Transfer Balance from current account?

mwoody

Hi all!

just wondering, if i have a current account with barclays that is £500 overdrawn, can i get a credit card and transfer the balance from my current account to the credit card?

If i can, does that mean I can get a barclays credit card and transfer my balance from my barclays current account?

In a bit over my head with all this stuff, but I know what i want to achieve, just need to get there!

d4n13773

Possibly not

Halifax would not let me transfer my overdraft from a halifax account to a halifax credit card - apparently you cannot do that within one bank (the staff were spectacularly unhelpful in the halifax though).

I have had no difficulty transfering it to an MBNA credit card at 0% though.

CLAPTON

Only a few CCs allow you to balance transfer from your current a/c.

The MBNA stable of cards and Eggmoney will do this.

They will normally charge a 2-3% Fee to do this and then you will pay interest on the card unless its a 0% card.

so you may well be worse off.

Of course if you run up the Overdraft again you'll end up with a CC and an OD.... much better to consider the reason for your OD and cut down on the spending and clear it that way.

However, 0% cards usually only go to people with good credit records.

Frankly, you have a relatively small overdraft and would probably be better off simply reducing your spending and making a determined efford to clear the OD without getting a CC.

barron_hard_up

or you could:
apply for an interest free credit card on balance transfers, use your present card to draw £500 cash, pay the cash into the overdraft, immediately transfer the £500 cash withdrawl on the card to the new card as a balance transfer.

But ensure you can do this without mega panalty for taking out cash, I have never done this myself, others here may have.