REpaying my student account debt?

liza99

Hello...I have a student account and I have to repay a debt..Barclays has just informed me that I will start to pay interest of 15% from September...I was wondering if I can transfer the debt to a credit card...I am not sure...

Can I make a balance tranfer from a student account to a credit card and which credit card is more convenient for students with quick decision...I am wondering this as I am not actually working and maybe it is quite difficult to apply for a new credit card..thank you Liz

morg_monster

If you have just graduated then credit card companies will probably be queueing around the block to give you a card. Barclays sent me a flyer for a gold card, no 0% but i was going travelling in a few months and wanted the safety net of a high credit limit in case anything went wrong. i told them i was only earning about 11500 net (temping) but they still offered me a £3000 credit limit. (Never needed to use it though thank goodness).
Even if you have not graduated you still should get accepted for a 0% for 6 months card with a lower credit limit, maybe £500. (unless you have a bad credit record). If you are not actually earning you can still put your student loan amount in as your income I believe.

It is quite hard these days to do a balance transfer from a bank account to a cc. (I believe they are known as 'super balance transfers' in Martin's stoozing article). But since your 15% doesn't kick in til September - you can apply and get the card now, and then just start putting EVERYTHING on your card. that way your overdraft will not get any larger and any money that comes in goes to reducing it, while your 0% balance is increasing on the cc. like a balance transfer, only takes longer...!

morg_monster

ooh another point - you might be able to transfer your bank account to somewhere with kinder terms. A&L has a low overdraft rate on its premier direct account and also can give you up to a £1000 o/d at 0% for a year. But you do need to be able to fund the account with £500 a month (though that can go straight out again) and it isn't a student account per se.