Balance Transfer and Overdraft Question

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Hi there,

I hope someone here can give me some help to answer this question.

I currently have an Egg Money card (16.9%) with £1900 balance. I also have an overdraft of £600.

If I take out a 0% balance transfer card, such as Abbey or Virgin (~3% fee), and transfer the Egg Money balance across to them, instead of transferring the £600 overdraft, can I instead ask them to transfer £2100 which would find my bank account by £1500 during the balance transfer offer period.

Would there be any charges here that I am not thinking about, i.e. money or cash advance, or can I "sneak" it through as a balance transfer??

Cheers,

Ian

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  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
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    boomyanka wrote: »
    Hi there,

    I hope someone here can give me some help to answer this question.

    I currently have an Egg Money card (16.9%) with £1900 balance. I also have an overdraft of £600.

    If I take out a 0% balance transfer card, such as Abbey or Virgin (~3% fee), and transfer the Egg Money balance across to them, instead of transferring the £600 overdraft, can I instead ask them to transfer £2100 which would find my bank account by £1500 during the balance transfer offer period.

    Would there be any charges here that I am not thinking about, i.e. money or cash advance, or can I "sneak" it through as a balance transfer??

    Cheers,

    Ian

    MBNA have a credit bank account facility within their balance transfer section so you can have a cash advance that way through them (3% fee applies).....
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
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