Switching Overdraft To 0% Credit Card

TipsyTaylor

Hi all,
Just registered and had a quick look through the forum; apologies if there is a similar topic to this, but I have a quick question...

I am looking to pay off my overdraft, using a 0% credit card and wasn't sure how to do this?

I know I can't simply transfer the overdraft straight onto the credt card, but is there an easy way to do this? And which is the ebst card?

Thanks!

Tipsy

Tixy

The way you can transfer an overdraft onto a credit card is by choosing a credit card that allows money transfers to your current account (also known as super balance transfers) - only some cards allow this and these are listed here - http://www.stoozing.com/sbt.php

TipsyTaylor

Thanks Tixy!
Will these be as good as the top 0% cards available? Or will I need to pay a higher transfer fee / have less time on 0%?

Tixy

If you look at the list on the link it details all the different SBT cards and how much the BT fees are and how long the 0% deals are for.

Some have longer periods and larger fees and some have smaller fees and shorter periods, so it depends on how long you think it will take you to pay it off.

The MBNA Platinum is arguably the best deal, but obviously it would depend on if you meet their application criteria and are accepted for that particular card.

TipsyTaylor

Thanks again! I will start looking through all of these...If I appyl for one card and I am rejected, does that affect my application for another?

TipsyTaylor

One more thing!!...

I moved out of my parents home years ago, but have kept their address with my bank account (we are only renting, so thought I should keep with a solid address until we buy).

I'm guessing I should use their address when applying?

shiny76

TipsyTaylor wrote: »

One more thing!!...

I moved out of my parents home years ago, but have kept their address with my bank account (we are only renting, so thought I should keep with a solid address until we buy).

I'm guessing I should use their address when applying?

Are you registered to vote? If so, at which address?

This may influence which address you should use.

Also worth looking at the M&S card, as I understand it you can apply for Sterling Travellers checks and pay off your overdraft (depending on how large it is). The fee for doing this should be a lot less than any Money Transfer fee.

TipsyTaylor

Thanks!

We haven't registered at the new address yet (not been there long), so I'll stick to my parents address; most other stuff is registered there.

I'll take a look at the M&S setup too.

Cheers.

Tixy

I would check whether you are still on the electoral roll at your parents address before you apply. If you moved out before the last annual check was done (around November) and your parents amended their form to say you no longer live there then you will likely struggle to be accepted for a card.

If this is the case then you'll probably need to register on the electoral roll where you live and then wait for this to be updated on the CRA files before you apply for a card.

If you consider the M&S route with travellers cheques then check that your overdraft account accept sterling travellers cheques first and see if they charge a fee to deposit them as if they do you need to factor that into any cost calculation.