I wanna pay off Nat west loan with credit card

Rojapo

Can I pay off a £3000 personal loan with a credit card?

[Deleted User]

If it offers money transfers, gas the required limit and you don't mind the fee.

Rojapo

I've just applied for a balance transfer card that has 0% for 27 months... but I think I can only pay my nat west loan off from my nat west bank account...
Wondered if anyone can advise

[Deleted User]

That's why you need a money transfer card.

MallyGirl

You can pay the loan off from any bank account (not just Nat West) but to get the money from a credit card into your bank account you need a money transfer deal not a purchases deal. You have applied for the wrong type of card I am afraid

macman

Pedant's corner: you are not 'paying off' any of the debt, you are simply moving it to another lender.

jonesMUFCforever

macman wrote: »

Pedant's corner: you are not 'paying off' any of the debt, you are simply moving it to another lender.

After you factor in the money transfer fee you are increasing the debt.

Rojapo

Will I be increasing the debt even if the money transfer card is at 0% for so many months?

After those months end could I then do a balance transfer to keep paying it off at 0%

jester212

Rojapo wrote: »

Will I be increasing the debt even if the money transfer card is at 0% for so many months?

After those months end could I then do a balance transfer to keep paying it off at 0%

There will undoubtedly be a fee for using the money transfer card, anything from 1.9% up to 4%. So using this service then adds to your original debt of £3000.

Rojapo

Would I save more than the fee by having 0%interest?
Sorry, I'm rubbish at all this

Rojapo

If I'm paying 9% interest on my loan would it be better to pay the 4% fee then have 0% interest whilst paying the card off?
And when the introductory offer ends can I do a balance transfer so I have another 0% period?