[ThomasC]

I could ring my bank but I cba.

If I get a 0% purchase credit card can I use this to pay off a loan with my bank? Would they care or just ask for the card details? As long as it's paid?

I'm trying to avoid paying interest and with my intention of going to New Zealand next year I would rather just ask for a settlement figure and wack it on a 0% purchase card that way I'm not paying interest.

Thanks

[UserSince2005]

It’s called a balance transfer but you have to pay a fee. Maybe like 2%. Don’t know much about it really. Never been in debt.

[ThomasC]

Originally Posted by UserSince2005

It’s called a balance transfer but you have to pay a fee. Maybe like 2%. Don’t know much about it really. Never been in debt.

It's not that I'm in debt, well I suppose technically I am, but I'm just quite smart with my money.

If I wanted to I could pay it all off. I have the money to do so, but they're my savings and they accumulate interest so it makes sense, imo anyway, to make use of 0% interest deals

[ThomasC]

And balance transfer is one option, but I was thinking about the purchase card as I can stick other stuff on it too

[ThomasC]

I probably need to speak to the bank TBF. Lol.

Also it wouldn't make sense doing balance transfer because I'd still pay the interest. I want a settlement figure, which I do have, and that settlement figure has a refund as you're clearing the debt early...so you don't pay as much interest. It's just whether my bank will allow me to pay it off using another credit card (a purchase card)

If I transfer the balance then I'm achieving nothing as the amount will not be reduced.

Clever money is what I like to call it

[Cherie]

If you have a 0% credit card and want to pay off a loan from the bank with it, there is no problem, the bank gets paid its debt so they wont care how you pay it, it is then up to you to pay off the credit card before the 0% rate runs out

[bitontheslide]

it's just moving the money from one financial institution to another (or the same one) they don't care providing they get their money. A top tip for anyone if they have been with a bank or whatever for a while is to say look .... ive had a credit card for a while, i want a better deal .... more often than naught they give you a better deal

[ThomasC]

Originally Posted by Cherie

If you have a 0% credit card and want to pay off a loan from the bank with it, there is no problem, the bank gets paid its debt so they wont care how you pay it, it is then up to you to pay off the credit card before the 0% rate runs out

Thank you. I kind of guessed this, but wasn't 100%

Originally Posted by bitontheslide

it's just moving the money from one financial institution to another (or the same one) they don't care providing they get their money. A top tip for anyone if they have been with a bank or whatever for a while is to say look .... ive had a credit card for a while, i want a better deal .... more often than naught they give you a better deal

Thanks for your help

[GoldHeart]

I have no idea,but I've never trusted credit cards ever .

[Redway]

Balance transfer (usually with around 2% fee) is the most viable option I can think of off the top of my head. Don’t just take an “extremely neurotic” wannabe Brian Griffin’s word for it, though. You’ll end up doing your ting anyhow.

[ThomasC]

Originally Posted by GoldHeart

I have no idea,but I've never trusted credit cards ever .

It's not the credit card, it's the PERSON.

If you can't use one sensibly then don't. You can't go blaming the bank

[Redway]

Originally Posted by GoldHeart

I have no idea,but I've never trusted credit cards ever .

Because you can’t pay your debt back on time?

[Cherie]

Originally Posted by ThomasC

It's not the credit card, it's the PERSON.

If you can't use one sensibly then don't. You can't go blaming the bank

yes credit cards are a great way to spend money as one as you pay it back IN FULL at the end of each month, its basically lending you money until payday, you are also covered for large items as long as you pay 1.00 on a credit card so if you buy a sofa for instance and the company go out of business before they deliver it, you are covered by your credit card and will get your money back in full.

[Redway]

Originally Posted by Cherie

yes credit cards are a great way to spend money as one as you pay it back IN FULL at the end of each month, its basically lending you money until payday, you are also covered for large items as long as you pay 1.00 on a credit card so if you buy a sofa for instance and the company go out of business before they deliver it, you are covered by your credit card and will get your money back in full.

But these are things you’re kinda supposed to know before you even think about asking Barclays or NatWest for a credit card. Not to judge or shade anyone but if there’s any doubt that you’ll be able to pay back what you owe at the end of the month (or spend more than you can realistically-afford to pay back), that’s on them, not the bank. There might be a hoist of tangible reasons (often is, especially where mental health’s concerned) but ultimately that Lidl bag lies with the person more than the bank. Ditto for wonga.com.

[Cherie]

Originally Posted by Redway

But these are things you’re kinda supposed to know before you even think about asking Barclays or NatWest for a credit card. Not to judge or shade anyone but if there’s any doubt that you’ll be able to pay back what you owe at the end of the month (or spend more than you can realistically-afford to pay back), that’s on them, not the bank. There might be a hoist of tangible reasons (often is, especially where mental health’s concerned) but ultimately that Lidl bag lies with the person more than the bank. Ditto for wonga.com.

well that is where the problem lies, there is a negative side to owning a credit card if you cant control spending or do not have the funds to pay it back each month, its how banks make some of their money unfortunately

[ThomasC]

Credit cards used correctly are brilliant.

Where the banks have you, and they rely on it, is if you miss payments or go over your terms in the sense of the 0% APR.

I've had one a while. When I initially got it I used it to build credit and paid it off in full every month so paid absolutely zilch, O, for doing so.

When I bought my car I had the option to pay for it in full or put it on a credit card and pay a very small amount for an expensive product.

[GoldHeart]

Originally Posted by Redway

Because you can’t pay your debt back on time?

I've never used a credit card in my life , and I've never been in debt thankfully.

[Redway]

Originally Posted by Cherie

well that is where the problem lies, there is a negative side to owning a credit card if you cant control spending or do not have the funds to pay it back each month, its how banks make some of their money unfortunately

I suppose but it’s not like people don’t know all this before they sign up for a credit card. When I was on the brink of getting my first one (I must’ve been about 19 or 20) they did a stringent credit score check on me and the bank told me exactly what the deal was with credit cards (not that I hadn’t done my homework already). I just feel like if you’re an adult with full capacity and have no liability to over-spend beyond your control you should sort of know what you’re getting yourself in for. Banks (of all corporations) don’t really need to hand out credit cards like wedding cake to rip people off. You just have to be careful.