Balance transfer for CC £4k and Overdraft £2k

[Deleted User]

Hi there,

I am in a bit of a mess - I have never really been good with money and have a overdraft and CC. I have recently realised I am paying nearly £2k per year in overdraft fees which I could in fact reduce my debt with if I was able to get a CC to cover both current balance of CC and overdraft facility with a long 0% interest rate for a prolonged period.

I have a bank account I opened sometime ago that does not have an overdraft facility and if I could get a CC that would allow me to transfer money into my bank, I could just shut down my other account with the OD facility and use the second one as a current account - whilst paying monthly to a CC.

I currently have a Tesco club card which I have had for two years -why the hell i got it i don't know - i was in a pretty bad situation, but now i have a much better job and I can afford the repayments more easily - still don't want to be paying £2k per year for the OD facility if I can help it at all.

Im not very confident with the idea of a balance transfer - Im also working hard to improve my credit rating atm, so do not want to make a mistake with the wrong CC that will sting me.

I would really appreciate any advice -

Thanks
Charlie.

Dobbibill

You don't give many details about who the OD is with, you income or credit history, age, income etc.

You can try the eligibility checker but be mindful, you are not guaranteed to be accepted for the recommended card.

To pay off an OD, you would need a MT card but I don't understand how you would be paying £2k in fees per year on a £2k OD. How much are your fees per month?

BT card would be suitable to get CC debt to 0% but bear in mind, you are asking lenders to double your available credit. They have no idea or interest in you paying off the other debts.