We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Use of Credit card

Options
I have a loan with around £5000 to pay off. Do loan companies allow this to be paid off with a credit card? Reason for question is that I have new Amex benefits credit card that gives me a lot of bonus points if I spend a certain amount in the introductory period. 

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 24 February 2021 at 12:31PM
    No. If they accept it, it'll be treated as cash, so you'll pay a fee as well as not getting any points.

    Much cheaper to pay it off with your own money.
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    The only way you could pay a loan with your credit card is if you had a money transfer card - that allowed you to move money at a promotional rate to your current account, and then on to the loan account. Your new card with all its benefits won't be able to do that. Unless you can get 0 percent APR and a 0 percent fee - then you're better off using your own savings to pay it off if that's an option. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.