Paying off overdraft with credit card

digitalhustler

Sorry if this is obvious but I am very new to this. Is it still possible to pay off my overdraft with a credit card and do companies still issue credit card cheques. My bank Lloyds TSB will not allow me to pay off my overdraft with a credit card. Does anybody know which companies allow you to do this?

money_honey

I paid off my overdraft with my Egg credit card, I used a 0% interest balance transfer offer they had at the time. In their card info it says:

[FONT=Arial, Helvetica, sans-serif]Convenient balance transfers You can transfer balances online at any time from existing credit or store cards, loans or overdrafts, or balances that your second cardholder has elsewhere. A handling fee of 3% will be applied to balance transfers made in your introductory balance transfer period (except where we tell you otherwise).[/FONT]

Tixy

You can only do this if the credit card is one that allows money transfers (also known as superbalance transfers). What card do you have?

digitalhustler

I had a number of cards a very long time ago to balance transfer a very large overdraft so I have used some of them up. I think the ones I have used in the past are MBNA, Virgin, Egg, Abbey, Santander. One of them allowed me to do a money transfer using cheques so I am looking to apply for a card that allows me to do a money transfer.

Tixy

List of those that allow it here http://www.stoozing.com/sbt.php along with there promo deals and the balance transfer fees.

digitalhustler

Are you saying I can use cards that I have already used in the past again? Would I not have lost the interest free period? Or would I then do a balance transfer to another interest free card?

Tixy

If you have an empty open MBNA card (for example) then you could ring them up and ask if they have any 0% or promotional deals on balance transfers. If they do great, if they don't then you can't (or you could but you'd be paying the standard balance transfer APR).

If you have had an MBNA card previously which is now closed then 6months after it is closed you are eligible to apply for a new card as a new customer. You getting one will be subject to meeting their criteria and passing their credit check of course but in theory after 6months you are treated as a new customer.
(6months is specific to MBNA, some make you wait only 2 months, others up to 2years).

digitalhustler

I have just been accepted for a money transfer with BT thanks.