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Transfer overdraft to credit card?

SuzeQish
Posts: 3 Newbie
in Credit cards
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?
Any suggestions, you clever people out there?

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Comments
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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.0
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Also check the deals on the virgin card - they're normally pretty good.0
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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.0 -
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!) ?
thanks0 -
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.0 -
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!0
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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 PersonAfter 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?:rolleyes: Miller0 -
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.0 -
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.Official DFW Nerd Club - Member no. 784 - Proud to be dealing with my debts0 -
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.DFD: 21st June 20120
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