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clearing an overdraft with a credit card ?
squiller_in_ma_pocket_yea
Posts: 2 Newbie
in Credit cards
Hi
New to credit cards and need some advice, I need to pay my electrician 2k, he has a normal business account he wants me to transfer it too (sort code & acc No.) is there a 12 month interest free card i can do this on or if i were to pay him from my overdraft on my current account is there a 12 month interest free card that will let me clear my overdraft after i pay him ?.
New to credit cards and need some advice, I need to pay my electrician 2k, he has a normal business account he wants me to transfer it too (sort code & acc No.) is there a 12 month interest free card i can do this on or if i were to pay him from my overdraft on my current account is there a 12 month interest free card that will let me clear my overdraft after i pay him ?.
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Comments
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Welcome to MSE!
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.
A handling fee applies (typically 3-4% of the funds shifted) but there are no other charges for the first 12-13 months. You then have funds in your current account with which to pay sparky. You would need:
a card issued by MBNA (e.g. MBNA itself, Sony, Virgin), Egg card or the Post Office card.
To maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 4% handling charge.
http://uk.virginmoney.com/virgin/credit-cards-v3/People who don't know their rights, don't actually have those rights.0 -
wow Thank you, thats some quality advice, i shall apply right now ! thank you for taking time to reply, i really appreciate it :T0
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