Overdraft & Credit Card consolidation?

ancasta_2

I have an OD with barclays of about £1700 and a barclaycard with about £260 on it.

I am able to make repayments on them both, for about £100 each (maximum payment for my BC is £100) a month.

Im toying with the idea of transferring them both on to 1 0% credit card, then just pay off the £200 a month, straight to one place, one payment and finally being shot of Barclays (i hate them!!) i have a basic account set up else where and my credit rating is good.

My questions are.....

How do i pay an overdraft off with a CC? do i have to withdraw the cash and pay it in? or make a card payment for it in full, then shut the account?

Any recommendations on good deal credit cards? i will check out more of MSE to investigate this further...


Im having a blonde day (as usual) and cant get me head round it.. maybe i need another coffee!!

GettingThingsDone

Hi - I think I've seen some answers to this on the stoozing board (don't ask me why I go there!!). I think some cards are easier to work with (Egg rings a bell) than others, but the latest thing I have seen is getting Travellers Cheques (from M&S) with a 0% M&S card and then cashing them (or something along those lines).

I've even seen that people are trying to purchase the Travellers Cheques through Quidco for the %age, but I don't think they'll get a payout on that.

Sounds like a great idea - good luck with it!

ancasta_2

Thanks!

Had a read about on CC sub-forum and printed some stuff out to read at work.

Ive emailed Barclays asking them to lower my APR, as i could leave them and get a much better deal else where... well they can only say no.... no harm in trying. Shy bairns get nowt!

GettingThingsDone

I tried that with Capital One - they just said 'seeya then'

magentadreamer

what you need is a credit card that allows you to do balance transfers from your bank account ie will clear your overdraft. Don't withdraw cash as you'll be stung for it.

The Egg card plus the Egg money card allows you to do this. With Egg Money you will not pay a balance transfrer fee, but you won't get an 0% period - I think their typical rate is 7.99% ( was last time I looked) Other cards that I believe allow you to transfrer current account balances are MBNA cards plus Virgin.

I paid off my car loan this way last year I had Egg Money pay the money I needed into my current account, then transfered the Egg Money balance to a 0% card which didn't have balance transfers fee's.

ancasta_2

GettingThingsDone wrote:

I tried that with Capital One - they just said 'seeya then'

Awww bless.

Im not too bothered if BC say that ... i would have left anyways!!

ancasta_2

magentadreamer wrote:

what you need is a credit card that allows you to do balance transfers from your bank account ie will clear your overdraft. Don't withdraw cash as you'll be stung for it.

The Egg card plus the Egg money card allows you to do this. With Egg Money you will not pay a balance transfrer fee, but you won't get an 0% period - I think their typical rate is 7.99% ( was last time I looked) Other cards that I believe allow you to transfrer current account balances are MBNA cards plus Virgin.

I paid off my car loan this way last year I had Egg Money pay the money I needed into my current account, then transfered the Egg Money balance to a 0% card which didn't have balance transfers fee's.

Thanks, ill give that a try when i hear if they will drop my apr or not.

Thanks