confused with balance transfers and loans

paulmicsmi

hello all, OOh my very first thread.

Just wondering if anyone can help. I have just cancelled the new &MORE credit card from M&S the reason being that I was going to transfer the money I owe on an exisiting bank loan on to the &MORE card and take advantage of the 3.9% for the life of the balance deal. But apparently you can only balance transfer from credit card to credit card, is this correct.
If any of you clever folk could clear this up for me and tell me how to pay of an exixting loan with a cheaper new form of getting money I would be very grateful.

Pantera_Fan

Easiest way around this is pay off your loan with one credit card (if your loan company alows this, some cap the amount you can pay by cc) then transfer the debt on this credit card to another on a balance transfer deal.

Alternatively, get a card with 0% on purchases (the M&S card you just cancelled has tweleve months) and just pay the loan off with this. Once the offer ends balance transfer to a different card with a better deal.