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Silly Question

weejenmunro
weejenmunro Posts: 4 Newbie
in Credit cards
This is maybe a silly question but does the term balance transfer just mean transferring from card to card?
I would like to pay off my loan with a 0% card, is this possible? I have done the eligibility checker and seem to be ok to be accepted

Thanks

Jenni

Comments

  • stasieks
    stasieks Posts: 3 Newbie
    Yes, you get a new credit card to pay off debts on old card (cards).
  • weejenmunro
    weejenmunro Posts: 4 Newbie
    Yes but does it apply for a loan rather than a card. I would be paying off a loan not a card

    Thanks
  • molerat
    molerat Posts: 35,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You need a card which specifically does money transfers to your bank account such as MBNA, the majority are purely card balance transfers.
  • d70cw6
    d70cw6 Posts: 784 Forumite
    there are no silly que.....oh wait, my bad.

    carry on.
  • weejenmunro
    weejenmunro Posts: 4 Newbie
    Yeah on the eligibilty thing it says I would get the MBNA. So i could use that to pay off a loan?

    I know you dont always get the rate for the full length of time but are you guaranteed to get the amount you need?
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    weejenmunro wrote: »
    Yeah on the eligibilty thing it says I would get the MBNA. So i could use that to pay off a loan?

    I know you dont always get the rate for the full length of time but are you guaranteed to get the amount you need?

    No. You're not guaranteed anything.
  • weejenmunro
    weejenmunro Posts: 4 Newbie
    Thank you for your replies folks ;-)
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    weejenmunro wrote: »
    Yeah on the eligibilty thing it says I would get the MBNA. So i could use that to pay off a loan?
    Depends how pedantic an answer you want.
    "Hello MBNA, can you pay off my loan?" Answer: No.
    "Hello MBNA, can you pay money into my current account?" Answer: Yes.
    Obviously with money in your current account you can pay off your loan.
    I know you dont always get the rate for the full length of time but are you guaranteed to get the amount you need?
    No you're not. But if you take what you are offered and transfer as much as you can you can at least reduce the balance of the loan.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    d70cw6 wrote: »
    there are no silly que.....oh wait, my bad.

    carry on.

    To be fair the first response was a more stupid answer than the initial question was.
This discussion has been closed.
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