Anonymous
Anonymous asked in Business & FinanceCredit · 9 years ago

Can I use a balance transfer offer (for exisiting card) to pay off personal loan?

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

4 Answers

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  • Anonymous
    9 years ago
    Favorite Answer

    Yes they will allow you to transfer the OneMain account. I too can never figure out why people come her and type in all that info when a simple call would explain the EXACT procedure and we can usually only speculate and give you partial answers.

    Call them and see how to proceed or if you handle your account online then you can do it from their website as well.

  • 4 years ago

    1

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  • 9 years ago

    Contact Chase, why wouldn't you ask the people who would actually be conducting the transaction? I understand asking questions here if you don't know where to find the answer, but you can just call the phone number on the back of your credit card to get your answer.

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