Super Balance Transfer - Basics

GeorgeUK

I am hoping to advise a colleague on transferring their overdraft to a 0% CC

I know we need to check the interest against the transfer fee and see if it worthwhile, but on checking the main site, the links to the super balance transfers seem to be out of date.

I was going to suggest one of the MBNA banks or egg (not sure who the overdraft is with), but will they need a current account as well as a CC? How does it work exactly? Do we also need to phone them to confirm that it isn't a cash advance, but a balance transfer?

thanks for any advice.
George

Money_Man

Apply for card, call to activate then provide s/code and acc no for cash transfer from CC to clear o/draft, its very straightforward. You will incur a BT fee, anything up to 3% but if you apply for the new Virgin card, 0% for 15 months, your colleague will make a significant saving.

GeorgeUK

I thought that balance transfers were only for CC to CC?

And Super Balance Transfers required something else so that you weren't charged a huge amount of interest for making a cash withdrawal.

The account was a HBoS student account so i was thinking she could tranfer the balance to Virgin for the new 0% 15 month deal. I'm sure there was something else to this though.

YorkshireBoy

GeorgeUK wrote: »

The account was a HBoS student account so i was thinking she could tranfer the balance to Virgin for the new 0% 15 month deal. I'm sure there was something else to this though.

Virgin (and most/all of the other MBNA run cards) will let you pay money into your current account* at 0% BT rates. However, you/your friend might want to check with them first before applying since T&C's/policies change all the time.

When the card is activated, simply ask them to transfer the overdraft to the card.


* I've done this many times, and indeed the facility is available from my Virgin online secure area.

GeorgeUK

So do we need a Virgin current account as well as the Credit Card?

I think this is the bit i was getting confused with.

YorkshireBoy

GeorgeUK wrote: »

So do we need a Virgin current account as well as the Credit Card?

No........

Money_Man

GeorgeUK wrote: »

So do we need a Virgin current account as well as the Credit Card?

I think this is the bit i was getting confused with.

Simply give them the account no and s/code and they will transfer the funds in 5 working days

GeorgeUK

I'll pass that on - thanks guys.

Was worried it would go through as a cash advance rather than a BT as it wasn't a CC.
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