Overdraft balance transfer

vicky75_2

Hi, I was just wondring if anyone knows if you can use an interest free balance transfer for an overdraft on a bank account or is it solely for credit & store card balances?
Thanks.

peterbaker

Vicky, each card issuer has their own rules about this, but only a few still offer it as a standard facility I think.

I think Egg still allow it and MBNA too (they were the main promoters of the idea of overdraft transfers when they entered the market years ago and indeed they haven't been particularly bothered about whether you have an overdraft in the first place - there was (is?) nothing stopping you just using such a balance transfer to tip a heap of new cash into your bank account -apart from fees that is!).

Mint have periodically had some sort of arrangement to do it, but not sure if they do currently.

However, with the advent of new and sometimes very tricky fee charging conditions mainly in the last 12 months for Balance Transfers and Balance Transfer Cheques and new definitions of Cash Advances then you need to check Ts&Cs very carefully before taking the plunge.

If you can wait a few days, I am sure someone will guide you more exactly here on MSE, especially if you say here exactly which card or cards you plan to use.

It is not as easy as it once was, when Martin first coined the phrase "Super Balance Transfer" for this kind of transaction.

DeepSporran

Hi Vicky - welcome to the site.

If you look in this table

http://www.stoozing.com/0fees.htm

you can see the cards that currently allow the facility you want. They have a little red square symbol against them indicating the "SBT" facility.

If the card you've got the 0% interest with is not one of these, then you might need to apply for a further card that DOES have the SBT facility.

Then you would move the money from the 0% card to the SBT card, and then from the SBT card to your current account.