Transferring an overdraft to a credit card

safari_2

The excellent 'best credit cards for balance transfer' page on MSE doesn't mention whether the balance has to be transferred from another credit card or whether it can be from an overdraft.

Does anyone know whether Barclaycard, MBNA et al do this?

Thanks

Mhambi

As far as I am aware, you only can transfer Credit Card balances.

I just did a quick read through the T&C from MBNA and they only mention Credit Cards so its save to assume that you will be unable to put your overdraft on a balance transfer.

YorkshireBoy

Mhambi wrote: »

I just did a quick read through the T&C from MBNA and they only mention Credit Cards so its save to assume that you will be unable to put your overdraft on a balance transfer.

You need to read more slowly.

MBNA will transfer cash to current accounts at 0% for up to 18 months. There's a 4% fee.

Mhambi

YorkshireBoy wrote: »

You need to read more slowly.

MBNA will transfer cash to current accounts at 0% for up to 18 months. There's a 4% fee.

I stand corrected. I seen this but I misinterpreted this (can happen) SORRY!

max101

I've tried to transfer my outstanding loan to my Virgin cc, but they were not willing to do it.

Is it only available for new customers?

Tixy

max101 wrote: »

I've tried to transfer my outstanding loan to my Virgin cc, but they were not willing to do it.

Is it only available for new customers?

You would need to transfer money from your virgin card to your current account. And then use the money in the current account to pay off your loan.

max101

Yes sorry that is what i meant, but at the minute Virgin will not allow it.

Tixy

It shouldn't only be for new customers, they've been doing transfer to current accounts for a long time now.
You could look in your T&C to check it is mentioned in them.

Not sure what else it could be (assuming you have sufficent limit on your card etc). I wonder if maybe they set a maximum limit that they will allow on this that is lower than the overall credit limit (like many cards do for cash advances).

Did you speak to someone to try to do this or just try to put in through online? What explanation did they give for not allowing it?

max101

I have £150 outstanding, with a credit limit of £5000. I phoned them a while back but they said there were no offers on balance transfers. I'm going to give them a ring again tonight to see if it has changed. I'd like to clear off some of my Lloyds loan £9,500 which has an apr of 24%.

Tixy

No balance transfer offers doesn't mean you cannot do the transfer, you should be able to still do it, but it will be at whatever APR your balance transfers will be, not at 0%.

Getting the BT at 0% deal would be for new customers or if they offer you a promotional rate at any time (Virgin are quite good at offering repeat promo rates if you have had a card with zero balance for a couple of months).