Credit Cards and Bank Loans

Ashishin

Quick Question to all?

Can you pay off a bank loan with a credit card?
Is it classed as :
1. Balance transfer?
2. Purchase?
3. cash purchace?

Or classed as aything else?

Any tips on pitfalls to look out for?

many thanks :-)

Bokkens

Welcome to MSE
The answer is yes.
Read up on Martin's Balance Transfer articles as you will need to know all about "super" balance transfers where the money from a credit card is paid into your bank account you then pay of the loan directly from your bank account.
This is the simplest way of paying off the loan.
There are other ways ie paying with a credit/debit card but I would keep it simple and follow Martin's guidelines.
There will be a balance transfer fee between 2-3% of the amount moved.
Virgin,A&L,Mint Abbey Egg all allow transfers to your bank account.
Steer clear of their cheques and do the transfer verbally over the phone.
Ideally you need a credit card with a long 0% balance transfer period.

Ashishin

Thank you very much! Much appreciated!!