee and a fee for the money transfer. Or would it be better to just get a 0% cc for the 500? I’ve read so much conflicting advice online about money transfer cards with ppl saying not purchase anything

[Deleted User]

How long will it take you to pay the loan as it is?

MallyGirl

can you pay the unexpected bill by card?

BakingC

Would depend on how much the money transfer fee is?

What is your income compared with debt level as you may not get a card allowing you to MT £4k?

How long would the MT be 0% for? Could you clear it in this time?

daisyhank

The money transfer fee is 4%

MallyGirl

you should not purchase things on a card with a MT offer. It confuses things.
You have not provided enough info to advise you.
MT fee is a one-off 4% whereas your loan is 7% each year but you don't say how long it has got to run.
You would need to find out what the early settlement fee is.
If you did get the MT offer, can you definitely pay it off in full by the end of the 0% deal - if not then it will jump to something like 20 % for the remainder. MT deals tend to be shorter than 0% purchase deals.
It might be best to see if you can get a 0% on purchases - providing the unexpected bill can be paid this way and counts as a purchase. Or, get a MT 0% card just for the unexpected bill and leave the loan alone. 7% is not an awful rate.