catalogue & banks OD =credit card?

kazgemmill

I have an OD of £1'300, with £25 charges per mth. & catalogue debt of £1'200, which has 39% interest pm. Is it a good idea getting a creditcard paying them off, then just paying credit card bill every mth. can I get a interest free balance transfer CC? Any advice would be helpfull peeps.

Moggles_2

Can I get an interest-free balance transfer CC?

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. Credit limit permitting, you then have funds in your current account with which to pay off the catalogue as well as the overdraft.

A handling fee applies (typically 3-4% of the balance shifted), but there are no other charges for the first 12 months or so.

You would need:
a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.

To help you further, we would need to know which credit card(s) you have at the mo or have held recently.

izools

If your credit rating is good enough, then MBNA / Virgin offer Balance Transfers to your Bank Account, so you could transfer £2,500 to your bank account and pay £1,200 to your catalogue from your debit card - if MBNA / VIrgin accept you, that is, you do need to have an impeccable credit score.

If your credit score is more middling (but still default free) then the MBNA Classic card will do a Money Transfer to your current account at 1.9% for nine months.

Good luck, let us know how you get on

NickX

izools wrote: »

If your credit score is more middling (but still default free) then the MBNA Classic card will do a Money Transfer to your current account at 1.9% for nine months.

Are you sure ?

That link doesn't work for me, and I heard that this card had now been pulled.

There are still plenty of other MBNA cards available that all offer this Super Balance Transfer facility.

[Deleted User]

kazgemmill wrote: »

catalogue debt of £1'200, which has 39% interest pm

39% interest per month??!? Who on earth is that with?!? Loanshark Direct? :O :O :O

kazgemmill

Thanx guys for all your advice. I have never held a credit card at all, & have a good credit rating. 1st time i've been in abit of a mess, divorce's are expensive.

Nukey

billbennett wrote: »

39% interest per month??!? Who on earth is that with?!? Loanshark Direct? :O :O :O

You should take a look at Provident Personal Credit.

Their interest is around 300%. Now that's Loanshark Direct, eh? :rotfl:

http://www.providentpersonalcredit.com/

- Nukey

bingy_burge

39.9 is standard sub prime jacamo, vanquis etc