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Paying off a loan using my credit card?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Credit cards
This has probably been asked a few times before, I have searched but not seemed to find anything.
I currently have a loan outstanding (Small amount of around £370).
I have also recently had a credit card, the most I have used over 2 months on this card is £112.
Now is it possible for me to pay off said loan using my credit card? I have a 0% balance transfer offer for 18 months, At a 2.99% fee rate, which is largely less than the interest I pay on that little loan.
Im thinking it would benefit me, and my repayment history, as it would show the loan is paid off, and im also using and paying back my credit card in full each month.
Has anyone heard of or had any experience with this kind of thing? and is it worth me doing?
I currently have a loan outstanding (Small amount of around £370).
I have also recently had a credit card, the most I have used over 2 months on this card is £112.
Now is it possible for me to pay off said loan using my credit card? I have a 0% balance transfer offer for 18 months, At a 2.99% fee rate, which is largely less than the interest I pay on that little loan.
Im thinking it would benefit me, and my repayment history, as it would show the loan is paid off, and im also using and paying back my credit card in full each month.
Has anyone heard of or had any experience with this kind of thing? and is it worth me doing?
0
Comments
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You would need a money transfer. Also your not paying off the loan your just moving the debt about.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0 -
You would need a Money Transfer card, to pay off the loan. A Balance Transfer card is the wrong option
https://www.moneysavingexpert.com/credit-cards/money-transfers/I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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This has been asked a lot recently, money transfer or buy your food and fuel for a month on the credit card and use the cash to clear the loan.0
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What is the loan rate and what are your monthly payments?0
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Yep, scrap my original post.
My credit card company has just confirmed it has to be money transfer not balance.
Was worth asking though haha.0
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