Help with moving Overdraft

pinkjen

I wonder if anyone can help me out? I want to move my overdraft to a 0% credit card so I can start to pay it off without paying the charges to the bank (usually between £30 - £40 per month), I want to close the account once this is done & open an account which has not got an overdraft facility.

My thinking at the mo is to do it just when i've been paid so the debt is at it's least. Is it best to get a new account to start putting wages into before or after i've moved the overdraft?

rchrisp

im sure someone will correct me if im wrong, but i dont think you can move overdrafts to credit cards.

Damoclese

You need a credit card that will do a super balance transfer SBT.
Virgin money does this and has 15 months at 0%

pinkjen

I have a Virgin that had the 0% but without thinking i bought something on it which meant i lost it (stupid i know), i have heard the egg will let you transfer an overdraft & i have 0% on that as it's only being used to pay off debt so can i transfer this overdraft & still have the 0% i have now? & how do you do a super balance transfer?

Thanks

Damoclese

http://www.stoozing.com/sbt.php

I think you just transfer to your current account instead of to a credit card.

fatbelly

You could also use an Egg Money card to transfer to from a 0% BT card then move the cash to your current account.

Or use a slow stooz method - spend on a 0% purchases card and allow your income to wipe out the overdraft.

But a super balance transfer is the easiest.

Tinkabell25

Hi, Sorry i'm a bit naive with this sort of stuff so can i just check i've got this right...if i got a credit card with a SBT option i could transfer my overdraft to it and have it at 0% for their selected period of time? Sorry if it sounds a silly question.

pinkjen

Hi Tinkabell,

I'm sure you can, or i've heard that some cards do let you. I have the Egg card 0% already & need to know if i can transfer my overdraft to it & still have the 0% or if i need to transfer it to a brand new cc to get the max benefit of the 0%, i'm hoping so as i could do with actually reducing the bill instead of giving the charges to the bank!!

beer_tins

It's worth adding that some cards have a BT charge (around 2%). I expect that applies to SBTs as well...

pinkjen

How do you do a super balance transfer? Is it not the same as just transferring a balance over like cc to cc?

fatbelly

It is the same. As long as the credit card supplier offers a SBT, all you do is supply the sort code and account number of your current account (and how much you want transferred). A few days later you discover money in your current account and a slightly larger balance (cos there's normally an upfront fee of 2-3 %) on your credit card.

Now as long as you do not spend on your card and you make at least the minimum repayments, you will not incur any interest on the transferred figure for the lifetime of the deal.