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What card to get to pay overdraft off

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Hi all,
I have a santander credit card with about 2k. and my current account with santander has £1500 overdraft which I use fully every month and get charged nearly £30 every month for it. how can I clear the overdraft with ? Is there any credit card that unable me to transfer money to my current account and clear overdraft? I have to say that I have not used my creditcard yet.
your help will be much appreciated with a step by step direction as I am not familier how these card work? or do I need to get a loan?

Thanks

Comments

  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    If your never used Santander credit card has a 0% offer on purchases, make £1500 worth of purchases to clear the overdraft.
    If not, you will need to apply for a money transfer card.
    I would suggest a Virgin Money card although others are available.
    https://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/
    Use the Virgin eligibility checker before you apply.
  • Weybridge78
    Weybridge78 Posts: 209 Forumite
    Eighth Anniversary 100 Posts PPI Party Pooper
    Hi,

    You need a money transfer card, preferably one with a decent 0% interest rate. This will transfer money into your current account. Please use the eligibility calculator on the MSE homepage to see your likelihood of getting one. I know that Ben8282 has suggested the Virgin Money credit card, however those are usually harder to get than an MBNA or Barclaycard CC.

    An MBNA card with a money transfer promotion will very easily advertised as such.

    However, the Barclaycard CC with a money transfer promotion will probably not be. For example, last August I got a Barclaycard Freedom Rewards card with 0% interest on both balance transfers and purchases for 12 months. However, I have had money transfer offers appear on my account around 4 or 5 times in the past 11 months. When signing up for the card, there was no mention (or I did not see any mention) of money transfer promotions. Please note that my mother who has a Barclaycard Platinum also has money transfer offers appear on her account every so often.

    You say your Santander card has 2K. Could you just clarify whether the balance on it is £2K or the credit limit is £2K?
  • dresdendave
    dresdendave Posts: 890 Forumite
    Part of the Furniture 500 Posts Photogenic
    aau wrote: »
    Hi all,
    I have a santander credit card with about 2k. and my current account with santander has £1500 overdraft which I use fully every month and get charged nearly £30 every month for it. how can I clear the overdraft with ? Is there any credit card that unable me to transfer money to my current account and clear overdraft? I have to say that I have not used my creditcard yet.
    your help will be much appreciated with a step by step direction as I am not familier how these card work? or do I need to get a loan?

    Thanks


    Although there may be benefits to converting an overdraft debt to a CC debt, your real aim should be to reduce your outgoings and/or increase your income so that the debt disappears, rather than just moving it from one place to another.


    Posting an SOA on the DFW board would be the place to get advice on this.
  • Weybridge78
    Weybridge78 Posts: 209 Forumite
    Eighth Anniversary 100 Posts PPI Party Pooper
    Agree with dresdendave. The real aim is always to reduce outgoings. I should have also added to my original post that if you are able to obtain a money transfer card, you need to ensure that your monthly payment is enough to clear the card before the promotion ends, rather than a minimum.

    If you are having issues with your finances, please post a Statement of Affairs on the Debt Free Wannabe board.

    Lastly, when you do run your eligibility check, please do share your results on this thread.
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