Can a bank loan be switched to a 0% card?

Halitosis

Hi all, I have £6k remaining on an Ikano bank loan at 3.3% interest, and am wondering if its possible to get a 0% credit card and switch the balance?
Sorry if this appears a stupid question - I'm a novice at switching debt, though my credit rating is good and I'm confident of getting approval on a card.

[Deleted User]

You'd need a money transfer option on the card.

Halitosis

Thanks ZX81 - so it would be similar to a cash advance rather than a balance transfer then?

[Deleted User]

Yes. .

Pound-Of-Flesh

You need a zero percent MONEY transfer.
You can then transfer money from the card into a current account. From there you can pay off the loan.

I can't imagine you being able to transfer money (at 0%) straight from your card to Ikano.
You need to tread carefully - a "cash advance" will have a huge interest rate!
If you ring up Ikano and pay off your loan with your credit card that is NOT going to be at zero %

Also - is it really worth it for 3.3% ??? These 0% offers usually have a one-off transfer fee of about 3% anyway. They are not totally free.

boo_star

Pound-Of-Flesh wrote: »

You need a zero percent MONEY transfer.
You can then transfer money from the card into a current account. From there you can pay off the loan.

I can't imagine you being able to transfer money (at 0%) straight from your card to Ikano.
You need to tread carefully - a "cash advance" will have a huge interest rate!
If you ring up Ikano and pay off your loan with your credit card that is NOT going to be at zero %

Also - is it really worth it for 3.3% ??? These 0% offers usually have a one-off transfer fee of about 3% anyway. They are not totally free.

It depends on how long the remaining loan term is vs the 0% offer.

Just over a year and they start to save money, but the period you get is variable and you may not (read probably won’t) get the full period on offer.

The_Urbanite

There's also the option of making purchases that can easily be turned into cash with the 0% purchases card...I've successfully done this to some scale for stoozing purposes.

phillw

Pound-Of-Flesh wrote: »

Also - is it really worth it for 3.3% ??? These 0% offers usually have a one-off transfer fee of about 3% anyway. They are not totally free.

Virgin have a card with a 1.9% fee, which gives you 0% on money transfers for 20 months. They may not give you a £6000 credit limit though.