Overdraft Transfer

Niknac

I have recently taken a new Barclaycard out with 0% transfer for 20 months and moved my Aqua card balance to it. I have an overdraft of 3000K with TSB and have 1900.00 a month goes in for my wages so always in the red. Shall pay off my overdraft with my Barclaycard and cancel the overdraft, very confused!

Eagles1905

A cash transfer via credit card could solve your overdraft however, be careful. It may not be covered in your 0.00% deal and you may be charged for transferring £3k from cc/current account.

I would perhaps run a comparison on credit cards with a cash advance facility and go from there. Alternately get in touch with Barclaycard - they were fantastic with my balance transfers two years ago, very helpful indeed.

Good luck!

jester212

If you want to pay our overdraft off with your card, you will need to make sure your card has the facility for a "money transfer". This will allow you to send cash into your bank account. There is usually a fee of around 4.00%, although some card providers have a smaller fee along with a 0% transfer duration.

MallyGirl

and it needs to have a 0% deal on money transfer as this is entirely separate from any balance transfer deal you already have

BoGoF

If it's a balance transfer card then you won't be able to transfer your overdraft to it. You need a money transfer card.

Niknac

Okay just checked and the card isn't offering me a money transfer

MallyGirl

Without applying for new cards, the best you can do then is put all your spending on the now empty aqua card and again BT that to Barclaycard. Depending on the terms of the BT deal with Barclaycard, the 0% may apply to all BTs in the first 3 months (or whatever your deal says) so you might move a bit more of your debt to 0% from overdraft this way. It depends on how much you spend.