Loan to card

gazwren

Hi All,

Im new here, so please forgive me if I'm going over old ground. I have taken out some credit to pay for my tuition for becoming a driving instructor, for £3500, I was just wondering if I got a card at 0% balance transfer could I move this debt onto a card? or does it have to be credit card to credit card?.

Also are there any cards that dont take away the 0% if you are late on a payment?

thank you for your time,

Gareth

CLAPTON

the mbna stable of CCs and eggmoney allow you to BT to your current account.
so you could use the money to pay off the loan. make sure of course that you clear the CC before the 0% BT period runs out.

As far as I know all CCs will withdraw the 0% facility is you are late paying.

gazwren

Thanks for the reply,

but could you please put that in dumbed down tems please, I'm not very good with finance nor ambreviations.

thanks,

Gaz

YorkshireBoy

The basics are described here...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

Post back with any further questions you have.

gazwren

Many Thanks Guys

,Gaz

gazwren

Hi again,

So what I could do is use the egg credit card cheques to transfer money into my account by writing out a cheque to my self. then pay it off over the next 13 or so months?. If I cant then transfer the debt to another credit card. btw I have a good credit rating.

thanks,

Gaz

YorkshireBoy

gazwren wrote: »

So what I could do is use the egg credit card cheques to transfer money into my account by writing out a cheque to my self. then pay it off over the next 13 or so months?.

I think you need to read the article again.

btw I have a good credit rating.

How do you know?

gazwren

right I got that a bit wrong I realise, jsut read the guide. need an egg money card, a 0% balance tranfer card, and an account to use at the bank.

YorkshireBoy

gazwren wrote: »

right I got that a bit wrong I realise, jsut read the guide. need an egg money card, a 0% balance tranfer card, and an account to use at the bank.

Or, if that's too cumbersome, just get an MBNA, or MBNA run, card (Virgin is good), and transfer the money directly to your current account. This method should also be described in the article.

Then just tart the debt at the end of the 12/15 month intro period.

Be sure to factor in any early repayment charges on your loan so you get a true idea of the cost-effectiveness of your proposal.

A word of warning...if you miss a payment on the CC, the lender will remove the 0% rate and apply 15.9%+ interest - probably at least twice the rate you're paying now.

gazwren

Seems I got things mixed up, the cheque written by my self to my self is done like you said by for example the virgin card.

the egg method doesnt include a cheque.

Is that method with any egg card or does it have to be a specific one?.

thanks,

Gaz

YorkshireBoy

gazwren wrote: »

Seems I got things mixed up, the cheque written by my self to my self is done like you said by for example the virgin card.

You don't need to use a cheque with an MBNA run card. They will transfer cash directly to your current account (at 0% during the intro period), ostensibly to settle an overdraft.

Is that method with any egg card or does it have to be a specific one?.

The 'card trick' uses the Egg Money card, NOT the Egg Card.