Balance Transfer Credit Card or Money Transfer?

tmitch2008

Hi,

My partner is £800 overdrawn in a bank account she no longer uses and she is now getting charged £40+ a month in fee's.

I have been reading about Balance Transfer Credit Cards and Money Transfers on here and she could really benefit from shifting the overdraft debt onto a 0% credit card rate however i am not sure on the difference or which once I have to use?

Could someone please give us some advise? Can I get a Balance Transfer Credit Card to pay off an overdraft? I have tried the quick credit check and she is applicable for one of these however the Money Transfer she is 0% forecasted chance of getting.

Is it a Money Transfer or Balance Transfer we need? Or are both applicable?

Thanks in advance!

scott_lithgows

You need a money transfer card.

Another way is a 0% purchase card,spend £800 on things you would definitely use your debit card for-petrol,travel expenses etc,as this cash will not leave your account as per normal it should if used carefully get rid of the o/d

Candyapple

It's a money transfer card you need, definitely NOT a balance transfer card.

MSE Credit Card Eligibility Checker for Money Transfer Cards:
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.170510176.1901292714.1508748025-160981962.1507628140

ndf9876

Yep, Money Transfer all the way.

tmitch2008

Thanks for your replies!

We have tried the Eligibility Checker for Money Transfer Cards however she is rated as 0% chance!

On the Credit Card Transfer she is rater as 75% chance. Can she defiantly not get a Balance Transfer Credit Card?

If not and she can not get a Money Transfer, is there any other advice? Would speaking to her bank do anything, or could I myself get a Money Transfer Card in my own name and then transfer that into her bank or is that not allowed?

Thanks,
Terry

[Deleted User]

Either she or you can get a money transfer card, assuming you are accepted.

Pound-Of-Flesh

A Balance Transfer is to pay off (transfer the balance from) another credit card. That is all it allows. This will not help in your situation.

A MONEY Transfer allows you to transfer to a current account. Then you can obviously do what you like with the money. If you get a Money Transfer, it might have to be to your own account (i'm not sure) but you could then just give the money to her.

NB. I just applied for a Virgin BALANCE transfer card. I was accepted - and it says I can also do money transfers.

As someone else has stated, either of you could go for a 0% PURCHASE card. Then you do all your purchases on this card; and use the money you save to pay off the overdraft.

Actually, I just realised - a Balance Transfer could help you. If you need to make a big purchase, you could buy on a CC, then transfer the balance to a 0% CC, then use the money saved to pay off the overdraft. (But you might as well just use a 0% purchase card - if you can get one)

boo_star

tmitch2008 wrote: »

Thanks for your replies!

We have tried the Eligibility Checker for Money Transfer Cards however she is rated as 0% chance!

On the Credit Card Transfer she is rater as 75% chance. Can she defiantly not get a Balance Transfer Credit Card?

If not and she can not get a Money Transfer, is there any other advice? Would speaking to her bank do anything, or could I myself get a Money Transfer Card in my own name and then transfer that into her bank or is that not allowed?

Thanks,
Terry

Shes £800 into an unauthorised overdraft with no payment made. Most financial institutions will avoid her like the plague, even sub-prime lenders.

You can speak to the bank who may be sympathetic to her circumstances but don’t expect miracles here, why has she left an overdrawn account so long?

You can of course pay it off with your own money (or borrowed money) but be aware this is a gift and you have no realistic expectation of being repaid.