Can I pay a personal loan off with a balance transfer?

JJay000

Hi, needed some help please. I have a personal loan that I am in a position to pay off over the next 12 months (approx £5000). My interest on that loan is 8%. So naturally would like to use a CC to pay it off via a balance transfer with 0%, saving me so interest payments.

As this is a personal loan/debt, I wasnt sure if it was straight forward to apply for a CC (my first CC) in order to pay off that debt as a balance transfer (BT). Additionally on searching most CCs, i cant easily find information as to what the limit would be on BTs. Most credit limits I come across are £1200. My credit record is not great as Ive indebted myself for two degrees. But my income is good (50000 per annum). Any ideas how to proceed and if BT is the way forward for me? Thanks in advance:)

CKhalvashi

It will completely depend on the card provider; I know that NatWest wouldn't entertain us doing it a few years back.

Just to mention; the APR is on £1,200, like with most cards.

I applied for something last month and ended up with a £17,000 limit upfront, so the representative example is not the limit you get. It could be higher, lower or the same.

CK

CLAPTON

in general you can't BT to a loan

some CC allow BT to your current a/c in which case you can then use the money to pay off the loan

usually there is a 3% BT fee which might be more than the interest on your loan

the reference to 1,200 on CC is nothing to do with the credit limit you may or may not get but a standard figure for working out examples of the cost of credit.

if this is your first CC then you are unlikely to get a 0% card and unlikely to get a high credit limit.

JJay000

Thank you both. I decided to pay a bit more off first before applying next month. Your advice was useful.