M&S Loan paid off by Credit Card essien


I have a loan with M&S for just under 4K and want to take out a long term balance transfer credit card and pay it off with smaller amounts than I currently am. Plus I should save money on interest also

Does anyone think this would be a problem ? Also can I just give the credit card people my loan reference to make the transfer

Sorry this is all quite new to me

Many thanks


You would need to use a money transfer credit card where you transfer the money into your current account and then use that money to settle the loan. There's usually a fee of circa 3% of the balance being transferred.

If you are planning to reduce your monthly repayments will you pay off the balance before the introductory rate ends?

What is the current monthly repayments and how long do you have left on the loan?

You need a money transfer option, barclary card and virgin have them, but only if its a current offer so you may struggle to get £4,000.

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