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Can personal loans be tranferred to credit cards?
lmentry
Posts: 20 Forumite
in Credit cards
Hello all,
was wondering if anyone here knows of a 0% bt credit card that allows you to transfer a loan instead of another credit card balance?
Have spoken to a couple of companies ie.HSBC and they say i can only pay the loan off with a cash withdrawl which after the 2% handling fee would then incur interest at the cards normal rate.
Any ideas will be greatly appreciated.
LM. (1st poster)
was wondering if anyone here knows of a 0% bt credit card that allows you to transfer a loan instead of another credit card balance?
Have spoken to a couple of companies ie.HSBC and they say i can only pay the loan off with a cash withdrawl which after the 2% handling fee would then incur interest at the cards normal rate.
Any ideas will be greatly appreciated.
LM. (1st poster)
0
Comments
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Get an egg Money card and then transfer the funds from your credit card to a positive money on Egg Money. Then transfer from Egg Money to your loan account. That's the only way you can do it fee free.
Otherwise you'll have to face a 2% fee (and be warned cash handling fees are going up to 2.5 and 3% in most cc companies).0 -
Thanks for the quick reply, unfortunately I only cancelled my egg card six months ago so have to wait another six before i can reapply. (I think holding 4 at a time is probably enough!). then again...is there a limit before it would seriously affect your credit rating, as long as you paid on time and managed your debt? As for my original question, excludin egg, any other options?
LM.0
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