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  • FIRST POST
    • buel10
    • By buel10 14th May 18, 10:59 AM
    • 237Posts
    • 28Thanks
    buel10
    Can you transfer a loan to a 0% Credit card?
    • #1
    • 14th May 18, 10:59 AM
    Can you transfer a loan to a 0% Credit card? 14th May 18 at 10:59 AM
    Hi,
    a friend wants to get a loan for 4,000 and has asked me if he can then transfer this on to a 0% credit card. I have not heard of this before, is it possible, please?
Page 1
    • zx81
    • By zx81 14th May 18, 11:02 AM
    • 18,623 Posts
    • 19,880 Thanks
    zx81
    • #2
    • 14th May 18, 11:02 AM
    • #2
    • 14th May 18, 11:02 AM
    He needs a money transfer option on a card.
    • buel10
    • By buel10 14th May 18, 11:33 AM
    • 237 Posts
    • 28 Thanks
    buel10
    • #3
    • 14th May 18, 11:33 AM
    • #3
    • 14th May 18, 11:33 AM
    Thank you. How would he do this? Get the loan first and then transfer, therefore not paying any interest to the loan provider?
    • molerat
    • By molerat 14th May 18, 11:36 AM
    • 19,324 Posts
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    molerat
    • #4
    • 14th May 18, 11:36 AM
    • #4
    • 14th May 18, 11:36 AM
    If he gets a card with 4K money transfer available he won't need a loan. Be aware that there may be a fee for the transfer.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • buel10
    • By buel10 14th May 18, 11:43 AM
    • 237 Posts
    • 28 Thanks
    buel10
    • #5
    • 14th May 18, 11:43 AM
    • #5
    • 14th May 18, 11:43 AM
    Got it! Thank you.
    • Candyapple
    • By Candyapple 14th May 18, 1:01 PM
    • 2,943 Posts
    • 2,290 Thanks
    Candyapple
    • #6
    • 14th May 18, 1:01 PM
    • #6
    • 14th May 18, 1:01 PM
    https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.14827135.873330049.1526290343-2067031786.1525772075

    Get your friend to check his eligibility.

    A money transfer card means you can transfer the money to your bank account and then you use that money however you want to. It's usually the cheapest option to clear an overdraft or expensive loan.

    As an example, let's say your friend took out the MBNA 32 months deal. If he withdrew 4k, the fee at 2.99% would be 120 and then he would have 32 months to clear the 4k debt at 0% interest, however would still need to make the minimum monthly repayments.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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