Would it be mad???

voodoozoe

I have three credit cards...Halifax, Abbey (mbna) and Lloyds...I have most of the balances transferred to Abbey which is 0% until May so that is pretty much in control!!!

My problem is my -£1,600 bank balance!!! I pay quite a lot of interest on that a month (about £16 which is high for that amount of money!!!) and I'm struggling to bring it back in the black.

My question is...can I transfer this onto a 0% credit card? I'm not sure if you can do it with a bank balance as opposed to another credit card!!! I don't really understand stoozing...would that be a better option? Or is it Super Balance transfer I need?

I know the Halifax do a good card with a year at 0% but...alas my overdraft is with them and they aren't very forgiving about these things.

ADVICE WOULD BE MUCH APPRECIATED!!!!

Rafter

You need to do a superbalance transfer which you can do from your Abbey card which is part of MBNA - for a fee.

The other option is to get the halifax card which is purchase and BT and just put all your normal spending on that for a few months and let your overdraft come down as a result.

I suggest you then cancel your overdraft to reduce the temptation to run it up again.

R.

YorkshireBoy

If you have any spare credit on the Abbey card you could possibly* write yourself a credit card cheque to pay into your current account.

* The current 0% offer seems to include cheques at 0%. However, do read the T&C's thoroughly - not just your credit agreement, but also any T&C's printed on the cheques/accompanying letter.

YorkshireBoy

Rafter wrote:

You need to do a superbalance transfer which you can do from your Abbey card which is part of MBNA - for a fee.

The current T&C's for the Abbey card now include a "money transfer" definition. It is treated as a cash transaction for the purposes of fees and interest - even in the 0% introducory period.

MBNA and sub brands have been writing to customers recently, advising them of changes to T&C's to include this "money transfer" definition.

OP should check with Abbey before embarking on "straight" SBT with this card.

Galstonian

And note in discussions with lenders that SBT is actually a term coined here, just in case you get some blank silence on the end of the phone.

voodoozoe

Unfortunately my Abbey card is now up to its 95% limit so cannot do that!!!

voodoozoe

BRILLIANT!!!! I have just been having a trawl about and now I have a better idea of what is going on!!!

The solution seems to be applying for the Egg card, they actually state that you can pay the money into your overdraft which is exactly what I'm after!!!

The interest is 0% until May 06 which is pretty good...by then the Halifax will be on their knees begging me to come back so that'll do!!!

CHEERS GUYS!!!! :T :T :T

YorkshireBoy

voodoozoe wrote:

Unfortunately my Abbey card is now up to its 95% limit so cannot do that!!!

Option 1 - ask for a credit limit increase on the Abbey card.

Option 2 - apply for another fee-free BT card to partially repay Abbey with £1,600, thereby creating some available credit.

Whichever option you choose, you can then write yourself a cheque* for the same amount, and pay it into your current account. The cheque fee will be £32, or 2 months bank charges.

* Check the T&C's thoroughly.


Comment - I assume you're paying a lot more than the £5 minimum payment the Abbey T&C's allow? Otherwise, you'll not be in a very good position next May!

voodoozoe

Well my Halifax card is empty since last BT to Abbey(last week) and Lloyds only has £90 which won't take long to pay off...in my experience, once you clear it from one they are straight on the phone trying to get you back with a BT offer.
Last time I cleared Lloyds they were on the phone really quickly with 0% offers but at that time I had nothing to BT.
Last time I cleared the Halifax one they nearly doubled my credit limit to tempt me back to the fold!!!
I might seem a little naive but I have total credit limits of around £18000 and only actually have £4000 (£3900 of this being on 0%) on them so I don't think I'm doing too badly. I always pay as much as I can but it does vary from month to month!!!

YorkshireBoy

voodoozoe wrote:

I might seem a little naive but I have total credit limits of around £18000 and only actually have £4000 (£3900 of this being on 0%) on them so I don't think I'm doing too badly. I always pay as much as I can but it does vary from month to month!!!

£14,000 of unused "available" credit may affect your chances of getting more credit cards, depending on salary and other factors. It will certainly affect the credit limits you will be offered.