Overdraft tranfer to Barclays cc

walim

Hi all,
Last week, I trasferred £2500 debt from my Tesco cc to my new Barclays cc, which has a 0% for 16 months.

Also, I have an £1800 overdarft on my Nationwide current account which I'd like to transfer to the new Barclays cc. I thought that would be cheaper than Nationwide charging me a monthly interest.

I tried to do that online but I got the message saying that the transfer from Nationwide Debit card wasn't allowed.

Which is the best method to transfer the Nationwide overdraft to the Barclays cc?
I have an MBNA cc with £0 balance.

Thanks in advance for your advice.
w.

Tixy

MBNA do allow money transfers/super transfer which means you could transfer the debt from your overdraft to your MBNA card - the fee to do so is 4%. Then you could transfer the debt from MBNA to barclays at whatever fee they charge for BTs (2.9% ?), so the overall cost would be 6.9% if you paid off the barclays card in full in the 16months.

Alternatively you could see if MBNA will give you a 0% deal on the existing card and if they would just do the 1 transfer.

walim

Thanks for your quick reply.
I checked my MBNA literature and it says the following:
... your MBNA CC account has now been updated with a 0% p.a. deal for all new Money Transfers into your current account and any Balance Transfers made before the 31Dec2010. ... this rate is available until Nov2011.

Would you transfer the £1800 overdraft to MBNA cc then to Barclays cc, or just to MBNA and park it there?
I don't think I'll be able to pay it off within 12 months but I'm going to do my best.
Thanks.

YorkshireBoy

walim wrote: »

Would you transfer the £1800 overdraft to MBNA cc then to Barclays cc, or just to MBNA and park it there?

The former will cost you circa 7% for 16 months, whereas the latter will cost you 4% for 12 months, ie the double transfer will nearly double the cost but gain you only 4 months.

Better to save that 3% and spend it on another BT late next year...and gain an extra 12 months or so for the same cost?