Looking at potentially getting a credit card

macalawd

I have been thinking, I currently have a bank loan which has roughly about £2,000 left to clear. Would it be possible or better if I were to get a 0% interest credit card and clear it? Also if the credit card pays you to spend this would also be a plus for me. Any help or advice would be much appreciated as I am new to MSE.

Thank you in advance 
Shane. 

[Deleted User]

You'd need a money transfer card to pay off the loan. If you've a thin file, you probably won't get one. 

If you do get a card to clear the loan, don't spend on it.  Use another for your purchases, but again, cashback cards need a god credit file. 

In the meantime, pay as much as you can to the loan to reduce the interest you pay.

macalawd

Thanks for the reply.. 
I apparently have an excellent credit score according to a check I've just ran.. what do you mean by if you've a thin file? 
Deleted_User said:

You'd need a money transfer card to pay off the loan. If you've a thin file, you probably won't get one. 

If you do get a card to clear the loan, don't spend on it.  Use another for your purchases, but again, cashback cards need a god credit file. 

In the meantime, pay as much as you can to the loan to reduce the interest you pay.

D3xt3r5L4b

Your “excellent score” means nothing.
No one sees or cares about it and neither should you. 

[Deleted User]

macalawd said:

I apparently have an excellent credit score according to a check I've just ran..  

That's no good.  You need a decent credit history.

What do your three files show?  What active credit accounts do you have?

coachman12

Whether you have a "thin file" or not .........
Yes a 0% money transfer card might be a good move, mac, if...................you can pay off the transferred bank loan from it within the time you would have paid off the bank loan and before the 0% deal expires, if it does not cost as much (or much more) than your current loan repayments and if you don't mind a once-only fee for the transfer of 3% or 4% of the sum transferred. You need good credit history etc and a decent income-----both of which you have already as you got a bank loan. 
Keep it simple and don't get tied up in knots by hearing too many pretentious "in" phrases or advice that just makes you think you know nothing. Best of luck, mac.

Petriix

To avoid transfer fees etc you can indirectly transfer money from your loan to a 0% purchase credit card by simply transferring your regular spending on to the credit card and using the money you would have spent to pay off your loan instead. From there you can transfer it on to another 0% transfer card if necessary. You have to be disciplined and have a clear plan for paying it off before you accrue any interest.

macalawd

The bank loan i owe, can I use this card to clear the loan by spending on the card? I mean if I get a card that pays me to use it, I am technically not transfering the debit but using it for payment? 
Thanks for all the help so far. Its confusing but I am processing all the replied and I'm grateful for the advice given so far everyone. 

Petriix

What I mean is get a card with a long '0% on purchases' offer then use it to pay for your shopping, insurance, whatever you can rather than spending the money in your bank. Then use the money in your bank to pay off your loan. As long as you make the minimum monthly payment on the credit card and have a clear plan for how you will pay it off at the end of the 0% period then you can save interest on your loan.