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    • PETER83
    • By PETER83 8th Jan 18, 12:21 PM
    • 1 Posts
    • 0 Thanks
    Balance transfer to bank account
    Hi Guys,
    I need advice with my debt. I need to apply for credit card. Can you tell me which option could be best in my situation. Main thing is that I have £1000 overdraft on my bank account and I still need to pay back to one solicitor £2000 till June 2018. So question is can I get 0% balance transfer card to shift money to my and solicitors bank account? Or best would be money transfer card. I seen only one option for money transfer card on moneysavingexpert
    MBNA UP TO 37 MONTHS 0%, 3.45% FEE (23.9% INTEREST AFTER)

    Do you know any good deals to solve my problem?
    • zx81
    • By zx81 8th Jan 18, 12:24 PM
    • 14,858 Posts
    • 15,685 Thanks
    To get money into your bank account, you need a money transfer option.

    Alternatively, you get a purchases card, put your regular shopping on that and free up cash to use elsewhere.

    However, if you've heavily in your OD, you may not be able to get any decent offer.

    Try the eligibility checker but you may need to do this the old fashioned way, and cut costs to free up cash.
    • Raxiel
    • By Raxiel 9th Jan 18, 12:06 AM
    • 529 Posts
    • 276 Thanks
    Hi, I currently have a Natwest Reward Credit Card which I pay off in full every month.
    Unsuprisingly, December's bill (due mid January) is a bit bigger than usual at around £2k. January's bill will also be larger than usual due to a couple of one off purchases last Friday and Sunday that are yet to show up (around 2.5k).
    I can afford to clear both, but I figured it would be better to apply for a card that offers 0% on balance transfers and transfer it over, then pay it off over a couple of years rather than make a withdrawal from my savings. (Both months idealy, but definitely January at least if I can't complete the transfer before December's bill comes due.

    Assuming the application is successful, how soon after the application do they usualy transfer the balance? Does it have to be done at the time of application? Do I have to give an exact figure to transfer, or do they just take the whole balance on the day (or up to the credit limit, whichever is lower)?
    I have a good credit history, is there any way to be sure i'll get a big enough limit on a card I apply for?

    • kevandkeira
    • By kevandkeira 9th Jan 18, 2:19 PM
    • 824 Posts
    • 3,213 Thanks
    Hi, I currently have a capital one cc (£2000 limit £600 balance) & a barclaycard (£1700 limit £1000 balance), the 0% is due to end on both soon. I have been approved for a 2nd barclaycard, £2500 limit, 0% for 28 months.
    When I applied online they accepted the capital one balance transfer but not the barclaycard one, is it possible to transfer barclays debt to cap1 (once thats cleared), then do a 2nd balance transfer from the cap1 card again? Hope that makes sense!
    Last edited by kevandkeira; 09-01-2018 at 2:22 PM.
    • MallyGirl
    • By MallyGirl 9th Jan 18, 4:06 PM
    • 2,278 Posts
    • 7,285 Thanks
    you can but you will be hit with fees for each transfer.
    • Kentishphotographer
    • By Kentishphotographer 10th Jan 18, 3:55 PM
    • 1 Posts
    • 0 Thanks
    Credit card transfer for those on longterm sickleave/PIP
    I'll try to keep a long story short.
    In March 2016 I fell very ill following a virus with a health condition which has left me virtually housebound and unable to work since. I've been on ESA since October 2016 and lowest rate of PIP for daily care since December 2017. I am really struggling to make ends meet. I have had a credit card since 2014 which due to my health and some other things has a balance of £2, 600. I currently pay it back at the minimum rate of £60/month - £51.28 of which is interest (22.44%). This is crippling me and the balance is just not going down.
    Is there any way I could transfer my balance to a 0% card, or even one with lower interest, for a period to help me try to reduce the balance even a little. I assume there will be more stringent rules for those in receipt of benefit payments as income. Could I also risk ending up on higher interest than my current level after a period on lower interest?
    My income is below £500/month - but I do have an excellent credit rating.

    Thanks for any advice and suggestions
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