balance transfer cards

Sanitas_Lex

This could go in either the debt or credit card section but here goes.
Balance transfer cards. Can they be used for credit card debt only or any type of debt? Martin's page makes it seem like credit card debt only. How practical are they?

Thank you in advance

Ebe_Scrooge

Usually they can only be used to transfer a balance from another credit card. There are occasional exceptions, but mostly it's for card-to-card transfers.


There are cards known as "money transfer cards". These will transfer a sum of money into your bank account, and the debt will appear on the card ( usually, though not always, with a balance transfer fee ). These can be used, for example, to pay off a loan and effectively shift the debt to a lower APR.

PixelPound

What type of debt you wanting to pay off, and do they allow credit card payments?

Sanitas_Lex

Thanks for answers - I thought as much.

Had to take out a small private loan at the end of my training (3.5k) and currently putting large amount of income towards a wedding so paying off the loan faster is not an option at the minute, but will be afterwards. Assessing whether I can put it onto balance transfer to stave off interest and possibly enjoy a lower minimum repayment from the balance transfer card vs the loan?

[Deleted User]

Sanitas_Lex wrote: »

Assessing whether I can put it onto balance transfer to stave off interest and possibly enjoy a lower minimum repayment from the balance transfer card vs the loan?

As above. No.

You need a money transfer option.