Can You Pay Off a Loan With a Balance Transfer Credit Card?

September 11, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

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A balance transfer can be used to transfer a loan to a credit card. By doing this, you could potentially save a significant amount of money in interest and accelerate your debt-free journey. This transfer is not permitted by every credit card company, so it’s necessary to check before proceeding. And if your credit card company does allow it, there will be balance transfer fees, a high APR after the introductory offer expires and additional stipulations and limitations to consider.

When you get a balance transfer credit card it is recommended not to overspend. As the best way to use this type of credit card is to avoid making any new purchases after you make your transfer. There are many benefits as to why using a balance transfer credit card is a good way to pay off a loan. One benefit is that you can save money by temporarily avoiding interest payments. Another benefit is that it may make it easier to pay off debt faster. Not only that, but it might simplify debt repayment.

If you have a plan to pay down your debt during the introductory 0% interest period, it can be as long as 21 months. Then, transferring a loan to a balance transfer credit card can help you avoid pricey interest charges and pay off your debt faster. We have recommended the best and most popular balance transfer credit cards in September 2024 listed below.

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• Balance Transfer