Balance Transfer Question From Bank Account To Cc

BULLIONBOY_2

Hi, i don't know if anyone has asked this before, but i have a overdraft at the moment of around £2000, and i am using about £300 in overdraft.

I got a letter this morning from my credit card company saying if i transfer a balance between now and the end of august that is will be 0% until next year.

I am asking the question because i intend to pay for a course on my overdraft that will be costing a further £800, so if i could transfer this to my credit card and get it at 0% i would be happy.

Thing is, can it be done, and is this a normal practice.


I have two credit cards that i pay off the balance every month, one for shopping, one for personal, i have also noticed that i keep getting sent cheques from both companies asking me that "if i want i can pay off my outstanding debt with a cheque".....is this the same thing as what i am asking?, can i simply pay a cheque into my overdrawn account to get the balance back to zero?


Any help would be great.


Thanks

BB

Richard019

Who is your credit card provider?

MBNA in their various guises (MBNA/Virgin/Sony/old Abbey) will allow it and it's a standard thing from them.

Abbey (new cards issued by Santander) will allow it. I've done one a few months ago, the only condition is that the current account isn't part of the Santander group. At present I think that's just Abbey but they may have extended it to Alliance and Leicester in anticipation of the takeover.

Egg Money will allow it, normal Egg won't.

I think I'm right in saying that Mint will allow it if you'e using one of their cheques but you can't order them and I would be ringing them immediately beforehand.

Beyond that I don't think any of them will allow it but I'm sure someone else will be along to point out any I've missed/gotten wrong.

dhassen

Normal Egg does do SBTs.....

What card is it OP?

Moggles_2

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates.

MBNA and Mint periodically issue credit card cheques, which can be paid directly into your current account.

Note: other lenders (eg. Barclaycard, Halifax) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn :eek:

To help you further we need to know which two cards you have at the mo.

YorkshireBoy

Richard019 wrote: »

Abbey (new cards issued by Santander) will allow it. I've done one a few months ago...

I believe Santander withdrew the SBT capability a while ago now, probably because they found themselves inundated with such requests.

GazBGood

Hi there, I am wondering the same thing. I wish to balance transfer from an overdrawn current account to a 0% credit card.
I think the capital one card looks to be a winner, but does anybody know if they would let you do it - or are they sticklers with only being able to do it from another credit card?

dhassen

GazBGood wrote: »

Hi there, I am wondering the same thing. I wish to balance transfer from an overdrawn current account to a 0% credit card.
I think the capital one card looks to be a winner, but does anybody know if they would let you do it - or are they sticklers with only being able to do it from another credit card?

For you and the OP here's the list of cards that allow SBT http://www.stoozing.com/sbt.php

Capital One doesn't allow it, and they do a 'rate for risk' policy, which means unless you are Jesus (or someone else amazing lol), they won't give you the advertised rate

YorkshireBoy

dhassen wrote: »

For you and the OP here's the list of cards that allow SBT http://www.stoozing.com/sbt.php

There's also the M&S card, using the Sterling travellers cheque loophole. A little 'messy', but does the job!

dhassen

Not heard of that one YB.......

RBS sends me cheques randomly too..... unreliable though

YorkshireBoy

dhassen wrote: »

Not heard of that one YB.......

M&S class travel money BOUGHT FROM M&S as a purchase (56 days interest free normally/6 months interest free on the intro deal).

Buy Sterling TC's, and take them straight to your bank branch and pay them into your current account. Been 18 months since I did it, but seem to remember they're subject to the normal clearance cycle.

DISCLAIMER: Check with your own bank that they will accept them before purchasing!!

Richard019

YorkshireBoy wrote: »

I believe Santander withdrew the SBT capability a while ago now, probably because they found themselves inundated with such requests.

I wouldn't know, as at 15th June it was still there, how does that fit with your thinking?