how do i transfer a loan to a credit card?

stickyvicky1982

hi, does anyone know how i transfer a loan to an intersest free cerdit card?
i currently have a loan thats based over 38months but i now wish to transfer this to a credit card so i can pay quicker and more or less when i want to, does anyone know how i can do this? please help!

oliveoyl

firstly you need to check if you are allowed to pay the loan back without penalties... and if there are penalties, how much and would it be worth your while. check the small print or call them.

if it would be worth doing (which i doubt), you'd need a credit card that would let you do a super balance transfer, not just a normal balance transfer, so you'd need to speak to the credit card company before applying to see if that was a service they offered. a super balance transfer is where they pay the cash into your bank, rather than to another credit card company.

glitzy

Hi you might have to use 2 credit cards - Egg being one of them its like a hybrid card which means you can have a credit on it, so you would bt from 0% card to egg, then you can bt from egg to your current a/c and write a chq to loan a/c. Hey presto!

oscar52

Why do you need two cards?? Egg and MBNA (so Virgin and A&L also) allow balance transfers to current accounts at 0% (or promo rate) anyway, so no need for a second card.

stickyvicky1982

ok, i have tried mbna and only got £3700 limit, and virgin turned me down!
anybody know of cards that will pay the money into ur account?

stickyvicky1982

alliance and leicster just turned me down too!!

oscar52

probably because alliance and leicester, and virgin are both issued by MBNA - and you already have a card with them

izzybusy23

stickyvicky1982 wrote: »

ok, i have tried mbna and only got £3700 limit, and virgin turned me down!
anybody know of cards that will pay the money into ur account?

I have an MBNA credit card and they issue me with credit card cheques.. far more than I could ever wish to use infact. So you should be able to write out one of these cheques to your bank account and transfer the debt to your credit card that way.. all depends on the rate they charge for CC cheques though.

oscar52

Cheques tend to attract an interest rate of some kind - and with hundreds of different credit cards that MBNA issue, I wouldnt like to say what it would be - differs for each card and each person.