Balance transfer

Alextpldn

Hi,

I need a hand when it comes to balance transfer cards. I mad some silly mistakes a few years back and now hve £2200 on a credit card and a £2000 overdraft. I am looking to consolidate these with a balance transfer card, but have only been approved for a balance transfer card which is 0% for 6 months with a 3% transfer fee. If I opt for this card, can I transfer this balance to another balance transfer card before the end of the 0% period?

Any help would be hugely appreciated!

[Deleted User]

Yes, assuming you can get one.

TadleyBaggie

You won't be able to balance transfer the overdraft, for this you would need a money transfer option.

Candyapple

Alextpldn wrote: »

I need a hand when it comes to balance transfer cards. I mad some silly mistakes a few years back and now hve £2200 on a credit card and a £2000 overdraft. I am looking to consolidate these with a balance transfer card, but have only been approved for a balance transfer card which is 0% for 6 months with a 3% transfer fee. If I opt for this card, can I transfer this balance to another balance transfer card before the end of the 0% period?

Who is the new BT card provider?

It sounds like a subprime lender if you only got 6 months, in which case suggests to me that your credit history is poor which means all the longer term 0% offers and money transfer cards will likely not be available to you as they tend to be reserved for those with a good/excellent credit history and high credit limits with a combination of good/excellent credit history plus high income/low debts.

As TadleyBaggie has stated, to clear the overdraft you would need a money transfer card.

By all means, use the eligibility checker to see if anything comes up, but don’t hold your breath.
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.170510176.1901292714.1508748025-160981962.1507628140

Assuming your BT card isn't with Capital One, they might be your best bet for a new BT card when the 6 months end:
https://www.capitalone.co.uk/creditcards/0-balance-transfer-credit-card-12-months.jsf

All you can do is apply for what is available to you and move as much money across to 0% where possible, and then take a look at your income/outgoings and cut out anything unnecessary and throw the spare money at clearing the overdraft debt.