{"id":742840,"date":"2018-08-01T02:15:00","date_gmt":"2018-08-01T06:15:00","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=742840"},"modified":"2026-03-09T18:36:17","modified_gmt":"2026-03-09T22:36:17","slug":"balance-transfer-a-personal-loan-to-a-credit-card","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/credit-cards\/balance-transfer-credit-cards\/balance-transfer-a-personal-loan-to-a-credit-card","title":{"rendered":"Can I balance transfer a personal loan to a credit card?"},"content":{"rendered":"<p>Many banks and financial institutions offer credit cards with introductory low or 0% balance transfer rates, but only a limited number of providers allow you to balance transfer personal loan debt to a credit card.<\/p><p>Read our guide to learn how to compare balance transfer credit cards that accept personal loan debt. We also cover the steps you need to take to transfer your personal loan debt to a credit card and key factors to consider when searching for the right card to pay off your debt.<\/p><h3>What are the benefits of transferring a personal loan balance to a credit card?<\/h3><ul class=\"list-1\"><li><b>Save money.<\/b> Balance transfer credit cards give you a chance to save money on interest charges by offering a low or 0% introductory interest rate for a specified time period.<\/li><li><b>Pay off your personal loan debt faster.<\/b> Paying low or zero interest on a balance transfer credit card means that more of your repayments go directly towards your principal debt \u2013 rather than interest charges. This gives you a chance to focus on paying off your actual debt in a shorter amount of time.<\/li><li><b>Longer balance transfer offers. <\/b>Balance transfer credit cards offer introductory interest rates for up to 12 months (or sometimes longer). Depending on the amount of debt you owe and the repayments you can afford to make, you may even be able to pay off your personal loan debt before the introductory period ends, avoiding any additional interest charges in the process.<\/li><li><b>Pay off all your debts at once.<\/b> If you\u2019re dealing with several debts, you may be able to <a href=\"https:\/\/www.finder.com\/ca\/debt-consolidation\" target=\"_blank\" rel=\"noopener noreferrer\">consolidate all of them onto one credit card<\/a> so that you can focus on making one repayment each month. This way, you\u2019ll only have to deal with one interest rate for all of your debt.<\/li><\/ul><h3>Types of credit cards that allow balance transfers from personal loans<\/h3><p>While not all credit card providers will allow you to transfer your balance from a personal loan to a credit card, the types of cards available may include:<\/p><ul class=\"list-10\"><li><b>No annual fee credit cards.<\/b> Some credit cards offer <a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/no-annual-fee-credit-cards\" target=\"_blank\" rel=\"noopener noreferrer\">no annual fees<\/a>, allowing you to save money on additional card fees when you balance transfer your personal loan to a new credit card.<\/li><li><b>Low rate credit cards. <\/b>These cards provide a low standard variable interest rate for purchases, which can help you save money on charges for new purchases. Keep in mind that this low rate will likely not apply to any existing debt you move over from your personal loan. Only new purchases that you put onto the card tend to receive the low variable interest rate.<\/li><li><b>Rewards credit cards. <\/b>These cards offer <a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/rewards-credit-cards\" target=\"_blank\" rel=\"noopener noreferrer\">reward points<\/a> and travel rewards points per dollar spent on new purchases. If you choose a rewards card for your balance transfer, remember that new purchases will accrue interest, which could mean that it will take you longer to pay off the personal loan debt. Generally, it\u2019s ideal to pay off your balance transfer debt before making any additional purchases on the card.<\/li><li><b>Premium credit cards.<\/b> If you\u2019re interested in the benefits and status of a gold and platinum credit card, you may additionally be offered exclusive benefits like travel insurance, concierge services and airport lounge access. These cards usually come with annual fees, so be aware of this additional cost when trying to pay off your debt.<\/li><\/ul><h3>How can I make sure I\u2019m eligible to transfer my personal loan to a credit card?<\/h3><p>The requirements you\u2019ll need to meet will likely vary between credit cards, but generally include the following:<\/p><ul class=\"list-7\"><li><b>Meet the credit card application criteria.<\/b> You\u2019ll need to meet the eligibility criteria for the specific credit card you\u2019re applying for, including the minimum age, Canadian residency status, credit score requirements, as well as the minimum income requirements.<\/li><li><b>Request a balance transfer from eligible accounts.<\/b> You\u2019ll likely only be eligible to balance transfer existing debts if they are from a different Canadian financial institution from the one you\u2019re applying to. This is because banks won\u2019t compete with themselves to offer you a low or zero interest rate when they are already offering you products for a fee.<\/li><li><strong>Make sure the debt is in your name. <\/strong>The name for your credit card and balance transfer debt must match. This means you cannot request a balance transfer from an account held by someone else, such as your partner. Check out <a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/balance-transfer-credit-cards\" target=\"_blank\" rel=\"noopener noreferrer\">this guide<\/a> for options that allow balance transfers from a spouse or partner.<\/li><li><b>Check the balance transfer limits.<\/b> There may be minimum and maximum limits for your balance transfer. For example, some providers will only allow you to balance transfer up to a certain percentage of your debt. Others may limit the amount of debt you can transfer in relation to the credit card limit. This means if you were approved for a credit card with a $10,000 limit and allowed to balance transfer up to 80% of your debt, you could transfer up to $8,000 of debt to the account.<\/li><\/ul><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">How to request a balance transfer from a personal loan to a credit card<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>Once you have compared credit cards and found one that suits your needs and allows you to transfer a personal loan debt, you can request a balance transfer when you apply for the card. This process usually varies slightly between credit card companies, but generally there is a section in the application that asks you to provide details for any balance transfer requests. Here, you\u2019ll typically need to include details of the debt or debts you want to transfer, including:<\/p><ul class=\"list-7\"><li>The name on the account<\/li><li>The type of card or account (i.e. personal loan)<\/li><li>The account number<\/li><li>The amount of debt you\u2019re transferring<\/li><li>The name of the bank or provider your current debt is with<\/li><\/ul><p>If your application is approved, you should get your new credit card in seven to ten business days. Depending on the provider, you may need to activate the card so that the credit card company can begin the balance transfer process, which can also take a few additional days. Once the balance transfer is complete, you can close your old account and start paying off the debt on your new credit card.\n        <\/p><\/div>\n    <\/div>\n<\/div>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-1537373 size-full sml-image-center\" src=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png\" alt=\"credit history\" width=\"895\" height=\"250\" srcset=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=180 180w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=360 360w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=600 600w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=900 900w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=1200 1200w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2014\/09\/credit-history-optimised.png?fit=2685 2685w\" sizes=\"(max-width: 2685px) 100vw, 2685px\" loading=\"lazy\"><\/p><h3>What should I be wary of when transferring my debt?<\/h3><ul class=\"list-3\"><li><b>Balance transfer fees. <\/b>Some credit cards charge a one-time fee for processing balance transfers. This fee depends on the balance transfer offer and the provider, but is usually between 1% to 3% of the total debt you transfer. It can, however, reach as high as 5%, which can add a large fee onto your already existing debt.<\/li><li><strong>Fees and charges on your old account. <\/strong>Since the balance transfer process can take a couple of weeks to complete, you\u2019ll need to continue making payments on your existing account\/s until the debt is transferred.<\/li><li><b>The revert rate. <\/b>At the end of the introductory period, the low promotional interest rate for balance transfers will revert to a standard variable rate. This is usually the standard cash advance rate for your card, so aim to pay off your balance before this rate applies.<\/li><li><strong>Keeping your old account open.<\/strong> Once the debt is transferred to your new credit card, ideally you should close the old account to avoid any additional fees or charges.<\/li><li><b>Making purchases during the introductory balance transfer period. <\/b>If you use your new balance transfer credit card to make purchases, the standard purchase rate will apply to those charges, and any repayments you make will be allocated to these debts before your balance transfer debt. This is because new purchases come at a higher cost with the revert interest rate and credit card providers are required to allocate your repayments to pay off the more expensive debts first. If that happens, you could end up carrying the balance until after the introductory period ends, so try to focus on paying off your existing debt before using your card for additional purchases.<\/li><\/ul><div class=\"content-area-light-grey has-padding-small has-padding-top-large\">Offering low or 0% interest for a specified introductory period, balance transfer credit cards give you a chance to pay down your existing debt faster without worrying about paying high interest fees. While not all providers will allow you to transfer debt from a personal loan, reach out to providers and find out what your options are and find one that suits your needs.<\/div><h3>Balance transferring a personal loan to a credit card FAQs<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">I want to consolidate my debts. Is it better to use a debt consolidation loan or a balance transfer credit card?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The type of account you use for debt consolidation depends on your individual circumstances. However, you may want to note that <a href=\"https:\/\/www.finder.com\/ca\/debt-consolidation\" target=\"_blank\" rel=\"noopener noreferrer\">debt consolidation loans<\/a> generally provide a fixed interest rate that is applied from the time the loan is approved.<\/p><p>Balance transfer credit cards, on the other hand, provide a low or 0% introductory interest rate before standard rates are applied, which can give you an interest-free period. The idea with balance transfer credit cards is to focus on paying down your debt in the zero or low interest period so that you don't face any additional charges.<\/p><p>Before deciding on the best option for you, consider comparing a range of loan and credit card options to find one that suits your personal circumstances.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Does the promotional rate end if I miss making a repayment?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Not necessarily. Usually if you miss a repayment, you will be charged a late payment fee. Your promotional rate may continue to run until its expiration date, however if you make it a habit of missing payments, your promotional rate may be discontinued. Read the small print on your agreement to make sure you understand the implications of a missed payment.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">If I transfer my personal loan to a credit card, would the debt be considered a personal loan debt or a credit card debt?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>If you successfully balance transfer your personal loan to a credit card, that debt will be considered as credit card debt.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div class=\"luna-card luna-card--alt\"><div class=\"luna-card__block\"><h4>You might also be interested in<\/h4><ul class=\"list-9\"><li><a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/balance-transfer-credit-cards\" target=\"_blank\" rel=\"noopener noreferrer\">Learn how to compare 0% balance transfer credit cards<\/a><\/li><li><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\" target=\"_blank\" rel=\"noopener noreferrer\">Compare your personal loan options<\/a><\/li><li><a href=\"https:\/\/www.finder.com\/ca\/debt-consolidation\" target=\"_blank\" rel=\"noopener noreferrer\">Loans to consolidate your debt<\/a><\/li><\/ul><\/div><\/div><p><small>Pictures: Shutterstock<\/small><\/p>","protected":false},"excerpt":{"rendered":"<p>Find out how to move your debt from a personal loan to a credit card.<\/p>\n","protected":false},"author":110,"featured_media":743628,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"post_is_fact_checked":"false","post_co_author":"-1","post_co_author_date":null,"post_co_author_manual_date_checked":null,"post_reviewer":"-1","post_reviewer_date":"","post_reviewer_manual_date_checked":null,"post_editor":"-1","post_editor_date":null,"post_author_date":"","post_author_manual_date_checked":"false","footnotes":""},"categories":[99979],"tags":[107211],"asset_tag":[],"class_list":["post-742840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-balance-transfer-credit-cards","tag-transfer-car-loan"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Balance Transfer a Personal Loan to a Credit Card | Finder Canada<\/title>\n<meta name=\"description\" content=\"Find out if you can balance transfer a personal loan to your credit card and discover how you can save on interest and fees to clear your debts faster.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/credit-cards\/balance-transfer-credit-cards\/balance-transfer-a-personal-loan-to-a-credit-card\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can I balance transfer a personal loan to a credit card?\" \/>\n<meta property=\"og:description\" content=\"Find out if you can balance transfer a 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