career development loan - 0% balance transfer?

cutecatgirl

This is probably an extremely stupid question but...........

Can the balance of a career development loan be moved onto a 0% credit card once interest starts accruing. Just thought that there might be some special rules regarding CDLs.

Any advice would be very much appreciated.

jitsuguy

I've been toying with this idea as well!

It might be possible, but a few things to consider:

(1). You might not be able to tranfer the loan directly to the Credit Card:
You might have to initially pay using your debit card into your current account and transfer it from there, if you have a super balance transfer card (allows you to transfer overdrafts).

(2). The maximum you can usually get a 0% Balance transfer card is about £1500. So the loan would have to be less than this or you have to have two cards.

(3). Use a 0% purchase card and pay the loan off using that card, once again if the back lets you.

Hope this helps,
Nath.

carlih1

Hi

Just out of interest who did u use for you CDL i am in the process of getting one

Thanks

Carli

jitsuguy

Hi,

When I registered there were only three banks doing a CDL. They were, Barclays Bank, Royal Bank of Scotland, and The Co-operative.

Barclays offered the lowest rate, but didn't know how to interpret the rules correctly and deemed I wasn't elligble for a CDL!
Royal Bank of Scotland offered a rate above 20% APR - no way!
I went with the co-operative, who is just slightly higher than Barclays but when I got into trouble (had a bit of a cash flow problem) they were able to reduce the payments for three months to help with the repayments.

Hope this helps,
Nathan