Overdrafts

James26

Me and my wife have large overdrafts Halifax charge us £90 month for being in them charge £90 ( Halifax ) is it possible when I am offered 0% deal on cc that I can use that to clear them??

Tixy

Only a few credit cards allow you to transfer money from a credit card to a current account - for newly opened accounts these are listed here - http://www.stoozing.com/sbt.php. Money transfers often have slightly higher fees than regular balance transfers.

Occasionally other cards may also offer 'money transfers' to existing customers, barclaycard do sometimes to certain customers (when a customer is selected for this it appears on their online banking).

Malcolm_Davis

Generally this is not possible as already said. You might think about applying for a credit card that, on request, gives you credit card cheques, which you can use to clear the overdraft. Be careful there's often a fee involved, and check that the APR on the credit card is less than the APR on your overdraft, otherwise you'll end up paying more money or being more in debt. Good luck

James26

So even if I have 0% I am unable to do it???

Tixy

James26 wrote: »

So even if I have 0% I am unable to do it???

Quite likely not. It depends on what card you have a 0% deal with.

keithnic_2

Or you could do a balance transfer to a credit card with no balance and use it for all day to day spending. Then all your wages can be paid into your bank account and will settle your overdraft.
i.e credit card with £0 balance. Arrange balance transfer from other provider which makes the first credit card in credit. So you get money for up to sixteen months just for the cost of the transfer usually 2.9ish percent. Far cheaper than an overdraft.

arbroath_lass

James26 wrote: »

So even if I have 0% I am unable to do it???

If you get a good 0% on purchases deal use the card for all your spending and clear/lower your overdraft with the cash you have :T.

chalkie99

Having looked at your other posts I would be surprised if you could get another credit card, especially at 0%, given your level of income and existing debts.

Are you sure this is available?

Peelerfart

Thought the name was familiar,Chalkie's right.

Have you been offered such a card,as I think it unlikely such an offer would be on the table for you.