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Balance transfer to clear overdraft
roadtohappy
Posts: 7 Forumite
in Credit cards
Hi,
My partner and I decided to use a 0% credit card balance transfer in order to clear an overdraft and avoid bank fees whilst paying it back.
My partner researched doing this on the main MSE site and understood that it was possible to transfer a balance in this way i.e depositing the amount (in this case £1200) into a bank account and not on to another card.
We tried to apply for a Barclaycard, based on the results from the Eligibility calculator on MSE and were surprised to find that the transfer could only be made to another credit card or store card.
Does anyone have any experience of doing this? Can anyone recommend a Credit Card which can be used to pay an overdraft in this way?
Many thanks,
Luke.
My partner and I decided to use a 0% credit card balance transfer in order to clear an overdraft and avoid bank fees whilst paying it back.
My partner researched doing this on the main MSE site and understood that it was possible to transfer a balance in this way i.e depositing the amount (in this case £1200) into a bank account and not on to another card.
We tried to apply for a Barclaycard, based on the results from the Eligibility calculator on MSE and were surprised to find that the transfer could only be made to another credit card or store card.
Does anyone have any experience of doing this? Can anyone recommend a Credit Card which can be used to pay an overdraft in this way?
Many thanks,
Luke.
0
Comments
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Hi,
You want to be applying for a Money Transfer card...
https://www.moneysavingexpert.com/credit-cards/money-transfers/I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0 -
a BT card transfers from card to card - it's a MT (money transfer) that you need which is from card to current account.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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