Paying off Overdraft with Balance Transfer

xpsychosteve

Hi, I have just taken out a barclaycard(33 Month balance transfer) to pay off my overdraft that I have with Halifax. It's £1000 and my credit limit is £2,500. I want to move away from Halifax pretty quickly so I thought doing this would be the best way (I have never had a credit card before so very unfamiliar)

Now, on the barclaycard homepage I can choose to transfer to current account but it says no offers available at the moment. Whats the point in having that If I have no offers available? And most importantly how can I get out of this mess?

I've had a change of job recently which is why im changing banks to a card where i dont pay anything monthly. Also wanted to obviously clear my overdraft fees.

Any help would be appreciated!!

CLAPTON

xpsychosteve wrote: »

Hi, I have just taken out a barclaycard(33 Month balance transfer) to pay off my overdraft that I have with Halifax. It's £1000 and my credit limit is £2,500. I want to move away from Halifax pretty quickly so I thought doing this would be the best way (I have never had a credit card before so very unfamiliar)

Now, on the barclaycard homepage I can choose to transfer to current account but it says no offers available at the moment. Whats the point in having that If I have no offers available? And most importantly how can I get out of this mess?

I've had a change of job recently which is why im changing banks to a card where i dont pay anything monthly. Also wanted to obviously clear my overdraft fees.

Any help would be appreciated!!

most CC balance transfers only allow the balance of a credit card to be paid off: a few allow transfers to your bank a/c ; Barclaycard sometimes do and sometime don't.


so unless you have another CC with a balance you want to clear the Barcalycard won't be any good.


if the card has interest free on purchases you could use this facility to pay for everything on the card and so leave more money in your current a/c so reducing the overdraft.


basically the only way of paying off debt is to spend less and/or earn more


I don't understand why you want to move from Halifax however.

xpsychosteve

CLAPTON wrote: »

most CC balance transfers only allow the balance of a credit card to be paid off: a few allow transfers to your bank a/c ; Barclaycard sometimes do and sometime don't.


so unless you have another CC with a balance you want to clear the Barcalycard won't be any good.


if the card has interest free on purchases you could use this facility to pay for everything on the card and so leave more money in your current a/c so reducing the overdraft.


basically the only way of paying off debt is to spend less and/or earn more


I don't understand why you want to move from Halifax however.

I want to move simply because halifax charge too much per month for services I don't use. The main reason is im paying around £40-50 a month just for the fees for my overdraft where as I thought if i got a credit card and put it on that then id still be paying that but it would be paid off. If that makes sense...

CLAPTON

xpsychosteve wrote: »

I want to move simply because halifax charge too much per month for services I don't use. The main reason is im paying around £40-50 a month just for the fees for my overdraft where as I thought if i got a credit card and put it on that then id still be paying that but it would be paid off. If that makes sense...

well depending upon the fee structure, then using the Barclaycard for spending may work out cheaper that using the OD: but you must have a plan to pay off in full.

xpsychosteve

CLAPTON wrote: »

well depending upon the fee structure, then using the Barclaycard for spending may work out cheaper that using the OD: but you must have a plan to pay off in full.

Thanks for your help, but lets say I just use my barclaycard for a couple of months (I believe I have 9 months interest free purchases) and let the balance in my Halifax account accumulate to pay off my overdraft... Is it well and truly interest free? Say I buy something for £100 on the barclaycard is that all i'll pay back as long as its within the 9 month interest free?

CLAPTON

xpsychosteve wrote: »

Thanks for your help, but lets say I just use my barclaycard for a couple of months (I believe I have 9 months interest free purchases) and let the balance in my Halifax account accumulate to pay off my overdraft... Is it well and truly interest free? Say I buy something for £100 on the barclaycard is that all i'll pay back as long as its within the 9 month interest free?

you must pay the minimum monthly amount (this will show on your monthly statement)
but otherwise, as long as you pay the full bill within 9 months, then you will pay no interest