Best card?

jm1

Hi

I'm looking to get a new 0% credit card for the following 2 reasons:
1) to do a balance transfer of about £700
2) to get a cash advance to pay off an overdraft of about £1500

Is there one card I could use for both?

Many thanks

Tixy

You don't want a cash advance for the overdraft that will cost you a fortune.
For what you want to do you need a super balance transfer card as posted on your other thread

Tixy wrote: »

If you were able to get a new 0% card that allows money transfers (aka super balance transfers) with a sufficent limit you could do a regular transfer from it to pay off the natwest credit card, and a money transfer to pay off the overdraft.

There is a % fee for the transfers (some cards have a higher money transfer fee than regular transfer fee). Whether this would work out cheapest option, and cheaper than your existing debts depends on how quickly you can repay the debt.

New cards that offer this facility are listed here - http://www.stoozing.com/sbt.php

Whether you would be accepted for one of these cards will of course depend on your finances, income and credit file etc, the same as any other credit. In general they are not the easiest cards to get, you'll usually need a near perfect credit history.

jm1

Thanks so much.

(I started another thread as I couldn't find my first one and had also forgotten to ask for email notification.)

jm1

The bank my current card and overdraft are with have offered to make one of my cards (with a zero balance) 0% and have said I could get enough money on it to cover the credit card balance and overdraft. Only thing is, it's for 6 months only (and a fee of 3%).

Do you think it's worth it? I'm thinking in 5 months' time I could then switch to another card at 0%.

Tixy

Well a 3% upfront fee and only 6months is not super cheap. It works out as more than 6% APR.
Are you likely to be able to repay the debt in full in 6months? How much are you likely to have outstanding in 6months?

jm1

I'll have the vast majority of it still outstanding in 6 months, but couldn't I then switch it to another 0% balance transfer card?

Tixy

Yes - if you are able to be accepted for 1 with a 0% offer and a sufficent limit.

But you will have a bit of an advantage in 6months if you put it all on to your existing card at the moment - you won't be limited to having to try to obtain a card that allows money transfers - you'll be able to try for any that has a 0% balance transfer offer.

jm1

Great, thanks, that's what I'll do then.

Thanks for all your advice.