can i pay of a bank loan using a 0% credit card

mking007

just got throu the post an abbey offer for 9months 0%
currently have around 3k loan out in the bank

is it possible to give abbey or any credit card company for that matter the sort and acc number and will they transfer it over to pay of the loan ?

and is this classed as purchase or transfer ?

martinpike

Why don't you call them up and ask them? There's no need to be shy about it - they are touting for your business, after all.

If you want to read up a little more first, try the two following links...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1085355871,12390,

Cheers.

jonesMUFCforever

I would say no. The transfer to the bank would count as a cash advance and attract a fee of around 2%. This may still be cheaper for you than paying Personal Loan rates, just consider however what will happen in 9 months should you still have an amount o/s.
Also your personal loan provider may charge you an early redemption charge of approx. 2 months interest (although there are ways around this if you're interested)
Eric

YorkshireBoy

ejones999 wrote:

I would say no. The transfer to the bank would count as a cash advance and attract a fee of around 2%.

Eric, I'm sorry but you're not right here.

What the OP is trying to do is an SBT from a current account "overdraft". The second referenced link from martinpike above gives step by step instructions on how to do exactly this.

MBNA (Abbey CC providers), along with Egg, are quite unique in that they allow balance transfers from current accounts, ostensibly to pay off an overdraft or loan. Whilst the (S)BT "may" attract a 2% (max £35) fee, it would be offered at 0% for 9 months.

The answer to the OP's two questions are...

1. Yes (to a current account), and

2. (Balance) Transfer

Hope this clears things up a little.

mking007

thanks guys

realaledrinker

Why would OP qualify for 0% for 9m on his BT? He has already had his one bite of the MBNA cherry & they no longer offer repeat deals.

YorkshireBoy

realaledrinker wrote:

Why would OP qualify for 0% for 9m on his BT? He has already had his one bite of the MBNA cherry & they no longer offer repeat deals.

How do you know this?

It sounds like it's just a personally addressed flyer - I've had these before.

mking007

i did get it on a flyer but its on https://www.abbey.co.uk btw too