how can i pay off my OD onto a CC??

sianandjenks

Hi there,
Is there any way I can pay off my OD that charges alot of interest when i get a new credit card on 0%. I need to change my credit card and would like to transfer my balance from my old credit card and also wipeout my OD - how can i take advantage of the 0%??
Hopeing you can help,
Sian

chattychappy

You need a provider that gives you credit card cheques or allows money transfers into current accounts.

MBNA is the most obvious one - but check the detail. They'll typically give 0% APR for a year or so, but now charge a 4% fee. They used to charge 2.9% - I don't know if this is still available. Look around for other cards. Halifax and Capital One were always showering me with cheques. (You pay the cheques into the bank account.)

Another way is to get a 0% on purchases card, stick all your purchases on that and pay only the minimum. Then use the extra cash flow in the meantime to knock back the overdraft.

Best to use a combination of the two, but don't mix on one card.

cifpower

http://uk.virginmoney.com/virgin/credit-cards-v3/

0% for 16 months with a BT fee of 2.98%

if accepted, when you receive your card ask for a money transfer to your current account. You can transfer up to 95% of your limit.

sianandjenks

Thanks alot for bth of your replies. I've had an mbna card in the past that i'm trying to close (no balance for years but still points to spend!). Was looking at virgin card and seems good. Just one more thing...if you know?...if i transfered money from the card into my current account would that be 05 as well as theb credit card transfer?
Thanks for your help so far,
Sian:j

cifpower

They would both be 0%

chattychappy

cifpower wrote: »

http://uk.virginmoney.com/virgin/credit-cards-v3/

0% for 16 months with a BT fee of 2.98%

if accepted, when you receive your card ask for a money transfer to your current account. You can transfer up to 95% of your limit.

Sadly they are now quoting 4% for "money transfers" in the summary box. (http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp)

Edit: But I notice cheques are still at a 2.98% fee. Would take a little longer I suppose... and no guarantee they'll send any - but they usually seem to.

sianandjenks

Thanks alot i'll give it a go x