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Using a credit card to pay off loan?
Hi, I had a loan was originally 14500 over 3 years, paying £433 a month at an interest rate of 4.9%.
During lockdown I have been able to bring that amount down to £5941 and I am putting everything thats left in my current account each month (average £1300) to pay it off. This will change when I get back to work though and will potentially only be able to put in £900.
I have been offered a balance transfer on my credit card at 0% for 12 months (495pm to pay off).
Should I use this offer or just continue with the loan. Sorry, I just can't get my head around if it's better or not.
Thanks in advance.
Josh
During lockdown I have been able to bring that amount down to £5941 and I am putting everything thats left in my current account each month (average £1300) to pay it off. This will change when I get back to work though and will potentially only be able to put in £900.
I have been offered a balance transfer on my credit card at 0% for 12 months (495pm to pay off).
Should I use this offer or just continue with the loan. Sorry, I just can't get my head around if it's better or not.
Thanks in advance.
Josh
1
Comments
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Does the balance transfer come with a fee?
If it does, the saving isn't likely to be a huge amount, so probably not worth it.
You're doing the right thing in paying it down as quickly as possible
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You would, in any case, need a money transfer option for a loan.0
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Not worth it! Just try and pay it off as you goHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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At 900 a month you have it paid of in 6 months. So not really worth it.
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