Balance transfer to current account

edwardmluk

Is it possible to balance transfer to a current account? So far all I've read is that you can balance transfer to another existing credit card. I have no debt or anything, I'm looking to a buy a car privately and so I can't use a credit card directly.

[Deleted User]

You need a card that allows it, so the main option is MBNA.

Gizmo247

If you have no debt then you could take out a bank loan.

edwardmluk

@zx81 is mnba the only company? None of the better known banks allow it on their cards then?

@gizmo247 yeah i have no debt, however I thought it would be cheaper to do via credit card. I'll take a look at the loan section for now.

edwardmluk

@zx81 I found that "plastic loans" section which talks about mnba. Thanks for the heads up.

grumbler

edwardmluk wrote: »

is mnba the only company? None of the better known banks allow it on their cards then?

• Super Transfer cards

Typhoon2000

You can also do this via 2 Paypal accounts with any credit card, where you send someone else/ another Paypal account money funded by your credit card. PayPal charge 3.9% which is less than the 4% MBNA ask for. If you have a 0% on purchases offere on your credit card this would work too ( but not 0% BT as Paypal transfers count as purchases).

guesswho2000

Typhoon2000 wrote: »

PayPal charge 3.9% which is less than the 4% MBNA ask for.

Not necessarily. If your purchase offer is 12 month and balance transfer offer is 24 months, then Paypal's effective rate is 3.9% p/a, whereas MBNA's would be 2% p/a, providing you kept the debt for the full 12/24 months.