A little bit of advice needed please

Moggles_2

jackkelly wrote: »

My OH's bank is Barclays. Anyone know what Barclaycard are like at present for 0% bts and do they accept transfers to bank accounts?

Unfortunately, Barclaycard does not offer this facility.

B'card, like Halifax, issues credit card cheques which can be used to settle bills, but if you paid one into your bank account you'd normally be charged cash advance rates :eek:

This lender will accept transfers from Mint card though, as does Halifax.

Moggles_2

jackkelly wrote: »

I want to try and reduce my OD as well as the MBNA cc, so I clear the MBNA card, then pay an extra £400 at the MBNA cc once the balance is at 0, inform them of my error and ask them to refund this to my bank account with the OD? Have I understood this correctly? Will they do this?

Personally, I wouldn't risk this.

Credit card companies take a dim view of any transaction which breaches their Ts & Cs and where a balance transfer is miscalculated, either by accident or on purpose, some will insist on returning the surplus funds to the account from whence it came. If, as in your case, this account happens to be another credit card, you could incur two balance transfer fees and gain nothing. Credit cards - other than Egg Money - are not designed to carry a positive balance.

Why not keep it simple? Transfer your MBNA balance to Halifax, then use the remaining £580 or so limit on the Halifax card to pay off some of your Mint cc. (Sounds as though this card is costing you more than the overdraft anyway)

As you say, the money you currently pay to MBNA would help reduce your overdraft.

Once you've cleared your balance to zero, courtesy of Halifax, MBNA will more than likely make you an offer. (This lender has a reputation for market-leading existing-customer deals.) Then you can legitimately request a BT to your bank a/c. Alternatively, if MBNA offers 0% on purchases, you could begin to spend your way out of the overdraft

jackkelly

Cheers Moggles you have helped greatly, the process is slightly more complex than I first thought. But I will get there, and be rid of these cards
Thanks all :beer: