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repaying bank loan
3 Answers
Is it possible to repay a bank loan using a credit card?
With he aim of saving from early repayment and transferring balance to long term 0% card
With he aim of saving from early repayment and transferring balance to long term 0% card
Answers
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Not directly you can't. People do not generally allow you to pay debit with credit cards.
What you need to do is get a 0% balance card, then transfer the spare balance on that to you bank account in the form of a balance transfer to clear a overdraft, then use the money in that account to pay of the loan.
What you need to do is get a 0% balance card, then transfer the spare balance on that to you bank account in the form of a balance transfer to clear a overdraft, then use the money in that account to pay of the loan.
Watch out for early redemption fees on the loan - yes it is legal and can be quite hefty.
And the balance transfer will be treated as a cash advance, which usually attracts its own fees. Read the terms and conditions carefully. It is common now for credit card companies to charge 3% for balance transfers in any case.
And the balance transfer will be treated as a cash advance, which usually attracts its own fees. Read the terms and conditions carefully. It is common now for credit card companies to charge 3% for balance transfers in any case.
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