We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can i pay of a paypal credit debt by getting a 0% credit card?
Options

superwoman1
Posts: 6 Forumite
Hi, so i ran up debt of £640 PayPal credit since my dad passed away last year and also 460 on a co op credit card and now I need to pay it back and get back on track. I have an income so could pay £60-100 a month easily but the interest I have no is really stressing me so wondered if i got a 0 percent Credit card if i could transfer the paypal balance, know i can for the other. Any advice greatly appreciated.
0
Comments
-
Hi, I believe that to make the transfer possible, you would need a Money Transfer card with a 0% APR promotional window. (You would still have to pay a transaction fee for moving the money from the card to your current bank account).
https://www.moneysavingexpert.com/credit-cards/money-transfers/I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
As stated above - a money purchase card is what you need, a loan maybe better though in all honesty.
Transaction fees mean you are not really getting it at 0% so don't be fooled by that. A credit card may give you more room to increase your borrowing easily without much thought/effort as you are usually limited to transferring 90% of your credit limit.
I would therefore possibly look to consider a personal loan over 12 months. At least you borrow what you need and you have a set term where once paid, it closes down. Interest rates aren't known until you apply so it could mean you get a slightly higher rate but for me that would be the better option. You know what is affordable, its structured to the term you know is affordable and at 12 months - its not going to feel like a millstone for you.0 -
middleclassbutpoor wrote: »As stated above - a money purchase card is what you need, a loan maybe better though in all honesty.
Transaction fees mean you are not really getting it at 0% so don't be fooled by that. A credit card may give you more room to increase your borrowing easily without much thought/effort as you are usually limited to transferring 90% of your credit limit.
I would therefore possibly look to consider a personal loan over 12 months. At least you borrow what you need and you have a set term where once paid, it closes down. Interest rates aren't known until you apply so it could mean you get a slightly higher rate but for me that would be the better option. You know what is affordable, its structured to the term you know is affordable and at 12 months - its not going to feel like a millstone for you.
Loans of low value are usually more expensive than a money transfer card fee. CCs are better for smaller amount. Loans are better for thousands rather than hundreds.0 -
I said the loan would possibly be a higher rate in comparison.
I don't know enough about the OP situation but the limited information which indicates poor financial decisions in a time of stress for me would still say that it should be a decision between
- what costs less but gives opportunity to get into a cycle of debt and end up borrowing more when something else happens to cause similar decisions to be made.
- what gives me the option to get this repaid and the strictness of not having access to further credit.
If there is no history of emotional spending and/or there is confidence to be strict then I completely agree that the CC would financially likely be the better decision.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards