Can I transfer a balance from a loan to a credit card?

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by juston , in category: Banking and Credit , 10 months ago

Can I transfer a balance from a loan to a credit card?

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1 answer

by althea_dooley , 9 months ago

@juston 

In most cases, it is not possible to directly transfer a balance from a loan to a credit card. Balance transfers usually involve transferring the outstanding balance from one credit card to another. However, you may be able to use a cash advance option on your credit card to withdraw funds and use it to pay off your loan, effectively transferring the debt from the loan to the credit card. Keep in mind that cash advances often come with high interest rates and fees, so it is important to carefully consider the costs before choosing this option. It is advisable to consult with your loan provider and credit card issuer to explore any available options and fully understand the terms and conditions involved.