help with credit card

lola1508

Please can someone clarify the 0% balance transfer for me.
I'm currently in the process of getting a halifax credit card which has a 0% balance transfer for 17mnths.
I want to pay off my overdraft from another halifax account? can I do this? and does the 0% intrest mean per month? so as long as I pay what i OWE off by the 17 months they wont charge intrest? Lola

TadleyBaggie

Unless the Halifax CC allows transfers to current accounts (and I suspect it doesn't, only to other CCs) then this isn't as easy as you think.

Regarding payments, you still have to mak at least the minimum payment each month or the 0% offer will be withdrawn.

Gromitt

Balance transfer is for transferring the balance of other cards.

It sounds like your after a 'Super balance transfer'. Might want to look for something like MBNA which allow current account deposits.

lola1508

thankyou....god this is confusing. I've just looked at the credit card terms and conditions and your right.
I havent signed the aggreement so do you think it would be safe to apply somewhere for this super balance transfer? do I need to let halifax know that i've changed my mind?

InsideInsurance

You dont have to let them know but it is safest to.

You could apply for another card but the new company is going to see that you have very recently already applied for credit elsewhere and will take that into consideration when deciding if to offer you credit and if so then how much.

One recent (in last 6 months) application you can normally get away with but if you have been changing limits, getting insurances or switching banking etc then you may well have more than one already.

lola1508

I suppose the other thing i could do is as the credit card as 0% on purchases (for 3 months) is to charge everything to the credit card, and then that will relieve my overdraft. What do you think? then I can always lower the overdraft every few months? sorry for all the questions x