Transferring loan to CC during 0% period..

ferry

I hope someone can advise me as I'm at work at the moment and dont have my T&C's with me to check.
I have an Egg loan which I'd like to clear using funds from my Mint CC which is 0% on BT's from other cards only.I know I cannot just simply BT the loan so I am I right in thinking that I'll need to transfer the funds into my current account and make the loan payment from there..?
Is this worth considering as I guess its a money transfer so I'll be hit with interest or will I be making a huge mistake by doing this.
Loan APR is 16.9% by the way

Thanks as usuaul for the help
F.

NickX

Be careful - I think MINT will treat a transfer of funds direct to your Bank Account as a "Money Transfer" and charge extortionate fees for it.

However, MINT periodically issue Credit Card cheques that can be paid into your Bank Account at "Balance Transfer" rates. If you are in possession of any of these cheques I think you may be in luck, otherwise I wouldn't advise it.

YorkshireBoy

Mint will 'money transfer' into your current account, but NOT at 0%. You'll need to use one of their 'transfer and save' cheques to get the cash at 0%.

You could ring and ask for some cheques, but ISTR they don't send them out as frequently as they once did.

Always read the small print.

ferry

Many thanks for the fast replies-I'll try and obtain some cheques which is the best idea really.
I know this a long shot but any idea what %interest rate I'll be charged for the money transfer-just going from memory could it be around 3%? or far more horrific?

Thanks again
F.

YorkshireBoy

ferry wrote: »

I know this a long shot but any idea what %interest rate I'll be charged for the money transfer...

It'll be on their website.

ferry

Ok thanks I'll take a look....
Just a thought,but I also have an Egg card(not Egg money).Can I pay off the Egg loan with my Egg card then do a BT to my 0% Mint card?

Probabaly a silly question but just thought I'd check...

YorkshireBoy

The Egg Card would probably be a quicker option (than waiting for Mint cheques). Egg will charge you a (2.5/3%) BT fee if you're in your intro period, your anniversary month, or if another special promotion has been applied to your account, so best to check with them first.

You could either action the Mint BT first, and wait for a positive balance on Egg, before actioning the SBT...the alternative being you'll incur interest (at a higher rate than your loan?) if you action the SBT and the Mint BT takes a while to complete.

ferry

Thanks YB for the excellent advice as usual