Paying off my Loan with my 0% Credit Card

TonyBoy_2

I have just been accepted for a Halifax 0% 12 month card and would ideally like to pay off the remaining £1000 of my Liverpool Victoria Loan (12.9% apr) Will paying this off appear as a cash advance and not a normal purchase, therefore not being subject to 0% interest

Cheers

YorkshireBoy

I don't think you'll be able to pay off the loan directly from the card.

Two options:

1. If you have a large spend each month, simply use your card for everything you buy to take advantage of the 0% for 12 months on purchases. Then, with the money you've saved by only making 2% minimum payments, pay off your loan from your current account.

2. Apply for the Egg Money card. Ask Halifax to BT (a ficticious debt) from Egg Money. This will create a positive balance on Egg Money which you can then move to your current account fee-free. You will pay Halifax a 3% uncapped fee for the privilege. Check out Martin's "Revenge" article on the main site, or the stoozing sub-forum for more details.

Good luck.

betti911

I was able to pay of my loan with a VIRGIN card at 0 % for around 15 months. The way it worked they transfered the money to my current account, I paid a small handling fee and then I paid off my loan. I'm still paying back each month my minimum loan repayment plus the extra that I always did. I don't think you can do this with a Halifax card though, just virgin.

deelip

well, if you can do it Virgin then i am sure even Helifax will also do the same.
But not sure please check with your card issurer for more info.

betti911

No because most credit card companies won't let you do this. I certainly don't know any other card company who does. By all means check with Halifax though and I'd be happy to stand corrected.

YorkshireBoy

betti911 wrote: »

I certainly don't know any other card company who does.

In addition to the Egg Money card option detailed above...

MBNA, and MBNA run cards such as Virgin, A&L, Sonycard, etc.
Egg Card
Mint, via 0% cheques
RBS, via money transfer and immediate BT to another card
M&S, via the Sterling travellers cheque loophole

betti911

I stand corrected