money and balance transfers

jemma85

Hi guys,
I'm new to the forums and have a question about money and balance transfers...
I am looking to get a 0% credit card to clear an over draft and another existing credit card... can I get one card to transfer both of these on to?
also how do I know that the card (if i'm accepted) will give me enough credit to clear these things?
Might be silly questions but I'm not very good with these sort of things and wanted some advice before I go ahead and apply for the card.
Thanks
Jem

eskbanker

Yes, there are cards that allow money transfers from overdraft to card (subject to fees for doing so), see this page for further details: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Also worth reading through http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards for the more general briefing about BT cards, including credit limits, etc.

jemma85

so from reading all of this I think I need a money transfer card in order to pay off my overdraft and my other credit card? say I have 2000 over draft and 2000 credit card I would need a 4000 money transfer and this would get paid into my bank and I could transfer 2000 to other credit card, thus paying off both...?

eskbanker

As I understand it you do a money transfer of £2K from new card to bank to pay off overdraft but a straight £2K balance transfer (less expensive than money transfer) from old card to new.

jamesd

Better to do one BT and one MT for that, even if the costs are the same. You could do it all via the MT, though, just not so good to use the MT except when needed for some reason.

Some reason could be having quite a lot of BTs to do, when one big BT and a MT that can be later split between all the others might be best. I did that with my last MBNA BT/MT to be sure I didn't hit their limit on online transfers as part of one offer, something I did hit a few years earlier.

Cycrow

There is no real way of telling what credit limit you will get on a new card.

but even if you dont get a credit limit to cover everything, you can at least use it to transfer part of it, reducing the interest you are paying