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  • FIRST POST
    • Sanitas Lex
    • By Sanitas Lex 6th Feb 18, 7:24 AM
    • 6Posts
    • 0Thanks
    Sanitas Lex
    balance transfer cards
    • #1
    • 6th Feb 18, 7:24 AM
    balance transfer cards 6th Feb 18 at 7:24 AM
    This could go in either the debt or credit card section but here goes.
    Balance transfer cards. Can they be used for credit card debt only or any type of debt? Martin's page makes it seem like credit card debt only. How practical are they?

    Thank you in advance
Page 1
    • Ebe Scrooge
    • By Ebe Scrooge 6th Feb 18, 7:31 AM
    • 4,089 Posts
    • 3,523 Thanks
    Ebe Scrooge
    • #2
    • 6th Feb 18, 7:31 AM
    • #2
    • 6th Feb 18, 7:31 AM
    Usually they can only be used to transfer a balance from another credit card. There are occasional exceptions, but mostly it's for card-to-card transfers.


    There are cards known as "money transfer cards". These will transfer a sum of money into your bank account, and the debt will appear on the card ( usually, though not always, with a balance transfer fee ). These can be used, for example, to pay off a loan and effectively shift the debt to a lower APR.
    I may not know much about art, but I know what I like.
    • nic_c
    • By nic_c 6th Feb 18, 9:35 AM
    • 1,231 Posts
    • 688 Thanks
    nic_c
    • #3
    • 6th Feb 18, 9:35 AM
    • #3
    • 6th Feb 18, 9:35 AM
    What type of debt you wanting to pay off, and do they allow credit card payments?
    • Sanitas Lex
    • By Sanitas Lex 8th Feb 18, 2:04 PM
    • 6 Posts
    • 0 Thanks
    Sanitas Lex
    • #4
    • 8th Feb 18, 2:04 PM
    • #4
    • 8th Feb 18, 2:04 PM
    Thanks for answers - I thought as much.

    Had to take out a small private loan at the end of my training (3.5k) and currently putting large amount of income towards a wedding so paying off the loan faster is not an option at the minute, but will be afterwards. Assessing whether I can put it onto balance transfer to stave off interest and possibly enjoy a lower minimum repayment from the balance transfer card vs the loan?
    • zx81
    • By zx81 8th Feb 18, 2:05 PM
    • 15,532 Posts
    • 16,478 Thanks
    zx81
    • #5
    • 8th Feb 18, 2:05 PM
    • #5
    • 8th Feb 18, 2:05 PM
    Assessing whether I can put it onto balance transfer to stave off interest and possibly enjoy a lower minimum repayment from the balance transfer card vs the loan?
    Originally posted by Sanitas Lex
    As above. No.

    You need a money transfer option.
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