Loan amount onto 0% credit card

evilpikachu2000

Hi all,

This has most likely been answered many times over but I've struggled to find a sufficient explanation.

I have £4500 left on an old Egg Loan (now done by idem servicing) and I wondered whether it was possible to transfer this amount onto a 0% CC? Are there any rules about transfers from loans to CC?

Thanks for advice.

Tixy

You would need one of the few cards that offer money transfers aka super balance transfers. You would use this to transfer money to your bank account, and then use that to pay off the loan.

MBNA offers this for a 4% balance transfer

grumbler

>> Money Transfers

What is the loan APR? If you get a card, what are you going to do when 0% expires and the APR reverts to the standard one?

evilpikachu2000

Thanks Tixy. I'll look into it. Can you clarify though, are you saying that some cards allow you to transfer £4500 to your bank account and then you pay off the loan with that amount? I assume then the £4500 balance on the CC is at 0% i.e. £45 a month if I paid off the monthly minimum?

Grumbler - the idea is that the 0% offers more flexibility payment wise. If we still have an amount outstanding at the end of the 0% timeframe, we'll transfer to another 0% if needed.

thebritishbloke

evilpikachu2000 wrote: »

Thanks Tixy. I'll look into it. Can you clarify though, are you saying that some cards allow you to transfer £4500 to your bank account and then you pay off the loan with that amount? I assume then the £4500 balance on the CC is at 0% i.e. £45 a month if I paid off the monthly minimum?

Grumbler - the idea is that the 0% offers more flexibility payment wise. If we still have an amount outstanding at the end of the 0% timeframe, we'll transfer to another 0% if needed.

"Super money transfers" let you transfer money from your credit card, to your bank account (for a fee). So if you do a £4500 super money transfer to your bank account, and it has a 5% fee, you will look at your bank balance and it will show +£4,500. Your credit card balance will show £4,725 (includes the 5% fee). This £4,500 in your bank is yours to do with how you wish.

evilpikachu2000

Thanks all. One more thing, I've noticed that money supermarket advertise a couple of cards that do this and are "powered" by mbna. I'm pretty sure I've had an mbna card in the past, does anyone know how long you can leave it before applying for a past card?!

grumbler

>> When I do regenerate as a 'new customer'?
I don't see MBNA in the list, but Virgin is one of MBNA cards.

That said, AFAIK you can have more than one MBNA card.

MARKA

Have recently applied for a Barclaycard 0% balance transfer card.
On filling in the application form it asked would I be making a balance transfer and if so how much?
I wasn't too sure of the amount and so put an approximate figure, my actual amount is slightly higher. Is this ok does anyone know?
I have been approved for the card by the way.

thebritishbloke

MARKA wrote: »

Have recently applied for a Barclaycard 0% balance transfer card.
On filling in the application form it asked would I be making a balance transfer and if so how much?
I wasn't too sure of the amount and so put an approximate figure, my actual amount is slightly higher. Is this ok does anyone know?
I have been approved for the card by the way.

Yeah it's fine.