{"id":100290,"date":"2018-04-11T17:29:45","date_gmt":"2018-04-11T16:29:45","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=100290"},"modified":"2024-04-09T11:01:24","modified_gmt":"2024-04-09T10:01:24","slug":"balance-transfer-a-personal-loan-to-a-credit-card","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/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":"

Many credit cards feature low or 0% introductory balance transfer<\/a> rates, typically intended for transfers from existing credit cards. So how do you go about taking advantage of a credit card with a 0% period to pay off a personal loan early?<\/p>

To take advantage of a credit card’s 0% period, you need to follow certain steps to transfer your personal loan debt to the card. This guide outlines the necessary steps and important factors to consider when selecting the right card for your debt payoff.<\/p>

How to balance transfer a personal loan to a credit card<\/h3>
  1. Request an early settlement figure from your loan provider.<\/strong> It may be wise to plan on paying off the loan a few weeks in advance as it could take some time for you to be approved for the new card and receive it.<\/li>
  2. Calculate your costs.<\/strong> Make sure that transferring the debt to a credit card will save you money.<\/li>
  3. Compare money transfer credit cards.<\/strong> Make sure you find a card with 0% interest on money transfers or no fee for money transfers, and check that you’re eligible.<\/li>
  4. Apply for your new credit card.<\/strong> Don’t be tempted to apply for lots of different credit cards \u2013 this can look bad on your credit report and put off future potential lenders.<\/li>
  5. Transfer funds to pay off the personal loan.<\/strong> Be sure to confirm with your loan provider that the loan has been cleared and that the account is closed.<\/li>
  6. Pay off the debt.<\/strong> Make sure you clear the debt before the low\/no interest period finishes, or transferring could have been a waste of your time. You’ll need to set your own monthly payment amounts, which will be higher than the credit card issuers minimum monthly payments. To work out what you should pay each month, divide the amount of your debt by the number of months remaining in the low\/no interest period.<\/li><\/ol>\n
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