Credit Card to clear overdraft

pixette

I have taken out a Barclay credit card 0% interest for 20 months, and I have transfered my balance from my Teco Clubcard so Im not paying interest :j
However I have a Lloyds overdraft £1,500 which I was hoping to transfer but I am not able to ...as I mostlly expected anyway !!

My question is shall I or can I use the Tesco credit card to pay the Lloyds overdraft then transfer the balance over to my Barclays credit card asap? I will then cancel the tesco card and pay off the balance on Barclays Credit card before the free interest period ends.

Do you know if I can do this is it ok to do this????
Very grateful for any advice you can give

jd87

Not sure if Tesco allow transfers to bank accounts (money transfers or super-balance transfers as they are often known). All you can do is ask them. What's the interest on your overdraft? You'll be paying transfer fees twice so is it worth it?

CLAPTON

what do you mean 0% interest ?
does that mean on purchases or BTs or both?

jd87

CLAPTON wrote: »

what do you mean 0% interest ?
does that mean on purchases or BTs or both?

The current Barclaycard Platinum offer that she is obviously referring to is 0% on balance transfers for 20 months.

mallard76

Can you switch from Lloyds to RBS ? They offer 0% overdraft for 6 months at the moment. As long as they accept -£1500, you're sorted.

pixette

the interest on my Lloyd's overdraft is 19.3%pa

CLAPTON

jd87 wrote: »

The current Barclaycard Platinum offer that she is obviously referring to is 0% on balance transfers for 20 months.

I never see the point of speculating when you can know for sure; if the OP doesn't wish to answer, so beit.

pixette

Thanks Mallard but my wages go into a different Lloyds account (this has no overdraft on it as I'm trying to live within my means !!).

I could close both of the Lloyds accounts and open a new account with a different bank, one with 0% on overdrafts and this will help minimize the fee's I'm paying for a while and give me time to try and get the overdrawn balance down. Just thinking out loud there....

pixette

Hi Clapton

the 0% is on balance transfers, I'm not going to use the card for purchases at all just going to set up a direct debit and get my oustanding balance paid off asap.

mallard76

RBS don't have a requirement of minimum monthly pay-in or direct debits (like Santander or First Direct). I've switched my secondary account (where my child benefit / tax credit go in) to RBS, whereas my salary still goes to First Direct with all direct debits.

pixette

Thanks Mallard76 I will look into that