Balance transfer advice

Ryan1992

Hi everyone,

New to this and after some advice.
I'm currently paying off a loan and have around 9 months left which amounts roughly to about £3500. I've been looking around at various forums, websites etc to see if people would advise getting a 0% interest balance transfer card and moving the remaining loan amout to a card and spreading out the repayment, just to lower my monthly outgoing as the last year or so have been difficult with the loan repayments.

Can I transfer that much to a card?
Is it easy to apply and get a card?
I've had finance before on a few lower cost items, TV, Bikes etc all paid off in full on time, but will having that previous finance go against me?

Many thanks,
Ryan

YorkshireBoy

Q1. In theory, yes.
Q2. In fact 2 questions, so yes, and not necessarily...in that order!
Q3. No.

You would need a money transfer credit card. See the thread just above/below yours (where someone wants to shift an overdraft to a card) and use the site search tool top of the page looking for 'money transfer credit card'.

As to whether it's worth doing, that would depend on 3 things:

1. Loan APR
2. Likely timescale required
3. The fee payable to the money transfer card provider

SHill

You need to ask for early settlement figure and if they (the loan company) agree to relinquish the loan.

You can complete an eligibility checker to see which cc you may be able to get, but you cannot find out what limit you will get as this depends on your credit worthiness.

So you may need more than one credit card.. then you may have to pay the transfer fee although this figure is low..you may find a card with 0%.