super balance transfer

bertimcg

Hello, Can anyone confirm that I can transfer a credit card debt as well as a overdraft debt to a new card with 0% interest for a set period of time with a super balance transfer, or is it just one or the other?

stephane_2

Once you get accepted for a card which allows SBT then you can transfer fund directly onto your bank account to pay off your overdraft and the other credit card, the fee generally is about 4% and you normally can transfer up to 95% of your limit available....

chexum

Depends on the offer terms - it's usually any transfer within the first 90 days or so.

Which cards to which card? Which bank account? Transfers are not possible within the same banking group (super-blance-transfer cards usually not issued by banks having current accounts, though)

chexum

stephane wrote: »

Once you get accepted for a card which allows SBT then you can transfer fund directly onto your bank account to pay off your overdraft and the other credit card, the fee generally is about 4% and you normally can transfer up to 95% of your limit available....

Often the fee is different for the SBT and the normal BT, so it may make sense to do it separately for larger sums.

Forgot the link before:
http://www.stoozing.com/sbt.php

YorkshireBoy

bertimcg wrote: »

credit card debt as well as a overdraft debt

What's the balance on each? And how quickly can you repay?

bertimcg

Hello again,thankyou all for your advise, the card and over draft are both with natwest and i would aim to pay off in approx 2-3 years.

YorkshireBoy

Is there enough room on the card to take the overdraft balance?

What are the balances on each? And what's the credit limit on the card?

bertimcg

theres about 4.5k on each, and the card limit is 11k so yes there is room.

chexum

bertimcg wrote: »

theres about 4.5k on each, and the card limit is 11k so yes there is room.

That sounds like MBNA then... So 9k with 4% (SBT) costs £360, whereas 2.98% is around £270. If you split it in half, the difference is £45, that much you can "lose" by making a single SBT, and for a peace of mind that they gave you all the money - if I would be lazy, I would do this.

With the 1.9% card, it would be £95. Just don't forget that there will be trailing interest on the old card, and interest computed in arrears for the o/d too.

You may want to check the terms for your specific cards, one for MBNA says:

"The introductory rate for balance transfers and money transfers only applies to transactions made within 90 days of the account
opening date."

It sounds to me (as the transfers are in plural), you should be able to make several of each. If in doubt, make it over the phone, and confirm with them at each step what you want to do, and if it's going to work if you do a money transfer, then a BT (or vice versa), and if they say oops - prepare to complain.

YorkshireBoy

So you have a couple of options with MBNA:

1. The MBNA 1.9% fee 12(13?) month deal* as suggested by chexum, with a straight SBT from the current account and settle the card from there, or

2. If you want a little longer for your first deal, the new MBNA Platinum Plus card offers 16 months 0%. There's a 4% SBT fee but this could be reduced to 2.9% by making just the one card BT from NatWest. Just prior to the BT you should request a money transfer from your NatWest card to your current account (which will put all your debt in one place...on the card). It's fee-free but interest bearing at your purchases rate (so not cash advance rate). With good timing you should minimise the interest charged on the NatWest card.

There's also a 3rd option...the Egg Card (Visa). This card currently** offers 0% on both BTs and SBTs for 13 months, and does not differentiate between BT and SBT regarding fees...they're both 3%.

In conclusion, and without knowing your other financial circumstances, with £9K to shift (requiring a circa £10K limit) the two cards mentioned above are your best shot at a decent limit.

Good luck!


* They have two 1.9% deals at the moment. The one you want is the moneysupermarket one with the 1.9% fee and 0% interest...not the one on the MBNA site with 1.9% APR interest and fee-free (because the former is marginally cheaper).

** Offers on this card generally change on the 1st of the month. Chances are, but obviously not guaranteed, that come next Friday (1st October) it'll be back up to 14 months.

bertimcg

Great, theres just one other problem, the card is in my partners name, and as she no longer works so she would no longer qualify for the new card, I dont have a credit card so would I be able to put the current card into joint names before doing the transfer?