Credit Card that transfers money into Current Acc?

Skint_Catt

Hi,

OH is looking for £5k short-term loan to pay off overdraft and credit card. He will be able to pay this off within 9months, so looking for a credit card that will give 0% for 10months+ but that will transfer funds into his current acc.

I remember lots of cards doing this two years or so ago, but i think they got wise to Martin's suggestion that it goes in a high interest acc for the period :rolleyes: Cheapest loan is 7.8% I believe so a card will be cheaper.

He has an excellent credit score/record so shouldn't have trouble applying for any.

Thanks

C xx

nzseries1

Any card in the MBNA group of cards will allow this. They call it a "money transfer". Virgin have the longest interest rate - 16 months at 0%.

Skint_Catt

Thanks nzseries1! :T

dylanuk

There's some extra info on transferring balance transfer credit to a current account here: http://www.credit-card-comparison-online.co.uk/faq/0-balance-transfer/transfer-to-current-account.html and also about super balance transfers here: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Virgin is definitely the best credit card for this, beats most bt cards by a good couple of months in length. The transfer is also less (2.98%) than the standard MBNA cards too (3%), only by about 0.02% but it helps!

Bear in mind though, Virgin have recently changed their terms and conditions to require all transfers to be made within the first 60 days of account opening to qualify for the 0% promotion (it used to be an open ended period of time).

YorkshireBoy

dylanuk wrote: »

Virgin is definitely the best credit card for this, beats most bt cards by a good couple of months in length. The transfer is also less (2.98%) than the standard MBNA cards too (3%), only by about 0.02% but it helps!

MBNA have at least a couple of 13/14 month cards that have a 2.9% fee.

If OP can definitely repay within this timescale (they suggested 9-10 months), and doesn't want a contingency, then these would offer better value (just!).