GDPR Cookie Consent by SimpleServe Privacy Script Interest free Credit card to pay off a loan - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Interest free Credit card to pay off a loan

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    Interest free Credit card to pay off a loan

    Hi

    IF my son was to get an interest free credit and ring up and pay off a loan (so he can save on the interest and reduce his monthly payment) would it be classed as a purchase or balance transfer and would a loan company accept a credit card as payment?

    he only took the loan out a couple of years ago for a car (that he no longer has as he has upgraded a couple of times), so thought this might help him save some money. Any advice welcome.
    Tags: account, advice, card, challenge, credit, credit agreement, credit card, fee, free, help, interest, interest free, interest free credit, loan, loans, money, monthly, mortgage, office, pay, post office, purchase, rent, small, small print
  • #2
    Re: Interest free Credit card to pay off a loan

    you would have to look at the small print, some will let you pay off loans some wont,would he be able to clear the limit in the credit free time ? also some have a % fee for the balance transfer
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: Interest free Credit card to pay off a loan

      apparently you can do it the same way as stoozing where you transfer the money into your account and then use it to pay off. I'm not 100% sure how it works though. The post office card allows you to do this from what I have read.

      Comment

      • #4
        Re: Interest free Credit card to pay off a loan

        Let us know what happens with this JLC. I would be interested to hear - i am sure they will be happy to close the account. Assuming the card and loan aren't with the same company of course?!
        When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Interest free Credit card to pay off a loan

          Unfortunately they only offered him £1200 on the card. I was going to challenge the credit agreement as it looks rubbish and there was no discount on the interest for paying back early but as he wants to get a mortgage or rent next year, I didn't want to hurt his credit rating. I'll help him with it somehow.

          Comment

          Previous template Next
          Working...
          X