Can you transfer a car loan to a 0% credit card?

Ben8282

bazzyb wrote: »

No, it would be a purchase, so any 0% card would do. .

So a balance transfer card with no purchases offer would do?

PixelPound

It could be done with 2 Credit cards, an existing card with zero balance and a new BT offer card. Use the first card to pay the loan and then the BT card to BT to the second card. I did it with a Santander loan.

Check with your loan provider, Barclays, that they accept card payments. Most likely it will be treated as a purchase so no interest accrued if BT before the statement (assuming zero balance before), but even if it was treated as a cash withdrawal, then you are talking of a few days interest at most, which shouldn't be much (a 28% APR would accrue 0.5% in interest over 7 days)

pantaiema

Buriz70 wrote: »

Seems to good to be true...whats the catches?

This is not a catch but keep in mind.
- It is not easy to get. You will need to have a very good credit history to get it. But there is nothing wrong to apply if you have not applied this sort of card recently.
- In general there will be a fee to pay for money transfer credit card. But generally speaking this fee is likely smaller then the interest you will need to pay with your current loan.

bris

Buriz70 wrote: »

Seems to good to be true...whats the catches?

The catches are you don't pay it off in time and they have you paying interest for a very long time.


That's the whole idea of it, and it works, so much so that they make billions from us.