0% Balance Transfer to pay bank loan?

polly5454

Does anyone know where I can find a 0% credit card to transfer the balance of my bank loan? I am new to this.

[Deleted User]

You need to find out if you can pay the loan by card. If not, then you need a card that allows money transfers.

Cat2011

Its unlikely you can use credit to pay off credit. i.e. a credit card to pay off a loan. You'll need a credit card that allows money transfers to your bank account. I'm not sure if there's any of those about at the moment.

Tixy

Current providers offering money transfer cards on new accounts - those backed by MBNA (such as Virgin, amazon etc) and post office cards.

There is also a work-around option with M&S using their balance transfer card & travellers cheques (tesco may do the same still?)

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

polly5454

Thank you for your help... my bank will not allow the settlement of my loan to be paid by credit card so I'm looking into cards that allow money transfers

polly5454

Well I applied to MBNA and with 3 seconds the application was accepted so I'm hoping I can now transfer the £3000 credit into my bank account to pay off my loan and have money for a car... and pay 0% interest just the monthly payments due.... is that right?

Hazzinho

Doesn't sound right balance transfers are to your credit card not from it. If you moved £3000 off it you'd be paying the interest on the creditcard.

polly5454

but I thought it was 0% interest on the credit card?....

StuC75

It will be 0% for the interest free period; but there will be a near on 5% handling fee for the super balance transfer (from Credit Card to Bank Account). Make sure you click through to select the promotional rate..