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Clearing overdraft with credit card

CIS
CIS Posts: 12,260 Forumite
Part of the Furniture 10,000 Posts Name Dropper
in Credit cards
Is it possible to use a credit card to clear a Lloyds TSB overdraft and if so how (presumably I would have to call Lloyds and do it by phone ?).

Once the balance is on the credit card I have no problem with the balance but I need to clear the overdraft first.

Thanks
I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
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Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Unless the card allows for cash transfers to a bank account you will not be able to do it.
  • CIS
    CIS Posts: 12,260 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Its a HSBC credit card
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • Lilly11a
    Lilly11a Posts: 47 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I just did this with my mbna card and santander overdraft if that helps
  • CIS
    CIS Posts: 12,260 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks.

    I've just applied and been accepted for the MBNA card so I''ll go down that route - can you do the money transfer online ?
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    CIS wrote: »
    I've just applied and been accepted for the MBNA card so I''ll go down that route - can you do the money transfer online ?
    Yes, but it may not be the quickest way if you have to register and have them send you some security details (it's 8 years since I got my MBNA card so don't know the current set up details).

    If you give them a call they can do it over the phone...maybe even before you get the card?
  • Maysiegirl
    Maysiegirl Posts: 6 Forumite
    Hi, I have been reading up on the 'super balance transfers' on the MSE site as I am so fed up of my wages being swallowed up by my overdraft leaving me in instant debit. 40% is quite high transfer cost but I currently pay £6 overdraft usage fee plus interest per month so I dread to think how much I have paid out over the time of my overdraft. Just wondering if it would be sensible to take slightly more cash than the overdraft amount to put me in credit, otherwise will I just tip straight back into the red?
    Any advice really welcomed, thanks.
  • CIS
    CIS Posts: 12,260 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you give them a call they can do it over the phone...maybe even before you get the card?

    Thanks. I may do - its not the most urgent of things at the moment as I have a couple of months to get sorted, I just like to plan ahead.
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • Fruit_and_Nut_Case
    Fruit_and_Nut_Case Posts: 4,617 Forumite
    Mortgage-free Glee!
    Maysiegirl wrote: »
    40% is quite high transfer cost
    Not "quite high"; it's ENORMOUS! Money transfers are usually in the region of 2% - 3%. Have you (or I) misunderstood?
    Are you for real? - Glass Half Empty??
    :coffee:
  • mrmajika
    mrmajika Posts: 987 Forumite
    Part of the Furniture 500 Posts Combo Breaker Photogenic
    Fruit_and_Nut_Case wrote: »
    Not "quite high"; it's ENORMOUS! Money transfers are usually in the region of 2% - 3%. Have you (or I) misunderstood?

    It used to be (and most probably still is) 4%. I assume it's a typo.
    Whilst my posts do not constitute financial advice, I am always, without fail, 100% right! :D
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