Money transfer 0% eligibility!

cyeates

Hi
So sorry if this has been posted before, but I am new here and only just made an account to ask this question..
I have only just found out the benefits of having a money transfer card. I have a £2,000 overdraft which I have been living in since leaving university and I am looking to shift this debt as I plan to start saving for a mortgage.
I have ran the eligibility calculator and entered all of my details correctly and it has came back with 5 results, all with 0% chance of being approved. I have been approved previously for another credit card in the past, but that was a standard card. So I am not sure why I have been turned down on the calculator.
Is there a strict criteria in terms of these cards?
Not sure how to proceed with this, shall I just accept that I wont be able to get one of these and shift the debt the old fashioned way? Shall I go straight to a provider despite this? Any advice welcome and thanks in advanced

[Deleted User]

You'll have probably been declined due to living in your overdraft. You could try an application but don't hold your breath.

Look at cutting costs and bring the OD down.

binaryuniverse

First question: is this overdraft interest and charge free? If it is, you have no need for a money transfer. Simply shifting the debt elsewhere is pointless. Concentrate on reducing the debt without moving it.

Another option is to get a 0% card on purchases. You use this card to pay for all your every day purchases, whilst leaving the money in your overdraft building, so that it clears faster.

I would also advise you to look at why you are living in your overdraft constantly and work on changing your spending habits. Both a 0% money transfer or 0% purchases card can make it very easy, and dangerous, to simply make the debt larger, if you don't look at what you are earning per month versus what you are spending. Then, come the end of the 0% offer period, you find yourself with another debt you are now struggling to pay off, and gathering interest.

cyeates

So are purchases cards easy to handle I not terms of the %? Is it usually 0% to have one?

[Deleted User]

cyeates wrote: »

So are purchases cards easy to handle I not terms of the %? Is it usually 0% to have one?

Pardon? .

cyeates

Sorry, in work and this form to type is painful on mobile!

How are the interest rates on purchase cards handled? Is there usually a 0% time period or not due to people using them for everyday purchases? I'd imagine the 0% time period is very short because will be using the cards all of the time and not for big purchases?

cms-help

cyeates wrote: »

Sorry, in work and this form to type is painful on mobile!

How are the interest rates on purchase cards handled? Is there usually a 0% time period or not due to people using them for everyday purchases? I'd imagine the 0% time period is very short because will be using the cards all of the time and not for big purchases?

Tesco Bank have 0% on purchases for 28 months. So put all your purchases on it until you have cleared your overdraft, assuming your overdraft provider is charging you fees that is. If not then no point in moving it and work on repaying it by a set amount each month. Overdrafts can be cancelled by banks at any time so best not to use it as your "own" money so to speak.

phillw

cyeates wrote: »

Is there a strict criteria in terms of these cards?

No. Credit card companies have access to a certain amount of money to lend to people and they vary their criteria based on how much they have utilised it and based on their own attitude to risk. Have you checked your credit file and are you on the electoral roll?

Their perfect customer may be someone who will transfer money and continue to be in bad financial shape at the end, so they haven't paid any off or saved up & also can't transfer away. If you miss a couple of payments they'll be even happier.

If you do apply then make sure the card will let you transfer to a current account, some may be limited to transferring money to credit cards.