Balance Transfer from Debit Card (i.e. overdraft) to Credit Card?

solpap

Hello!

It may be a daft question, but I havent managed to find a clear answer:

I have a bank account with Natwest, and I live from my overdraft for the last year (ranging from 1500 - 2250 pounds). Interest keeps creeping up, and I want to get rid of this debt.

I have seen Martin's recommendation of Natwest Credit Card (0% 13mths, 2% fee).

Q1: If I apply and get one, will I be able to transfer the debt from the overdraft (which is essentially on my Switch card) to the credit card?

Q2: How exactly does the transfer happen? For example do I call and say I want 2000 pounds transfered from Credit to Debit? Or will they check my overdraft at the time and tranfer the exact ammount I am overdrawn at that particular moment?


Thank you!
Solomon

CLAPTON

BT to your overdraft isn't getting rid of debt its simply moving it around and if you do move it to a 0% CC remember you will need to pay it off before the 0% period runs out, which means you will need to be paying about 200 per month to clear the debt in a year.

However, most credit cards will not allow a BT to a current account which is what you want to do. You will need to check but i dont think natwest will allow this.
MBNA family of cards and Egg Money CC allow BTs to bank accounts.

so either find a MBNA card with a 0% offer or you could try to get both the Natwest card and the EGGMONEY card and use the egg money card as a mule i.e.
BT between the natwest card and eggmoney making eggmoney have a positive balance (is a BT fee payable?) then BT from the eggmoney to your bank account (no fee to BT as the eggmoney is in credit.)
And remember this is the eggmoney card and not the ordinary egg credit card (very confusing)

alternatively you could try for a life of balance card

and you cant actually BT to a debit card, you simply BT to your current account if the CC will allow this.