Can I use a bt card to pay a loan

Sparkle79

I think this might be stoozing - but not really sure. We received a flier in the post for barclaycard 0% deal with no transfer fee for 20 months. We had just over £2k on a low interest lifetime of balance card and thought we would transfer the balance so not paying any interest and pay it off before the 0% expired.......anyway we applied and the credit limit is £15k........this got us thinking!.......could we transfer this onto a credit card with no balance on and use it to pay a loan so we aren't paying interest on. We can afford to pay it off within the 20 months. Just wondering I'd this is possible and mean we can pay the loan off sooner as not paying interest

bengalknights

You cant pay a loan off with credit cards, always debit cards.

To do this you would need a money transfer card to withdraw to bank account.

20aday

Barclaycard sometimes have money transfer offers on their credit cards.

If you use their online servicing any promos are listed there for you on the main summary page.

Chrysalis

When I helped my sister out with a loan I sent her the money over paypal using my credit card as a source (normal non 0% card) then balance transferred it over to a 0% card.

Otherwise you can try a money transfer if you have a 0% money transfer option.

If you go the paypal route make sure they process it as a purchase not a cash withdrawal.

phillw

Chrysalis wrote: »

When I helped my sister out with a loan I sent her the money over paypal using my credit card as a source (normal non 0% card) then balance transferred it over to a 0% card.

Doesn't paypal charge 2.5% to send money using a credit card?

Chrysalis

There was a fee, I cannot remember exactly what it was but (a) my sister covered it and (b) it wasnt large, was smaller than the balance transfer fee.