Using a credit card to clear an overdraft

jenwhybird

I am a graduate with a Bank Of Scotland student account. Four years of studying means I have a £1350 0% overdraft which is about to expire in August. BOS so kindly encourage you to get into this debt then move the goalposts and change their overdraft fees to £1 a day. There's no way i'll ever get out of debt if I have to pay this so my question is can I clear my overdraft with a 0% credit card? I understand this isn't a 'balance tranfer' as such and can't seem to find a credit card which mentions anything other than balance transfers.
I have a good credit rating, and will be able to pay off this overdraft within 12months. Any help greatly appreciated!

YorkshireBoy

jenwhybird wrote: »

BOS so kindly encourage you to get into this debt

How so? You always knew it had to be repaid.

then move the goalposts and change their overdraft fees to £1 a day.

But it would have gone to circa 20% anyway wouldn't it? Also, didn't they announce these changes last year...nearly 12 months ago. Have you reduced it since then?

...can't seem to find a credit card which mentions anything other than balance transfers.

Egg Card, any MBNA/MBNA run card, Post Office card, M&S card (via Sterling travellers cheques), Egg Money (as a mule using a standard 0% BT card)...

I have a good credit rating

How do you know? Have you viewed your credit reports (not bought a 'score' from them)? Are you working, home owner, on Electoral Roll, long time with bank/employer/current address, plenty of evidence of credit repayments (student loans don't appear on CRA files do they?)?

jenwhybird

But it would have gone to circa 20% anyway wouldn't it? Also, didn't they announce these changes last year...nearly 12 months ago. Have you reduced it since then?

They announced these last year yes, when I was in my fourth year of university. I don't know one student who comes out of university and into a job. I've not reduced it because I also didn't walk into a job, infact I lost my part time job and like many others have only been able to find part time minimum wage work(until this week actually when i started a job with a decent wage). The rate it was at during my 4 years at uni was abetter deal that £1 a day.

Egg Card, any MBNA/MBNA run card, Post Office card, M&S card (via Sterling travellers cheques), Egg Money (as a mule using a standard 0% BT card)...

My problem is I don't know what i'm asking for. A lot of the good deals are online only so if i dont know what i'm asking for I can't exactly apply. So this information unfortunely doesn't help me a great deal.

How do you know? Have you viewed your credit reports (not bought a 'score' from them)? Are you working, home owner, on Electoral Roll, long time with bank/employer/current address, plenty of evidence of credit repayments (student loans don't appear on CRA files do they?)?

I have had a credit card for 2 years and i've never missed a payment I also always pay much more than the minimum payment but im not sure if that makes a difference. I've had a bill phone for a year which I have never missed a payment on. I own a car which I have never missed a payment on, and obviously I insure it via direct debit and i've never missed one of them. I've been with BOS for 7 years at the same address. I'm working and on the electoral roll. I've not started paying my student loan because i've never earned enough to prompt payment.

YorkshireBoy

jenwhybird wrote: »

My problem is I don't know what i'm asking for. A lot of the good deals are online only so if i dont know what i'm asking for I can't exactly apply. So this information unfortunely doesn't help me a great deal.

It was only a taster...not a step by step guide. Go to their websites and you'll see...

Egg - "Transfer balances from your credit and store cards, loans and overdrafts".

MBNA - "0% on money transfers from your credit card to your current account for 13 months from the date your account is opened"

Post Office - well, you can look for yourself.

At the end of the day, they all have phone numbers if you're still unsure.

YorkshireBoy

Maybe this will help?...

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

nifflespink

Jenwhybird - I've been in exactly the same situ with a Halifax graduate overdraft that is about to become non interest free. I have just taken out a 0% Balance Transfer Gold Barclaycard (they have a little facility on their website that lets you see how likely you'll be accepted), Balance Transferred that over to Egg Money, so it made a positive balance, and then asked them to transfer it to my bank account. It's a bit fiddly but was fairly simple. Of course I had an Egg Money card already so had no need to apply for two cards - in effect I used it as a mule. Some credit cards do BTs straight into a bank account to pay off overdrafts, though I couldn't be sure which other than Egg (I hear MBNA do?). Check Egg's website to see their latest BT offers - it's usually 0% for newbies (I wasn't eligible for the 0% otherwise I would have just done that) In fact, when I was on the phone to Barclaycard to activate my new card, they said that it was something they had just started doing, so may also be worth looking into?

Jon_B_2

jenwhybird wrote: »

They announced these last year yes, when I was in my fourth year of university. I don't know one student who comes out of university and into a job.

Either a crap uni or a crap degree.

I walked straight into a decent job 3 weeks after graduation and have just got an even better job. I know plenty of people and have plenty of ex uni mates who have done the same.

"Moved the goalpost" There is always a time to pay back a student overdraft. I have a £1500 interest free overdraft with HSBC and on the 26th July it gets reduced down to £1000 and then in July next year it is no longer interest free. Most banks tell you well in advance as well, so don't act surprised.

b3nton

I found work within a month of leaving uni too.
Still have the overdraft 2 years later though. I may do the same, makes sense to avoid the rediculous 30 squid a month.

Jon_B_2

Oh i'm still maxed out on the interest free overdraft.

jelly2

Either a crap uni or a crap degree.

I walked straight into a decent job 3 weeks after graduation and have just got an even better job. I know plenty of people and have plenty of ex uni mates who have done the same.

Jon B, you need to learn to be polite and ditch the arrogance.

I graduated from an excellent uni as did many of my friends. A good many of use found it really hard to find anything - I had to go through more rejection letters than I ever imagined. Don't assume everyone is as lucky as you.

Jenwhybird, I sympathise - I thinking of using a card after my overdraft being approx 19% for a year now. If I could afford to pay it off where it is I would, but even with these cards that charge 16% after the 0% stops, still better than 19%...