Question about a balance transfer?
Okay, so I just received a nice balance transfer offer from Chase (I have had a Credit Card there for ~2 years now, and it has a $0 balance). It is 0.0% APR until 04/13, with a %2 transfer fee.
My question is this: I have a personal loan through OneMain Financial with a balance of roughly $3,000 left on it. Here is the kicker, the APR is 23.99%!! I have been HAMMERING payments at this to avoid being hit by (even more) interest (I pay about $500 a month). Can I use this offer to clear that balance (not sure since it is a personal loan? Can balance transfers be used to pay NON-creditcards?)? This would make my life MUCH easier, as I would have until April '13 to pay off that balance, and not have to worry about interest (I would only be hit with the $60 fee)
What do you think?
It is NOT a new card, it says 'For account ending in 7623' then explains the details. It would go on to my old card's account
- Steve BLv 79 years agoFavorite Answer
If you can use your existing card to pay off the loan, you can then transfer the balance ...
What you CAN'T do is 'transfer' the loan directly to the new card ... nor (I would suggest) can you use the new card to pay off the loan (they will count is as 'new spending').
You have to use your OLD card to pay off the loan (assuming it lets you, i.e. you have a high enough Credit Limit)