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BAM47

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Can I pay off a bank loan with a 0% interest card?
I have a bank loan-line of credit- and want to pay it off. Can I use a 0% interest credit card to do so?

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Top Contributor
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Maybe - but

Don't be fooled - just because you have a zero interest rate credit card - does not mean there won't be a fee.   With this being said = I doubt you will be able to walk in and pay the loan with a credit card, but if your account has either bank transfer checks - or checks period then I would say you could pay the loan off with the credit card 0% interest.

Now here is the but - I Have never seen a credit card - that will allow you to do a balance transfer/pay with a convience check - and not pay a 2.5% or more transaction fee.   Then if you don't pay the credit card balance off by the time the 0% interest rate expires - then you will be on the hook - for ALL the interest, which will probably be a higher rate than if you would have just paid on the loan regularly.

So before you do this - READ the FINE PRINT and make sure YOU have researched the entire fee structure and limitations on how long the 0% rate will apply to this transfer, and if you can not pay it off by the time this 0% rate expires -  DON"T DO IT!

Top Contributor
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Depends on the Credit card and what is offered as 0%.     This would be a Balance Transfer and most cards would charge something like 3% to transfer the the balance, but then you would have x amount of time to pay the amount + the 3% off.   
You also assume that the Credit Card with 0% will have a High enough Credit Limit to have handle the full balance transfer and then some.

Can It be Done,  yes,  but lots of unknown and it might not work out the way you expect. 

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