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Advice please

myfairlady
Posts: 121 Forumite


Hi,
I wonder if you could give me some advice please. I have a Mint card with £5k on it, an Egg card with £1.5k on it and an MBNA with 0 balance. My overdraft is £1k and I would like to do an SBT to clear it.
Can you please advise me the best way to do this. Do I need to do an SBT from a card that has a 0 balance on it? What is the best way to clear my overdraft (apart from winning the lottery of course!).
Thank you so much for your help...and can I just say, this is a fantastic site and has in the past helped me to clear huge debts!
I wonder if you could give me some advice please. I have a Mint card with £5k on it, an Egg card with £1.5k on it and an MBNA with 0 balance. My overdraft is £1k and I would like to do an SBT to clear it.
Can you please advise me the best way to do this. Do I need to do an SBT from a card that has a 0 balance on it? What is the best way to clear my overdraft (apart from winning the lottery of course!).
Thank you so much for your help...and can I just say, this is a fantastic site and has in the past helped me to clear huge debts!
The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....
0
Comments
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myfairlady wrote: »Can you please advise me the best way to do this. Do I need to do an SBT from a card that has a 0 balance on it?
Well it depends what the promotion is that you are using for the Super Balance Transfer.
Unless the existing balance is on a promotion for the same period as the Balance Transfer then you are best not to mix the balances and ensure the balance is zero before transferring.
This is because the allocation of payments will probably go towards the promotional balance and leave the other balance trapped to accrue interest until cleared off in full.
Maybe easier to advise if you can give details of the deal that you want to take advantage of ?0 -
Nickx,
Thanks so much for the prompt reply. I don't have an offer that I can take advantage of....guess I need to pick up the phone and see who has one to offer me?The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....0 -
myfairlady wrote: »I don't have an offer that I can take advantage of....guess I need to pick up the phone and see who has one to offer me?
If you don't have an offer you may find that your overdraft is cheaper than transferring to the standard variable rate on a Credit Card - check your rates carefully.
But yep, you never know what they may offer when you call especially if you suggest that you may want to close the card down.
Good Luck0 -
If you don't have an offer you may find that your overdraft is cheaper than transferring to the standard variable rate on a Credit Card - check your rates carefully.
But yep, you never know what they may offer when you call especially if you suggest that you may want to close the card down.
Good Luck
Yes thats true NickX. I just hate having an overdraft! Will check my figures and see what I can do.
Thanks againThe best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....0
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