Am I able to balance transfer from a money transfer card at the end of the 0% period?

I'm trying to help my brother here. He is going to get a money transfer card to pay off a high interest loan because they won't accept a balance transfer onto a credit card. I see the 0% periods are fairly short. If he doesn't pay it all off in the time, can he then move the remaining balance via a traditional balance transfer credit card for another 0% period?

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  • grumbler
    grumbler Posts: 58,629
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    edited 26 January at 9:33PM
    Yes, he can - IF he can get a new 0% card with big enough limit. 
  • I've never had a loan so I advised him to do the balance transfer but I didn't realise they wouldn't accept repayment from a credit card.
    I just wanted to clarify that money transfer cards accept the traditional balance transfer to another card, because the longest period for money transfer is only 12 months, and it's unlikely he will have it all paid off by that time
  • Nasqueron
    Nasqueron Posts: 8,379
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    They will accept payment from a credit card (after all, that is what a BT is) but if you pay off a BT card with a normal card you'll get stung for cash fees and interest while a BT card does it differently.

    A MT card (except I think one or two) will allow you to move a balance from them to a BT card in normal circumstances - all they see is a payment coming in
  • CliveOfIndia
    CliveOfIndia Posts: 1,197
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    Previous posters have given the correct advice - in essence yes, do a MT to get some cash into your bank account, use that cash to pay off the loan, then BT the balance from the original MT card onto another card.  This assumes (as noted by Grumbler) that he will be accepted for a BT card.
    The other really important thing to bear in mind is this.  Once he's moved the balance across to a BT card, he's really got to pay that card off by the end of the promotional period.  Otherwise it'll start accruing interest at the card's standard APR, which will likely be far higher than his current loan.  And whilst he may be able to do another BT of any remaining balance, there's absolutely no guarantee that he'd be able to do so, so it would be extremely unwise to just assume that it will be possible.
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