Balance Transfer Personal Loan To Credit Card

The balance transfer personal loan to credit card process requires a credit card customer to follow a slightly different procedure from the normal balance transfer process, where you are transferring a balance from one credit card to another credit card.

Balance Transfer Credit CardTo make a balance transfer from a personal loan to a credit card, you first have to do a 0% money transfer to your bank account, or as this is sometimes called a “0% super balance transfer“.

This 0% money transfer into your bank current account, transfers your requested balance transfer amount, subject to your credit limit, directly from the credit card company into your bank current account.

Using this interest free money in your current account from the balance transfer, you can then use these funds to pay off the personal loan.

This balance transfer of a personal loan to a credit card, via your current account,  can effectively allow you to pay off a personal loan, charged at a higher rate of interest with the lower 0% interest deal on balance transfers available for the length of credit cards introductory offer.

Balance Transfer Personal Loan To Credit Card

Not all credit cards will allow you to carry out a 0% money transfer into your current account in order to pay off your personal loan. Details of the balance transfer credit cards which currently do allow this type of transfer, with good acceptance rates, can be found below.

The following featured Post Office credit cards allows a personal loan to be paid off via a 0% money transfer, although this is not promoted anywhere on their website.

Card Offers

Post Office Platinum*
Balance Transfers:
0% for 18 Months
Balance Transfer Fee:
0%
Purchases:
0% for 3 Months
Representative APR:
17.8% APR (variable)
More Information

Card Details

Post Office Platinum*
  • 0% on balance transfers for 18 months
  • Initial 2.98% balance transfer fee reduced to 0% after refund
  • 0% on purchases for 3 months
  • No fees on purchases overseas
  • No cash fee when you purchase Post Office Travel Money
  • Online account management
  • Annual Fee: None
  • More Information

Application Details

Post Office Platinum*
Has the following application criteria:-
  • You are a UK resident
  • You have a bank or building society account
  • You have a gross annual income of £15,000 or more
  • You are aged 18 or over
If you meet these criteria, then please click here for More Information

Initial 2.98% balance transfer fee reduced to 0% after refund
Representative Example: 17.8% APR representative (variable). Based on a credit limit of £1,200 and a purchase rate of 17.8% p.a. (variable)
Post Office Credit Cards are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender

Card Offers

Post Office Matched*
Balance Transfers:
0% for 16 Months
Balance Transfer Fee:
2.98%
Purchases:
0% for 27 Months
Representative APR:
18.9% APR (variable)
More Information

Card Details

Post Office Matched*
  • 0% on balance transfers for 16 months
  • 2.98% balance transfer fee
  • 0% on all purchases for 27 months when transaction made within 3 months
  • No cash fee when you purchase Post Office Travel Money
  • Free purchase protection insurance
  • Annual Fee: None
  • More Information

Application Details

Post Office Matched*
Has the following application criteria:-
  • You are a UK resident
  • You have a bank or building society account
  • You have a gross annual income of £8,000 or more
  • You are aged 18 or over
If you meet these criteria, then please click here for More Information

0% on all purchases for 27 months when transaction made within 3 months
Representative Example: 18.9% APR representative (variable). Based on a credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
Post Office Credit Cards are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender

After repaying the personal loan with the balance transfer to current account, you will then have to make the normal monthly repayments to the credit card company.

Before you proceed with the balance transfer personal loan to credit card process there are a two issues to be aware of:-

  • The handling fee for a money transfer to your current account can be more expensive than the handling fee for a balance transfer from credit card to credit card. The fee varies from card to card but you may end up paying a fee 1% more than the normal balance transfer fee to pay off your personal loan in this way.
  • Remember to check that there is no early repayment fee for the personal loan. If there is an early repayment fee on the loan then this will reduce any savings you can make with the balance transfer.

In the event that you have not cleared all of the outstanding balance of the balance transfer personal loan to credit card before the card’s 0% balance transfer offer ends, you can then look to do a further 0% balance transfer from one credit card to another.

Today Balance Transfer Expert has:-

  • 0% balance transfers for up to 40 months with a 2.95% fee
  • 0% balance transfers for up to 32 months with a 1.14% fee
  • 0% balance transfers for up to 23 months with no fee

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