Paying off a loan with a credit card

[ProjectsGalore]

I'm tempted by 0% balance transfer credit cards to reduce the cost of a home improvements loan I have. But this is pointless if it won't cover the balance of around £9500 or if the transfer fee is high or the term is too short. Also, I have read that some credit cards will not allow a balance transfer to pay off a loan. How do you know what the credit limit is likely to be before you apply? It all feels like guess work which is not good when it comes to finances. Any help appreciated!

Have a look on www.moneysavingexpert.com for 0% balance transfers cards with a £13k limit -(you never want to max out credit cards as that damages your credit score).

They can help demystify acceptance odds and reduce footprints on your credit history a credit card application makes which erode credit worthiness

Many times you can ask for the amount you want during the application.

You could look at one that allows money transfer and use that money to pay off the loan.

Look to see if the Santander all in one credit card is still available. I have close to £10k on that (stoozed so offset by savings earning nearly £500 per year interest) and its interest and fee free apart from a £3 a month fee for having the card.

The offer is only a year or maybe 15 months but if you still have a balance after a year, you can transfer again like a normal credit card debt.

Thanks for the pointers - by reading some small print I can see that even where a balance transfer might be for a period of 29 months often the money transfer amount is for less than a year which is making my plan less attractive. I think that not all 0% balance transfer cards will actually give me the cash to pay off my loan so I need a specific money transfer version.

I don’t think you can do what you are asking. A balance transfer is moving the balance from one credit card to another.

you will need to look at Money Transfer deals instead.

they are less common and normally for a maximum of 12 months.

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

If you could get the home improvements done quickly then you could have your home revalued and remortgage ie take money out?

It's not good to do that e Agee you are then paying the £9k odds off with a lot more interest over 25 years instead of the term you currently have. But if needs must..