Balance transfer advice needed

cornish_donkey

Hi any advise here is welcome as I have no idea what to do!

I am not happy with barclays new overdraft fees so I had a brainwave and thought if I got a balance transfer credit card I could transfer the overdraft and pay it off. Anyway I am really suprised that barclaycard offered me a platinum credit card with 0% on balance transfers for 30 months but how would I transfer an overdraft instead of a credit card?

There must be some way around it?

Thanks in advance

Tixy

Ideally you need a card that offers money transfers (that is you can transfer money in to a current account).

Barclaycard don't generally offer money transfers to new customers but sometimes do to existing customers.

Ideally look in to getting a card that allows money transfers (MBNA backed cards are the most common).

grumbler

See MSE's money transfer guide.
If your CC doesn't offer this option, the only way is to withdraw cash from other CC, then transfer the balance to Barclaycard.

cornish_donkey

Hi, I am suprised they offered me a card all especially with the limit they gave me. I wouldn't want to ruin my credit file and apply for another card. I aplied for the barclaycard because martins pre checker told me I would be most likely to be accepted for that card but foolishly didn't realise about the overdraft thing.

leeroy2009

if that credit card is the only credit account you have recently applied for (say 6 months) and you not looking to take a mortgage or any other credit in next 6 months to a year, then a second application to mbna wont harm your credit file / rating what ever you wanna call it at all, and you normally get a instant decision with mbna too.

cornish_donkey

Okay thanks for that. Maybe I will wait for the barclaycard to arrive and then make another application. I just phoned barclaycard and got through to a guy with broken english and didn't really understand what I was asking, he just kept saying I can only transfer to my bank account with an invitation and there's no knowing when or if that will happen.

cornish_donkey

I've just used martin's pre eligibility checker on the money transfer cards and apparently there's so-so chance of just 40% with MBNA and no chance elsewhere

fuzzgun19

I just tried the MSE pre eligibility thing and got 70% for MBNA. I tried the soft search thing on MBNA and was turned down.

Is it expensive to just take cash out of a credit card?

YorkshireBoy

cornish_donkey wrote: »

Maybe I will wait for the barclaycard to arrive and then make another application.

Why wait? You clearly know now you'll need one.

The problem with waiting is that the account may be showing on your CRA report at the time you make the second application. At the moment, all that's there is a credit search (ie no account or available credit limit to put other lenders off).

How big is the overdraft?

cornish_donkey

The overdraft is £1800 so I'm looking at Barclays charging around £45 a month interest on it from June. I don't think MBNA would even consider me because of my circumstances I'm still in shock that Barclaycard accepted me, they told me no last year.

YorkshireBoy

cornish_donkey wrote: »

my circumstances

Explaining a little more about these may prompt some solutions. But if you're currently unemployed, very low paid, or have a very poor credit history, etc, there may not be too many options available to you.