Anyone know how to move my OD to a card?

DebtClearer

My overdraft of £1500 is earning by far the highest levels of interest. Does anyone know of a card that you can transfer an OD on to?

[Deleted User]

MBNA allow money transfers to accounts.

fozmcfc

Going by your signature, you have debt and savings.

It is highly unlikely your savings are earning you more each month, than your overdraft is costing.

So as hard as it may seem, you need to use the savings to clear the overdraft.

This means you won't be paying the overdraft costs and can put that into your savings.

Ultimately though, unless you debt is costing you less each month, than your savings is earning interest, all spare money should be going towards the debt and savings should come after.

grumbler

fozmcfc wrote: »

This means you won't be paying the overdraft costs and can put that into your savings.

Ultimately though, unless you debt is costing you less each month, than your savings is earning interest, all spare money should be going towards the debt and savings should come after.

Generally, there is nothing wrong with keeping the savings and having the overdraft transferred to a 0% credit card. The only problem is that the transfer will cost 4% - about the same as the annual interest you can get on the same amount in a saving account

DebtClearer

What MBNA cards are there? I currently have Virgin.

The OD is £1500 with HSBC but at the minute I seem to be paying around £20 a month interest so it may be worth transfering.

YorkshireBoy

DebtClearer wrote: »

What MBNA cards are there?

Dozens! Many of them listed on the www.mbna.co.uk website.

The OD is £1500 with HSBC but at the minute I seem to be paying around £20 a month interest so it may be worth transfering.

The minimum payment on an MBNA card is £25 (up to £2,500 balance) during a 0% introductory/special promotion period (1% + interest, but at least £25), so that's £5 more than you're paying now in interest each month.

Even after you've paid a circa 4% fee, the lack of interest will obviously help reduce the debt, but where will you find the extra money from? Obviously it'll be easy to find if you're reducing the overdraft by >£5 each month now...are you?

DebtClearer

Yes I am last month I knocked about £250 pounds off. I am making good progress (signature).

The only thing is I feel like I am fast accumulating these cards. I have cut them all up but I now have:

Tesco
Virgin
Barclaycard

Is it wise to keep getting cards or would I be best to stay as I am. I have never been rejected for a 0% card so I assume my credit history is ok.

Anthony_Fritts

DebtClearer wrote: »

Is it wise to keep getting cards or would I be best to stay as I am. I have never been rejected for a 0% card so I assume my credit history is ok.

Do not own many of them. They are always debt for you. Who knows if someday those cards become :eek:.

thenudeone

These cards offer transfers into a bank account:
http://www.stoozing.com/sbt.php