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If you use a credit card to pay off a bank loan, is that a balance transfer or a cash advance? |
If you use a credit card to pay off a bank loan, is that a balance transfer or a cash advance? It depends on your card issuer. If they allow you to transfer balances from any type of account including bank loans, mortgages, lines of credit, etc. then it's a balance transfer. If they only allow transfers from one card to another, it's considered a cash advance. I may suggest that you contact your card company and tell them what the money is being used for. Often times they will post it as a transfer and you can enjoy that lower interest rate (assuming that's the root of your question). Hope this Helps! Source(s): www.collectquote.com cash advance, as a balance transfer is from one credit card to another. balance transfer Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card. Balance transfer has some good advantages let us look at a few of them. Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card. Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period. The repayment terms will also relax considerably as you transfer your balances. Credit card companies bundle a lot of exiting features with the balance transfer program, this could be a no annual fee offer and your favorite reward program. A good balance transfer credit card is not very difficult to find these days. With the plethora of information available in modern times and latest means to harness them, the right balance transfer credit card could be just a click away. Read more from: http://www.credit-card-gallery.com/artic... Hi Here! You can find very useful tips on your cheap Mortgage : http://www.fundsleader.info |
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