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Bank is going to start charging for overdraft..what to do?
santacruz_2
Posts: 215 Forumite
Hi everyone,
I'm currently in debt due to going traveling and not being able to find work when I got back. I now have a job! BUT my graduate overdraft ends in July and I am £900 overdrawn, if I am still this much overdrawn in july i will get charged a lot.
I did have a Virgin credit card but I made sure that was the first thing I paid off, I don't use it anymore.
My question is...is there a credit card i can pay my overdraft off with that is 0% for so many months? I can pay it off with maybe 3 months wages.
I'm currently in debt due to going traveling and not being able to find work when I got back. I now have a job! BUT my graduate overdraft ends in July and I am £900 overdrawn, if I am still this much overdrawn in july i will get charged a lot.
I did have a Virgin credit card but I made sure that was the first thing I paid off, I don't use it anymore.
My question is...is there a credit card i can pay my overdraft off with that is 0% for so many months? I can pay it off with maybe 3 months wages.
Trying to spread calmness, understanding and optimism on MSE 
0
Comments
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Read this guide, it lists the current cards you can use to do such a transfer, its called a super balance transfer - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costsAlthough no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Just been reading this about 0% cards,
http://www.moneysavingexpert.com/cards/best-0-credit-cards#deals
Would I be able to pay my overdaft off with the tesco card?Trying to spread calmness, understanding and optimism on MSE0 -
DarkConvict wrote: »Read this guide, it lists the current cards you can use to do such a transfer, its called a super balance transfer - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
That sounded ace until I read the bit about having an MBNA card already, argh!Trying to spread calmness, understanding and optimism on MSE0 -
You can only use cards which allow you to transfer from account to credit card. Which i listed above, the Virgin and MBNA cards. However you need to not already have one of those card.
As martin says using the mule cards their is a way around it, the credit card forum above this one may be able to help you more in this area.
Many cards do balance transfers from credit card to credit card, which is not what you want as you need to get it on the card first.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
I have got this problem too, my bank are charging me about £28 a month for my overdraft (£1 each day I am in it) I originally got the credit card to clear the overdraft, but found you couldnt do a balance transfer to a bank account, so I was stuck with what to do, the only thing the bank could suggest was to withdraw money from c-card to pay into my current account but then it wasnt eligable for the interest free period!
ARGH!
I'll be watching this thread as from my signature below you can see the credit card got abused and my overdraft is still there
Santander 0% £1,529.94
Sainsbury's 0% £4,371.31
Total 0% £5,901.25
AIM: Pay off debt & simultaneously save for deposit to buy a house by Oct 2020.
Mar Challenge: Stay within groceries & eating out budget.0 -
I'm just glad I've got a job now. I have about 25 days to find £900. I've read the mule thing but it blows my mind haha
I'm very bad with numerical information.Trying to spread calmness, understanding and optimism on MSE0 -
Yes, never withdraw cash from a card. The APR for it is like 15-35% + a fee.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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