"Money transfer" credit cards

Jjgozza

Hello everyone, first time post here, I have a loan which if like to pay off using a credit card and have been told to get a money transfer credit card....can someone with experience please clarify what this entails are are they safe to use, I'm looking at one that has 31 months 0% interest....

Please help me

Aquamania

Jjgozza wrote: »

Hello everyone, first time post here, I have a loan which if like to pay off using a credit card and have been told to get a money transfer credit card....can someone with experience please clarify what this entails are are they safe to use, I'm looking at one that has 31 months 0% interest....

Please help me

You are not paying a loan off by use of a credit card - you are just moving the debt

How much is the loan?

Not many cards offer money transfer, especially to new applicants. Beware of the administration charge, which could typically be between about 2.5% & 5%.

How would you imagine a money transfer from a credit card company to a different lender is unsafe?

Tixy

This article http://www.moneysavingexpert.com/loans/plastic-loans#turn
explains using money transfer cards to repay a loan/overdraft etc and lists the longest 0% money transfer card available to new customers at the moment.

Before trying to apply for such a card it would be sensible to work out how much you would actually save by doing so, and work out whether you can afford to repay the whole debt during the 0% period.