Using a credit card to pay off loan?

JJM236

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

DrEskimo

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

[Deleted User]

You would, in any case, need a money transfer option for a loan.

lexihayes

Not worth it! Just try and pay it off as you go

sharpe106

At 900 a month you have it paid of in 6 months. So not really worth it.