Transferring exisiting CC debt and overdraft to new CC?

SkintMonkey

Would it be a big mistake to do this? My 0% is due to expire soon on my current credit card (HSBC) and I thought I could move both my overdraft debt and my Credit Card balance to a new card.

I would much rather have it in one place (the debt) and put my current account back in the black so I know where I am..

I've not been awake long, so apologies if this is a daft question!

SunderlandBlackCat

I did it earlier this year. They are called Super Balance Transfers (SBT's) in Martins articles. There aren't many cards that allow it but I know Virgin & MBNA cards do as well as a couple of others.

Don't be tempted to try & pay off your overdraft with a credit card cheque as this will cost a lot more in the long run.

SkintMonkey

SunderlandBlackCat wrote:

I did it earlier this year. They are called Super Balance Transfers (SBT's) in Martins articles. There aren't many cards that allow it but I know Virgin & MBNA cards do as well as a couple of others.

Don't be tempted to try & pay off your overdraft with a credit card cheque as this will cost a lot more in the long run.

Thanks - I think I'll look at Virgin.

SunderlandBlackCat

SkintMonkey wrote:

Thanks - I think I'll look at Virgin.

The Virgin card is issued by MBNA so they're actually the same if you're using them for balance transfers. (there are some rewards for using the Virgin card for purchases but thats not advisable as it messes up the 0% deal.

It doesn't make much difference when applying but its useful to know if you're still going to have an outstanding balance at the end of the 0% period that you probably won't be able to get the other card orif they goveyou theother card it willhave a very low limit on it & they might not give you a 0% deal

SkintMonkey

[QUOTE=SunderlandBlackCat]The Virgin card is issued by MBNA so they're actually the same if you're using them for balance transfers. (there are some rewards for using the Virgin card for purchases but thats not advisable as it messes up the 0% deal.

It doesn't make much difference when applying but its useful to know if you're still going to have an outstanding balance at the end of the 0% period that you probably won't be able to get the other card orif they goveyou theother card it willhave a very low limit on it & they might not give you a 0% deal[/QUOTE]

Thanks. Would you recommend looking at MBNA then? My friend just told me they recently applied for a Virgin card said that when they went through the application process online, when it came to the balance transfer bit, it only gave options to transfer a credit card balance, not a current account (overdraft) balance. Is it possible to do this on a MBNA card?

Phoenix79_2

Yes it is possible. Its one of the options on the automated CS telephone line. It may not give you the opportunity to BT to a current account on the application but once you get the card you can.

As for MBNA...a lot of people seem to think they are the devil incarnate. I've had no problem with them and i guess you won't as long as you pay on time!