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Short-term loan on credit card?

  • 05-12-2015 12:16pm
    #1
    tony glenn
    Registered Users, Registered Users 2 Posts: 609 ✭✭✭


    I need to borrow a couple of thousand and can easily repay 250 a month. I have a couple of black marks on my ICB report so a regular loan is not an option. Having said that, I have a well-maintained credit card with a good limit. I always pay the full amount owed every month, and I'm considering funding the loan with the card. I've worked out that it would take 10-12 months to clear, and would cost me around 200. I rang the card company and they confirmed my figures.
    So my question is, (as I have no other option, and if I maintain the proposed repayments), is this idea a runner?
    BTW, the bank won't help and I've exhausted all other avenues. Those black marks stop any progress down the regular routes.
    I do understand that the credit card idea is expensive, but I'm prepared to pay a bit over the odds rather than not get the loan I need.
    It's frustrating to be shackled by recession-related problems, how quickly the banks forget their past behaviour!


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    How will you get the money off the credit card? TBH, while it's probably not the best idea, once you're monthly repayments cover the minimum amount due on your card, then it should work. There's nothing saying that you have to clear your credit card every month, just make the minimum repayments. You already know it's going to be expensive.


  • #3
    tony glenn
    Registered Users, Registered Users 2 Posts: 609 ✭✭✭tony glenn


    Toots wrote: »
    How will you get the money off the credit card? TBH, while it's probably not the best idea, once you're monthly repayments cover the minimum amount due on your card, then it should work. There's nothing saying that you have to clear your credit card every month, just make the minimum repayments. You already know it's going to be expensive.
    I'll use the card to make the purchase (car btw) and pay at least 250 off the total outstanding every month. I'm incredibly disciplined with my card, I've paid almost no fees or interest over the last six years, and I'm well aware of the dangers if I don't follow my plan rigidly! Thanks for your reply.


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