Paying off a loan with a credit card

secondtoughest

My car loan company have given me a settlement figure.

Barclaycard aren't letting me transfer at 0% as I'm over 60 days from account opening. (May I just add at this point it's 60 calender days from account opening which doesn't make much sense but hey)

My loan company have given me account details to pay off the loan - do I need a credit card for cash balances or for balance transfers? I've just spoken to Ulster Bank and they say they won't be able to do it as it's not a credit card I'm transferring from.

Cheers

YorkshireBoy

This article will provide the basics...

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


The cards with 'red markers' in this table...

http://www.stoozing.com/0fees.htm

...will enable you to pay money into your current account at 0% interest (plus a 2-3% fee) during an introductory period.

secondtoughest

I'm still a bit confused.

Can balance transfer cards pay into a bank account? If not will I need to get a 0% purchases card?

I'm looking for around a £2000 limit, and I earn around £25k. Any recommendations for a card with this kind of limit?

Cheers

benf90

secondtoughest wrote: »

I'm still a bit confused.

Can balance transfer cards pay into a bank account? If not will I need to get a 0% purchases card?

I'm looking for around a £2000 limit, and I earn around £25k. Any recommendations for a card with this kind of limit?

Cheers

If you take a look on that 2nd link posted by YorkshireBoy the cards with the red square by them allow you to send money to your current account. This is processed the same as a balance transfer (its designed to transfer over an overdraft instead of a credit card balance).

In real terms, all they do is send a credit to that account.

Some of them will probably be able to transfer the money straight to the account details given to you by the loan company. Otherwise, just send the money to your own current account and then pay off the loan from there.

I don't have any recommendations for a card sorry.

secondtoughest

I got denied an Egg card so I applied for a Virgin White American Express and got a £3k limit, paid off my loan over the phone in 5 minutes. Very happy, only a 2% BT which is cheaper than Barclays anyway. Now I can pay off my loan in 4 months instead of over a year.

Thanks for the advice!