Paying prosper loan with credit card

[Anonymous]

Here is my situation. I currently have a $20,000 prosper loan with a remaining balance of about $16,500 on it. I recently got the new Chase FU card with a 15 month 0% interest offer but I am unable to process as a balance transfer because prosper is very particular as to what forms of payment they accept(very vague, I know).

I am thinking about getting a Walmart Money card, which I can load with my Chase FU card and since it has a routing and account number associated with it, I could attach my money card to my prosper loan profile and use it to pay my prosper loan. Load my money card with my FU, Pay my prosper with the money card, incur minor reloading feeds from the money card(I believe $3/reload and $5 monthly fee), and then pay off the remainder of my CC balance during my 0% promotional period while also accruing 1.5% cash back on my Chase card(24,700 points, $309.38 in travel rewards when combined with my Chase CSP. Right now, my prosper interest rate is 8.32% which puts my monthly interest accrual at over $100.

The money card option, if it works, would cost next to nothing and thats not even counting the $300+ in chase UR point value that I would gain. I can afford to pay off my FU card at about $2,500 a month and I have about $5,300 that I can throw at it next month, so it should only take me about 4-5 months to pay off the CC(14 months on 0% interest rate remaining). The only variables that I am unable to address right now is whether or not you can load a money card with a credit card(research has been inconclusive), and if prosper will accept my Walmart Money Card as a valid bank.

Anyone who has done anything like this? I am happy to hear any input you may have. Thanks in advance!

[Anonymous]

A few of these top tier cards recognize transferring funds from your card directly to your bank account as a balance transfer and will carry the same promotion. Have you looked into this?

[Anonymous]

This is not a good idea.

[Anonymous]

I have heard something about that, but based off my discussions with CSR, their balance transfer options are very narrow and wouldnt permit this. Is this a workaround, or is this potentially illegal or against terms/conditions?

[dmc917]

---

@Anonymous wrote:

Here is my situation. I currently have a $20,000 prosper loan with a remaining balance of about $16,500 on it. I recently got the new Chase FU card with a 15 month 0% interest offer but I am unable to process as a balance transfer because prosper is very particular as to what forms of payment they accept(very vague, I know).

I am thinking about getting a Walmart Money card, which I can load with my Chase FU card and since it has a routing and account number associated with it, I could attach my money card to my prosper loan profile and use it to pay my prosper loan. Load my money card with my FU, Pay my prosper with the money card, incur minor reloading feeds from the money card(I believe $3/reload and $5 monthly fee), and then pay off the remainder of my CC balance during my 0% promotional period while also accruing 1.5% cash back on my Chase card(24,700 points, $309.38 in travel rewards when combined with my Chase CSP. Right now, my prosper interest rate is 8.32% which puts my monthly interest accrual at over $100.

The money card option, if it works, would cost next to nothing and thats not even counting the $300+ in chase UR point value that I would gain. I can afford to pay off my FU card at about $2,500 a month and I have about $5,300 that I can throw at it next month, so it should only take me about 4-5 months to pay off the CC(14 months on 0% interest rate remaining). The only variables that I am unable to address right now is whether or not you can load a money card with a credit card(research has been inconclusive), and if prosper will accept my Walmart Money Card as a valid bank.

Anyone who has done anything like this? I am happy to hear any input you may have. Thanks in advance!

---

I recently did a 0% balance transfer from NFCU to Avant (same type of lender as Prosper, I am assuming) for $24,000.  Prosper probably requires direct bank account withdrawal as Avant does.  Before initiating the BT, I couldn't find information on their website, so I called Avant directly to ask for the mailing address where a pay-off check could be sent.  The representative happily gave me the address along with other pay-off instructions.  I had absolutely no problems -- they received the two checks (I had to BT to two NFCU cards), updated the online account and sent a letter noting the loan was paid and thanked us for our business.  

Good luck with yours!

[Anonymous]

Thank you for your input dmc917, unfortunately I have already asked Chase if they issue physical balance transfer checks to where they told me they do not, and only process balance transfers by ACH.