0% balanace transfer to current account?

jimcameron

Hi,

I currently have an ex-student overdraft current account with about -£1500 balance on it. At present since i am no longer a student my overdraft rate has become 12.5%APR.

I read on the MSE website about 0% BT cards for transferring debt and repaying the credit card at 0% interest over say 17months for an approx. 3% fee. So i applied for this card in the knowledge that with my poor credit rating that even if i got a 12 month pay back period at 10% i would still be saving money on my current overdraft fee. I applied for the BarclayCard 0% interest over 17 moths for balance transfers last night and was accepted. It's not until this morning that i have been told by a friend that this is to be used only between other credit cards and not between my BT card and an overdraft.

So through more digging i've found about the 'super balance transfer' card. Which can do the balnace between the card and the current account.

My thinking is now that i should apply for the MBNA super balanace transfer card and pay off debts in overdraft, then at the same time use my Barclay BT card to pay off my super BT card.

Would this be possible? Are MBNA likely to reject me? Given that i jsut applied for another card the night before?

Any help would be brilliant.

Cheers guys!

Jim

Tixy

You could try applying for the MBNA card - or any that do super balance transfer (listed here - http://www.stoozing.com/sbt.php). They might reject you but you won't know if you don't try - don't make lots of applications though, if they refuse you I'd stop there.

Not sure why you would want to then debt from the MBNA card to the barclays one though - all this would mean is that you were paying an extra balance transfer fee (2.9% I think with barclaycard).

It would seem better to keep your debt on the MBNA card and pay it directly to them and then cancel the barclaycard.

jimcameron

Sorry yeah you're correct. Would cancelling the barclay card be bad for my credit rating since it hasn't been used?

gary8080

I just got a Barclaycard and they charge 3% but give a £20 cashback on balance transfers...