Balance Transfer Cards No Interest

can i balance transfer my personal loan on to a credit card ...

Ignore that project payday 4 it is another Internet scam… You must call your credit card company and ask them…. I did — I just moved 24,000 into my bank account from a c c with no interest til Feb ’09 only because I have a great credit score over 800…… But we have worked at that over a period of several years.. We pay our bills ahead of due date and pay most of our c cards off each month…. If you have great credit you can do the same…..God Bless

Those 0% rates are just an introductory rate. After the 6 months or whatever period is up the interest rate gets jacked up to 28%. So you might want to transfer whatever you can pay off in full during the intro rate and leave the rest of the loan where it is. It should be possible to get the loan transfered to a credit card, the credit card company just gives the loan people a check and increases your new credit card balance.

If you can’t do a ‘transfer’ direct to the personal loan account, I imagine the easiest way to use a 0% balance transfer offer to pay off your personal loan balance would be to ‘transfer’ the required amount from another CC account (that you don’t have a balance on), and then withdraw the cash (via a cash advance) from that account and use the cash to pay off the personal loan.

This works because a ‘balance transfer’ isn’t actually a transfer of the loan balance, it is simply a loan (at 0%) from the balance transfer CC to whatever CC account you wish. I’ve done this several times in order to get money at 0% which I’ve then invested online to earn some extra interest. When the 0% period is up I just pay off the balance transfer CC account with the invested funds, pocketing the interest.

In your case you’d have to get another 0% CC offer to fund you debt when the intital balance transfer period expires. A couple of potential pitfalls to watch out for: 1. There is still a minimum monthly payment required on the 0% balance transfer CCs – compare this to the min monthly payment on your personal loan. It’s probably less, in which case you should make sure you pay it off the 0% CC balance each month so that when it comes time to “roll over” your debt to a new 0% CC the amount required is less. 4. There’s no guarantee that you’ll be able to line up new 0%CC offers when the initial offer period finishes, in which case, how will you fund the debt? If the personal loan was a ‘line of credit’ facility, then you could always put the outstanding debt back on that account, so it wouldn’t be an issue. If you had to establish a new personal loan in the event of there not being another 0% CC offer available when required, then this could be a problem. Especially since (if you’re in the US) each 0% CC account you open will ding your credit score, and thus probably push up the interest rate on loan applications in future.