Clueless about credit cards

tazatia

Hi there.

I'm pretty clueless about credit cards and need some advice. Does a 0% balance transfer credit card mean that if the limit was say £1000, I could take £1000 out the card and put in the bank? or do you actually have to make purchases to the card?

Also, how long does it take for a credit card application to be processed?

Thanks in advance

talana

tazatia wrote: »

HDoes a 0% balance transfer credit card mean that if the limit was say £1000, I could take £1000 out the card and put in the bank?

Normally no, unless it's what MSE terms a super balance transfer card (no idea what the cc companies call it)
Suggest you start by reading all the blurb on the site.
http://www.moneysavingexpert.com/cards/

tazatia

thanks. had a read but could someone confirm that if I wanted to transfer an overdraft (one i will be getting charged interest on) to a card with 0% balance, would i be able to do that?

Thanks

td_007

tazatia wrote: »

thanks. had a read but could someone confirm that if I wanted to transfer an overdraft (one i will be getting charged interest on) to a card with 0% balance, would i be able to do that?

Thanks

Not unless you go via the route of using credit card cheque (eg from Virgin) to transfer the needed amount to your bank account to essentially pay off your overdraft. You have to be extremely careful that cheques you use are not treated on par with cash advance - the ones from Virgin allow you use them without charge (but include transfer charge) in the initial months (check!).