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can you balance transfer to a loan?

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hi all,

I am wanting to shift my personal loan (5.8%) to a )% credit card. Can I do this? I tried to do the Virgin CC but they only talked about transferring from another credit card.

I only have a month to shift the debt is it possible?

thanks in advance.

Ging x

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    The Virgin card will suffice. See 'money transfer' in the T&C's.
  • gingernutbizkit
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    ok, thanks

    i presume than that i would have to wait until the account was set up before notifying them of the transfer...... rather that doing so at the point of applying for the card
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    If you make a phone application you can make your request there and then. Otherwise, you make it during the activation call.

    Beware though, that the Virgin Money card now has a 4% fee for money transfers.
  • gingernutbizkit
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    thanks - 4%......hmm..... are there any other cards that could do the job cheaper?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    List of SBT cards here:

    http://www.stoozing.com/sbt.php

    The Egg Card (Visa) has a 3% fee for 14 months 0%.

    The Virgin Atlantic card has a fee of 2% which is capped at £50 until the end of this month. Sadly, it only offers 6 months 0% so you'd need to BT this on somewhere else fairly quickly (and pay another fee).

    Alternatively, the M&S card will get you 10 months 0% for a 1% fee via their Sterling travellers cheque loophole.

    If you have an Egg Money (Mastercard) card there may be cheaper options.

    The problems you have are:

    1. 5.8% APR is a very good loan rate, and

    2. BT fees seem to be increasing with every month that passes, and

    3. Depending on the card you choose your monthly payments could increase.
  • Innocent_Guy
    Innocent_Guy Posts: 5,369 Forumite
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    List of SBT cards here:

    http://www.stoozing.com/sbt.php

    The Egg Card (Visa) has a 3% fee for 14 months 0%.

    The Virgin Atlantic card has a fee of 2% which is capped at £50 until the end of this month. Sadly, it only offers 6 months 0% so you'd need to BT this on somewhere else fairly quickly (and pay another fee).

    Alternatively, the M&S card will get you 10 months 0% for a 1% fee via their Sterling travellers cheque loophole.

    If you have an Egg Money (Mastercard) card there may be cheaper options.

    The problems you have are:

    1. 5.8% APR is a very good loan rate, and

    2. BT fees seem to be increasing with every month that passes, and

    3. Depending on the card you choose your monthly payments could increase.

    As per yokshire boy I too agree 5.8% is a good rate however there are many factors involved when making the decsion to SBT

    * Length of time left on loan
    * Balance
    * BT fee
    * 0% length
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