Money Transfer & Balance Transfer Cards

Lorren

Hi Everyone,

Firstly, I apologise if I am posting this in the wrong place. Secondly, I apologise if this may sound like I'm asking the most stupid question but I have tried researching and it is just a minefield so I was hoping I could get some advice and for someone to be able to breakdown what I need to do in layman's terms.

So, I currently have two credit cards. A HSBC card which I have £3,181 debt on and a barclays card which I have £2201 debt on. I am also stuck in my overdraft by around £800.

I am looking to transfer my cards over to a 0% interest card as currently I am barely making a dent due to interest so I know I need a balance transfer card for this and I have looked at my options and have found some good options.

However I would also like to get in the green with my overdraft. I earn enough income to be able to sufficiently stay out of my overdraft once I am back at 0 but trying to get to 0 is more difficult than I intended for it to be as each time I get paid and outgoings come out, everything else is back in the overdraft again. I was looking at options for this and saw that you could get a money transfer card.

In an ideal situation, I would like to have 1 card in which I can transfer my balances over to and the do a money transfer from that card to my bank account. Is this possible at all?

If not, can I apply for 2 cards at the same time? 1 that is a balance transfer, 1 that is a money transfer.

Any advice would be fab. Please be nice, I have buried my head in the sand for far too long and really trying to sort this out.

Thank you in advance!

[Deleted User]

There are cards that offer both, and yes, you can apply for more than one.

Whether you will get either or both will depend on your credit file. If you're declined a couple of times, leave it until you've reduced the balances further before reapplying

Candyapple

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

MSE Credit Card Eligibility Checker for Balance Transfer Cards:
https://creditcards.moneysavingexpert.com/?balance-transfer

1. Apply for a money transfer card to clear your overdraft.

2. Then apply for a balance transfer card and hope your limit is £6k or above (will depend on your salary and other factors) and use that to clear your HSBC and Barclaycard debts.

3. If you don’t have a large enough limit on the BT card, hopefully your MT card should cover any shortfall and use that to clear any remaining balances on the cards.

4. If you don’t trust yourself not to run up the HSBC and Barclaycard credit cards again, close them and just make sure you continue to make the monthly payments on both the 0% cards and have a plan in place to clear the balance closer to the time the 0% deals run out.

Lorren

Thank you so much, this is very informative!

Do I need to allow a period of time between applying for the money transfer and then the balance transfer or can I apply for them both straight away?

[Deleted User]

I would apply for them in quick succession.

MallyGirl

MT tend to be harder to get so that is why you go for that one first but once you have one you can then apply straight away for a BT