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TP49 · 20 September 2019 at 4:11PM

Hi there,

Finally plucked up the courage to post on here... I have a bank loan which has approx 6k owing. I am looking at ways to get this loan transferred to a 0% card potentially? The monthly repayments on the loan are £152.

Is it feasible for me to either use one of my existing cards when a 0% cash offer comes up to transfer the cash to my current account to pay the loan off? Then make overpayments n this card and switch again after the offer period?

I realise there will be a fee for transferring the cash.

And roughly how much would the repayments be on the card for 6k? At 0%

I have a Barclaycard 0 balance with 11k limit and Tesco’s card with 8k limit.(£600 balance)

Sick of paying the interest on the loan

Thanks in advance

T

Willing2Learn · 20 September 2019 at 4:16PM

Hi TP49 and welcome to the forum

Have a read of the MSE article linked below as you would need a money transfer promotional offer. Then come back here with any questions you may have.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

MallyGirl · 20 September 2019 at 4:38PM

I will move this to the general credit card board as its not about stoozing

18cc · 20 September 2019 at 4:50PM

As stated above you need a money transfer card to transfer £6,000 to your current account to pay off the loan

the monthly repayment amount depends on the number of months you get the free 0% rate for but if it was 12 months than the repayments would be £6000 / 12

if it was 24 months then repayments would be £6000 / 24

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