0% balance transfer card

poolman

Hi guys I new too this. 

Just wanted to know what is best way of transferring my loan on a card which is 0% so I could pay it if quicker. 

Thanks in advance. 

Ebe_Scrooge

You can't use a conventional credit card to pay off a loan, or to transfer the balance from the loan to a card.  One option is a money-transfer card, whereby the lender deposits cash into your bank account, and puts a corresponding debit (usually plus a fee) onto the card.  You then use the cash to repay the loan.

Be aware you may not be accepted for such a card, or be offered a sufficiently high credit limit to allow you to pay off the entire loan.  Because the lender cannot guarantee you'll really use the cash to repay they loan, when they do their affordability calculations they have to assume that the new lending will be in addition to, rather than instead of, your existing debt.

Either way, if you are accepted, you absolutely must put plans in place to repay the card when the promotional offer expires.  Any remaining balance will then begin to attract interest at the card's standard APR (which is likely to be much higher than the APR on the loan), and there's no guarantee you'll be able to transfer any remaining balance to another 0% card.