Paying off loans with credit cards

DavidDebt

No this won't count as a balance transfer. You'll probably be charged some hideously high interest rate on this type of activity.

You can check your T&Cs to confirm though.

Cheers,

David

Macca83_2

Give them a phone call. Easiest way to find out what their rate is.

NickX

pippitypop wrote: »

Thanks guys, just checked my Tesco CC and it has the facility to transfer to a bank account. Will this be counted as a balance transfer as part of my promo offers?

Tesco do not usually offer the Super Balance Transfer facility. Tread very carefully, you may end up on an inflated cash advance interest rate.

Cards run by MBNA (such as Virgin) or the Post Office offer the facility to transfer funds to a Current Account and Marks and Spencer allows you to purchase Sterling Traveller's cheques for a 1% fee that can then be paid into a bank account.

You may be able to do the Sterling Traveller's cheques with Tesco aswell, but I have no experience of this so would ask for someone else to confirm.

NickX

bankhater_1965 wrote: »

does anyone on this site actually have there own money ???

Well there is a clue in the board title - Credit implies that the subject of discussion is that of using other insititions money.

However, I tend to be of the opinion, why use my own money for something if a bank will supply the funds for zero or minimal charges?

YorkshireBoy

NickX wrote: »

Tesco do not usually offer the Super Balance Transfer facility. Tread very carefully, you may end up on an inflated cash advance interest rate.

Tesco, like RBSG cards, do have a 'money transfer' feature.

Whilst fee-free, the interest rate is generally the same as your purchase rate.

However, money transfers are limited to your 'advance limit', which is generally around 50% of your credit limit.

In short, it's a great way to 'mule' some money from another 0% BT card, providing you time it right (ideally, with same day transfers to minimise/eliminate the interest).