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0% Balance transfers on OVERDRAFTS

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Editor123
Editor123 Posts: 6 Forumite
in Credit cards
Is there a way in which I can transfer about £5k which has been built up over about 4 different overdraft facilities when I was student..

I also have £1800 outstanding on 2 credit cards

It prob costs me somewhere in the region of £80 a month in interest payments...

so I would like to transfer the whole lot onto a 0% card and then become a tart until it is all paid off!

Any suggestions of which bank offers this?

Thanks guys!

Comments

  • Tr@cker
    Tr@cker Posts: 532 Forumite
    Egg and Virgin do it but there are BT fees.
  • Bisoy
    Bisoy Posts: 873 Forumite
    There are a few credit cards that would allow you to transfer about 90% of it's credit limit into your current account and then pay off your overdraft and certainly the MBNA groups of credit cards will have this facility.

    However it depends entirely to your circumstances on getting a good credit limit on this card like having a permanent job and if you have a good credit score.
  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Marbles do too. You have to write one of their credit card cheques to do the balance transfer capped at £50 charge and it acts as a 0% balance transfer.

    Current offer is for 12 months on https://www.marbles.com

    Check the T&Cs for yourself before you apply.
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • PRINCE$$
    PRINCE$$ Posts: 84 Forumite
    mrcow wrote:
    Marbles do too. You have to write one of their credit card cheques to do the balance transfer capped at £50 charge and it acts as a 0% balance transfer.

    Current offer is for 12 months on https://www.marbles.com

    Check the T&Cs for yourself before you apply.

    Just wondering where you got the info from that it's capped at £50? I've been approved for one but all I can see is regarding the BT fee is - 'we will charge a fee of 2% of the amount of each Balance Transfer (minimum £5)'

    I'm looking to transfer about £4000-4500 so if it was capped It'd be cheaper
    Thanks
  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    PRINCE$$ wrote:
    Just wondering where you got the info from that it's capped at £50? I've been approved for one but all I can see is regarding the BT fee is - 'we will charge a fee of 2% of the amount of each Balance Transfer (minimum £5)'

    I'm looking to transfer about £4000-4500 so if it was capped It'd be cheaper
    Thanks


    It was through personal experience.

    I did this in June '06 with Marbles CC cheque on a £6700 balance, and it was capped at £50 back then and I''ve just finished paying it back at 0% and there have been no hidden "nasties".

    That's why I'd recommend to check the T&Cs before you do anything. It's best to ring them and ask for the most up to date info before you apply as CC companies often change their T&Cs and may have even changed the procedure on the cc cheque for the 0% balance transfer.
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • PRINCE$$
    PRINCE$$ Posts: 84 Forumite
    Thanks, they still use the cheques in the same way and apparently the BT fee is no longer capped as of Aug 06 which is why I couldn't see this when I read the T & Cs. Pity, but it's still a good deal. And you get £20 back from quidco too :)
  • GinnyBubbles
    GinnyBubbles Posts: 61 Forumite
    Part of the Furniture 10 Posts
    Editor123 wrote:
    Is there a way in which I can transfer about £5k which has been built up over about 4 different overdraft facilities when I was student..

    I also have £1800 outstanding on 2 credit cards

    It prob costs me somewhere in the region of £80 a month in interest payments...

    so I would like to transfer the whole lot onto a 0% card and then become a tart until it is all paid off!

    Any suggestions of which bank offers this?

    Thanks guys!
    |Hi, hope you don't mind me asking but i'm now looking at doing the same with £5,000 and don't have a clue how to do it. I have a £9,000 overdraft and paying over £60 month charges. What card and how do i do it please? I'm not money minded at all. Thanks, jockmowgli.
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