Santander Overdraft/balance transfer question

connected123

I have a Santander current account with an overdraft of £500+ on it. I have no credit cards and a 'fair' credit history.

In the MSE Credit club results it recommends 0% balance transfers using amongst others a Santander Credit Card as being 90% accepted.

Will Santander do a transfer to one of their own Current Account Overdraft's as I see one cannot balance transfer from one Santander card to another Santander card. Would the same apply to clearing an O/D on one of their current accounts?

I don't want to apply and be refused as a result of not knowing.

Thanks

[Deleted User]

You transfer the money to your current account, thereby clearing the overdraft.

Santander will expect you to transfer it your account.

Dobbibill

You need a money transfer option not a balance transfer if you want to pay off an overdraft.

molerat

How much is "£500+" because a 0% purchase card could dispose of that fairly quickly.

Candyapple

connected123 wrote: »

In the MSE Credit club results it recommends 0% balance transfers using amongst others a Santander Credit Card as being 90% accepted.

Balance transfer cards are only useful if you have multiple credit cards, not debit cards, and need to shift the balance from one to another. Did you not select the other options to see what you were eligible for?

https://www.moneysavingexpert.com/eligibility/credit-cards/

connected123 wrote: »

Will Santander do a transfer to one of their own Current Account Overdraft's as I see one cannot balance transfer from one Santander card to another Santander card. Would the same apply to clearing an O/D on one of their current accounts?

I don't want to apply and be refused as a result of not knowing.

Thanks

You need a money transfer card to clear an overdraft. Santander do not offer money transfer cards at all so you would be wasting your application on a pointless card.

Read this:
https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

connected123

Hi, thanks for the previous answers. One quick question please.

I have now opened a new current account with a 0% OD of 1k for 12 months and obtained a credit card with a decent level of funds available @ 0% for 12months from a High St Building society.

The credit card limit is enough to clear a 5yr 12.9% APR loan I took to buy a boiler (£2900) with a sub-prime lending bank.

From your experience, I haven't asked the lender yet, but would anyone know if one can pay off a loan with a credit card? If so, I can pay this repayment I'm currently making to the credit card for 12 months @ 0% reducing the capital balance balance without the interest and in 12 months time take a further balance transfer @0% if they still exist on the remainder. That would slice out the interest payments on this loan and save me some £300.

Any thoughts or dangers before I do this?

Thanks

Candyapple

connected123 wrote: »

Hi, thanks for the previous answers. One quick question please.

I have now opened a new current account with a 0% OD of 1k for 12 months and obtained a credit card with a decent level of funds available @ 0% for 12months from a High St Building society.

The credit card limit is enough to clear a 5yr 12.9% APR loan I took to buy a boiler (£2900) with a sub-prime lending bank.

From your experience, I haven't asked the lender yet, but would anyone know if one can pay off a loan with a credit card? If so, I can pay this repayment I'm currently making to the credit card for 12 months @ 0% reducing the capital balance balance without the interest and in 12 months time take a further balance transfer @0% if they still exist on the remainder. That would slice out the interest payments on this loan and save me some £300.

Any thoughts or dangers before I do this?

Thanks

I'm going to hazard a guess and say your new account and card is with Nationwide.

The only way to pay off a loan is with a, you guessed it, money transfer card.

So in this instance, you can't use your new card from Nationwide because they don't offer this facility.

What you can do is:

Option 1:
Apply for a money transfer card and use this to clear your loan

Option 2
Max out your new £1k interest free overdraft to put £1k towards the loan debt. Then use your new 0% purchases credit card to put all your day-to-day spending on and the money you would have used towards paying off your loan.

connected123

Okay, thanks for that Candyapple.

Do you know if NW do this Money transfer card you refer to or are you suggesting applying to another organisation?

Candyapple

connected123 wrote: »

Okay, thanks for that Candyapple.

Do you know if NW do this Money transfer card you refer to or are you suggesting applying to another organisation?

As stated, Nationwide do not offer a money transfer card.

Read this:
https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

If you want a list of money transfer cards, go here:
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.14657399.1326189476.1517825568-1969417388.1516998791