Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • aau
    • By aau 9th Jul 17, 1:32 AM
    • 2Posts
    • 0Thanks
    aau
    What card to get to pay overdraft off
    • #1
    • 9th Jul 17, 1:32 AM
    What card to get to pay overdraft off 9th Jul 17 at 1:32 AM
    Hi all,
    I have a santander credit card with about 2k. and my current account with santander has £1500 overdraft which I use fully every month and get charged nearly £30 every month for it. how can I clear the overdraft with ? Is there any credit card that unable me to transfer money to my current account and clear overdraft? I have to say that I have not used my creditcard yet.
    your help will be much appreciated with a step by step direction as I am not familier how these card work? or do I need to get a loan?

    Thanks
Page 1
    • Ben8282
    • By Ben8282 9th Jul 17, 5:12 AM
    • 1,944 Posts
    • 848 Thanks
    Ben8282
    • #2
    • 9th Jul 17, 5:12 AM
    • #2
    • 9th Jul 17, 5:12 AM
    If your never used Santander credit card has a 0% offer on purchases, make £1500 worth of purchases to clear the overdraft.
    If not, you will need to apply for a money transfer card.
    I would suggest a Virgin Money card although others are available.
    https://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/
    Use the Virgin eligibility checker before you apply.
    • Weybridge78
    • By Weybridge78 9th Jul 17, 9:30 AM
    • 50 Posts
    • 17 Thanks
    Weybridge78
    • #3
    • 9th Jul 17, 9:30 AM
    • #3
    • 9th Jul 17, 9:30 AM
    Hi,

    You need a money transfer card, preferably one with a decent 0% interest rate. This will transfer money into your current account. Please use the eligibility calculator on the MSE homepage to see your likelihood of getting one. I know that Ben8282 has suggested the Virgin Money credit card, however those are usually harder to get than an MBNA or Barclaycard CC.

    An MBNA card with a money transfer promotion will very easily advertised as such.

    However, the Barclaycard CC with a money transfer promotion will probably not be. For example, last August I got a Barclaycard Freedom Rewards card with 0% interest on both balance transfers and purchases for 12 months. However, I have had money transfer offers appear on my account around 4 or 5 times in the past 11 months. When signing up for the card, there was no mention (or I did not see any mention) of money transfer promotions. Please note that my mother who has a Barclaycard Platinum also has money transfer offers appear on her account every so often.

    You say your Santander card has 2K. Could you just clarify whether the balance on it is £2K or the credit limit is £2K?
    • dresdendave
    • By dresdendave 9th Jul 17, 9:40 AM
    • 597 Posts
    • 671 Thanks
    dresdendave
    • #4
    • 9th Jul 17, 9:40 AM
    • #4
    • 9th Jul 17, 9:40 AM
    Hi all,
    I have a santander credit card with about 2k. and my current account with santander has £1500 overdraft which I use fully every month and get charged nearly £30 every month for it. how can I clear the overdraft with ? Is there any credit card that unable me to transfer money to my current account and clear overdraft? I have to say that I have not used my creditcard yet.
    your help will be much appreciated with a step by step direction as I am not familier how these card work? or do I need to get a loan?

    Thanks
    Originally posted by aau

    Although there may be benefits to converting an overdraft debt to a CC debt, your real aim should be to reduce your outgoings and/or increase your income so that the debt disappears, rather than just moving it from one place to another.


    Posting an SOA on the DFW board would be the place to get advice on this.
    • Weybridge78
    • By Weybridge78 9th Jul 17, 12:13 PM
    • 50 Posts
    • 17 Thanks
    Weybridge78
    • #5
    • 9th Jul 17, 12:13 PM
    • #5
    • 9th Jul 17, 12:13 PM
    Agree with dresdendave. The real aim is always to reduce outgoings. I should have also added to my original post that if you are able to obtain a money transfer card, you need to ensure that your monthly payment is enough to clear the card before the promotion ends, rather than a minimum.

    If you are having issues with your finances, please post a Statement of Affairs on the Debt Free Wannabe board.

    Lastly, when you do run your eligibility check, please do share your results on this thread.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,680Posts Today

9,053Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin