Credit Card Transfer to a Loan

nibby_mcgee

Hi - hoping some can help. On Martin's advice I applied for a Barclaycard which gives a very low APR for the life of any balance transfers (6.7%). I wanted to use this to transfer a loan i have with a very high APR (29.2%). I was told by Barclaycard that I couldn't do a balance transfer onto a loan so have transfered it onto a credit card as there was time limit. Now i need to know how to swap these funds from a credit card into this loan. The only way I can see to do this is to take out the funds on my credit card in cash, pay into my bank account and then pay off my loan. This seems very long winded. Any ideas would be greatly apreciated.:j

tictax

DO NOT WITHDRAW CASH ON YOUR CREDIT CARD as you will be charged the highest rate of interest for it.

Do you have an egg card or a virgin card? These cards allow you to send funds to your current account which you then use to repay the loan. then do a BT to the Barclaycard.

nibby_mcgee

Thank you - i do have a virgin credit card. So do I transfer the funds from the other credit card onto my virgin card and then transfer from the virgin card into my bank account so i can then pay from my account into the loan?

CLAPTON

Taking out cash on the CC isn't a major problem as you will do a BT immediately after so you wont actually pay much interest.

Whether you can BT first from the Virgin card depends upon whether they allow a positive (credit balance)... some CC do and some don't..... easier to BT from virgin first and get cash in your current a/c and pay the loan off and then BT to your barcalycard.

you will of course pay two lots of BT fees and a little interest but that should be a lot less than you're paying now.

Rifleman

I've thrown the letter away now, but from memory this month Lloyds were offering 0% on cash withdrawls from their Airmiles Duo CC for 2 mths. They were also offering (I think, so check it) 1500 airmiles for opening the account, and 150 Airmiles for every £1000 you withdraw as cash with their CC cheques. So, if you can get their card, and this deal, then that might be an option. You could then afterwards do a CC balance transfer from Lloyds over to a different 0% card so that you don't end up paying the Lloyds CC interest rate while you arrange a cheaper loan.

It is long winded, but if the loan companys wont take a CC payment to clear the debt, and the bank wont do it as a balance transfer what can you do? And, if this deal is still available you could get enough airmiles for a free round trip to Paris!

I've just remembered that Lloyds promotion code for this was BT3A or B3TA. (funny how you sometimes remember random things!)

rachelandgromit

Rifleman wrote: »

I've thrown the letter away now, but from memory this month Lloyds were offering 0% on cash withdrawls from their Airmiles Duo CC for 2 mths. They were also offering (I think, so check it) 1500 airmiles for opening the account, and 150 Airmiles for every £1000 you withdraw as cash with their CC cheques. So, if you can get their card, and this deal, then that might be an option. You could then afterwards do a CC balance transfer from Lloyds over to a different 0% card so that you don't end up paying the Lloyds CC interest rate while you arrange a cheaper loan.

It is long winded, but if the loan companys wont take a CC payment to clear the debt, and the bank wont do it as a balance transfer what can you do? And, if this deal is still available you could get enough airmiles for a free round trip to Paris!

I've just remembered that Lloyds promotion code for this was BT3A or B3TA. (funny how you sometimes remember random things!)

I too had a mailing with some e-cheque thingys. I transfered £2000 from my CC into my bank to pay off my overdraft. Took in one of those e-cheque things to my bank, made it payable to me, done! 3% fee, (which is cheaper than my overdraft) and 150 airmiles per £1000 (so 300 airmiles, which is good as I'm saving them for Australia flight).

Rachel