Overdraft balance transfer

TonyS_1980

Just want to make sure I have read the guides correct....

My Wife has some overdraft in her graduate bank account £1000-1500, which is about to end as a graduate account. that means big charges for being in the overdraft.

We think the best solution is to move the money on to a 0% interest card, as a transfer and pay that off over the next year or so. She will budget correct and pay this off, and not use the card for purchases. She does not want to change back account to a 0% one and is stubborn enough not to take some of our savings to pay her debt off. she says it is hers to deal with.



So reading the Money transfer guide there are only a couple of cards that allow the transfer of overdraft monies. The MBNA card for one.

Are there any other cards that exist that allow overdraft transfers?

How easy is it to do the transfer? i think it would be, set the account up, and state the account and amount to transfer?

Thank you in advance of any pointers, etc.

StressedSteph

Hi


In principle its a good idea. But what made you build up the overdraft in the first place?


I would be concerned that after a few months you would be in the same situation again but now with a maxed out credit card as well.


Depending on the amount you may also have the problem I have often had, where the Credit card limit is too low and not enough to clear the overdraft, then leaving you with the two debts.


If you budget well and are in control of your money, then it is a good idea, once you have opened the credit card account, and set up online access, you should just be able to do the transfer online straight into your bank account.


I know I couldn't be trusted to open a new credit card from past experience

Sharon87

Virgin and Barclaycard do Money Transfers.That is the key thing to look for 'Money Transfers' so you can try these too.

I would suggest reducing the overdraft to 0 or have a safety £100 limit to stop building up the debt again like I did...