can i use a credit card balance transfer offer to settle a bank loan early?

aratron

is this possible i ave 3600 outstanding on a an rbs bank loan, would it be possible to settle it with a credit card balance transfer if i applied for a new credit card?
i know you can do it for overdrafts, but would a bank loan be okay?

really appreciate any advice. calvin

YorkshireBoy

aratron wrote: »

i know you can do it for overdrafts

You don't need an overdraft to make use of a money transfer (sometimes called a super balance transfer), so simply apply for the 'right' card and then once the money has arrived settle the loan from your current account funds.

CLAPTON

In general the answer is no. Most loans don't allow you to pay them via a balance transfer from a CC.

However some CC do allow transfers to your bank account: once there you can do what you like with the money.

aratron

thankyou thats a really good way of looking at it! very helpful;)

thenudeone

A BALANCE TRANSFER can only be used to pay off another CC with a Visa or Mastercard number.

To pay off a loan or overdraft, you need a MONEY TRANSFER offer, which do sometimes occur, but much less often that Balance Transfer offers.

guesswho2000

thenudeone wrote: »

A BALANCE TRANSFER can only be used to pay off another CC with a Visa or Mastercard number.

To pay off a loan or overdraft, you need a MONEY TRANSFER offer, which do sometimes occur, but much less often that Balance Transfer offers.

With the exception of cards offered by MBNA, which offer this feature as standard, generally.