moving my OD to a 0% card... any advice?

atypicalblonde

Dear All

I have an 1800 OD with the Natwest that I would like to move onto a 0% credit card. Do all credit cards allow you to balance transfer onto them? also, if someone could direct me to martins article about the best 0% cards I would be really grateful. thanks xx

miaxmia

Watch out, a lot of the credit card companies charge 2% fee for a balance transfer.

newleaf

To transfer your overdraft you will need to get a card which allows this. MBNA do, but I know many others do not - they will only take balances from other credit cards or store cards. Miaxmia is also correct, you can expect to pay a transfer fee of about 2%. Good luck anyway, this is how I have managed to reduce my debts Still a long way to go, but there's nothing to beat the feeling of being in control. To find Martin's article, go to the Credit Cards board of the forum and I think it's a 'sticky' at the top.

CLAPTON

as you look at this page, on the left hand side (you may need to page up a bit , there is an entry cunningly called 'credit cards'.. that's it.

atypicalblonde

newleaf wrote:

To transfer your overdraft you will need to get a card which allows this. MBNA do, but I know many others do not - they will only take balances from other credit cards or store cards. Miaxmia is also correct, you can expect to pay a transfer fee of about 2%. Good luck anyway, this is how I have managed to reduce my debts Still a long way to go, but there's nothing to beat the feeling of being in control. To find Martin's article, go to the Credit Cards board of the forum and I think it's a 'sticky' at the top.

thanks, really appreciate the help xx good luck to you too xx

System

Why not do what i'm doing and get an A&L account, its interest free, matched overdraught (subject to status, but if I can get one, anyone can) and then after 12 months the rate goes to 5% which is still super cheap and unlike Barclays you dont need all the "additions" type crap to get a good deal.

I cant wait to tell my bank to "Cram yer additions up yer ar5e"

bellsbells

I have just done this. I got the credit card with the longest possible 0% interest deal on purchases. (GE, one year) I used Martins credit card article to help me. I then used that credit card to buy everything I could so that money from my wages just sat in my bank account. It took me about two months to 'transfer' a 1800 pounds overdraft and get me into black in my bank account as the end of each month. Now of course I have stopped carrying my credit card around and am focusing big time on paying it off. It will have saved me a fair bit of interest!

You could try something like this - according to Martins credit card article balance transfers directly moving an OD seem a bit complicated. So the way I chose was a bit slower but straightforward for someone new to it all!

Hope this helps,

bellsbells