Transfer overdraft to credit card?

SuzeQish

After finding the fab 'Credit Card Shuffle Planning Table' on MSE, I decided to have an overhaul of my debts. My current overdraft is a whopping 29.6% APR and I have the credit limit available to transfer it to an existing credit card currently at 13.9% APR. Great I thought, until I was told the only way I could transfer an overdraft to a credit card was with a 'special promotional cheque' sent by the credit card company. Now, I have received many of these cheques over the years and discarded them (thinking I would never need them!). I thought about withdrawing cash on my credit card and paying it into my bank account (to reduce the overdraft), but that would also attract a whopping 24.9% APR.

Any suggestions, you clever people out there?

Saini_2

As far as I know MBNA and Alliance-Leicester allow to transfer money from credit card into current account for 3%. You could get 0% for 9 to 12 months. Alliance-Leicester are part of MBNA.

Idiophreak

Also check the deals on the virgin card - they're normally pretty good.

CLAPTON

you can of course simply use the CC and incur debt at 13.9% and let the OD run down so saving 29.6%.
However, you really need to get a plan together to clear the total debt permanently.

madbunny

Hi, I think this applies to me - I'm wanting to get a card to put my overdraft on to stop paying interest to the bank - but this all sound so complicated! In simple terms for me please (sorry!) ?

thanks

Idiophreak

madbunny wrote: »

Hi, I think this applies to me - I'm wanting to get a card to put my overdraft on to stop paying interest to the bank - but this all sound so complicated! In simple terms for me please (sorry!) ?

thanks

Really isn't hard. I've got a virgin card, I called them up and said "I'd like to transfer X amount to my current account please". And that was that.

SuzeQish

Thanks all. Sounds like only certain banks / credit card providers allow the transfer (Natwest & Sainsburys said no). Didn't want to get into the game of applying for a new card, but sounds like that's my only option!

Miller_3

My advise is:

Why have you got such a big overdraft in the first place.

You must have been over spending to run up such a big overdraft.

The only way to stop it getting bigger is to

STOP SPENDING and make more of an effort to reduce your DEBT

Thanks Clever Person

SuzeQish wrote: »

After finding the fab 'Credit Card Shuffle Planning Table' on MSE, I decided to have an overhaul of my debts. My current overdraft is a whopping 29.6% APR and I have the credit limit available to transfer it to an existing credit card currently at 13.9% APR. Great I thought, until I was told the only way I could transfer an overdraft to a credit card was with a 'special promotional cheque' sent by the credit card company. Now, I have received many of these cheques over the years and discarded them (thinking I would never need them!). I thought about withdrawing cash on my credit card and paying it into my bank account (to reduce the overdraft), but that would also attract a whopping 24.9% APR.

Any suggestions, you clever people out there?

dylanuk

Virgin credit card is definitely the best for current account transfers, it offers the longest 0% period of all the MBNA cards.

There's some info here on moving 0% to a current account: http://www.credit-card-comparison-online.co.uk/faq/0-balance-transfer/transfer-to-current-account.html - say which cards do it and how you can, etc...

Certainly DON'T withdraw cash to do it, you won't get 13.9% this way, more nearer what you're already paying on your overdraft + fees.

dhassen

Definitive answer for who allows Super Balance Transfer (transfer to bank account) is here: http://www.stoozing.com/sbt.php

If you get one and transfer the balance, ring up the bank to remove the overdraft facility and never spend on the new credit card.

CashRequired

I was thinking about doing this myself. All you do is get a 0% virgin card, ask them to do a balance transfer into your bank account. Then just cancel your overdraft.

When i phoned up to enquire, i was informed that i could only transfer £1800 into my bank account (which was easily sufficient) because i had only just had the credit card. The longer you're a customer, and the more you pay them, the more they trust you with and you can then do bigger balance transfers.

So why havn't i done this? I just don't like the idea of having 2 credit cards.