balance transfer an overdraft? or stay overdrawn?

x-cupcake-x

It's the Premier Direct Account

chillberts

just had a look at it and it seems good, although, how do I get my overdraft balance put into that one? is there a way I can do that?

x-cupcake-x

When I did it I waited until the account was open and my OD limit was confirmed I wrote a cheque from A&L to HSBC to clear the OD on my HSBC account.

x-cupcake-x

Also if you go through Quidco you get cashback of £50

Any

chillberts wrote: »

I'm really confused now! lol

Basically If I balance transfer £1300 onto my Virgin Credit card I will have to pay a 2.98% balance transfer fee

NO, to transfer cash is 4%, so it will cost you £52, the same as interest for 4 mths if you leave it in overdraft

chillberts wrote: »

I will then have to pay my minimum payment every month with no interest charged until Jan 2010. I would then try and get another 0% balance transfer card and move that.

If you think you will be able to get one..
But if you do, why not straight away apply for new one that does SBT (cash transfer) and have longer 0% period? To make that 4% (£52) go over more months then the 4 till Jan 2010?

chillberts wrote: »

If I keep my overdraft I wont be paying off any every month but I will be being charged £12 for being in my overdraft. With this information does anyone kknow the best plan for me? Pleeez? Thanks

As I said before - you will still be charged the same total amount by Virgin for the fee!!

CannyJock

x-cupcake-x wrote: »

A&L do a matched overdraft to your current current account which is fee free for 1 year. You have to pay (I think) £500 per month into in it to qualify but you could do this and then transfer say £400 back to another account for 1 month until the OD was paid off and then close the A&L account.
This way you wouldn't incur any BT fees or interest.

Or bounce the same £100 in and out of the account 5 times Are they still doing the overdraft matching?

CannyJock

chillberts wrote: »

I think it's 10% per month as I am £1300 overdrawn and get charged between £10 and £13 intrest each month. So it would still be better to transfer it wouldn't it?
Thank you for your reply

I think you mean 1% per month.

Which works out at 12.68% APR.

x-cupcake-x

CannyJock wrote: »

Or bounce the same £100 in and out of the account 5 times Are they still doing the overdraft matching?

Didn't think of that

According to the site

It is easy to move your account when you use our Switching Service. Our dedicated team will move your existing direct debits, standing orders and salary to your new account and look to match your overdraft limit (depending on your circumstances).

so it looks like they are

moneysavingmarrow

Of course, if you put the virgin money through the new egg money card, it will only cost you 2.98%.

Any

CannyJock wrote: »

10% per month is 213.84% APR. Must be an overdraft usage fee, not just interest.

But at effectively 214% APR anything you do is better than where you are now.

But 10% per month on £1300 doesn't add to £13 a month either... :rotfl:It is around 1% a month

I figure the interest is 12.9% pa or something..