Best Balance Transfers Discussion Area

Moggles_2

sarahfenton wrote: »

Is it possible to balance transfer a bank overdraft (or some of it) to a lifetime balance transfer card? Would be looking to transfer about £3000 from a current account. If not, what is the best way to pay less interest on this debt?

There are no lifetime balance transfer cards with this capability.

A few rather special BT cards, such as Virgin, will allow you to transfer an overdraft to them for up to 16 months. (For details, please see #2470 immediately above yours)

Alternatively, Egg Money (not to be confused with the Egg card) could be used in conjunction with a lifetime balance transfer card. For an explanation, see Martin's *Card Trick* article

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

Caution: if this would be your first credit card, you may have a limited credit history. May I ask what other credit facilities - besides the overdraft - are held in your name?

Moggles_2

Moggles wrote: »

If this would be your first credit card, you might have a limited credit history. May I ask what other credit facilities - besides the overdraft - are held in your name?

I guess we'll never know

nievesalvarez

Oh lol its nice....
Is it fake?
But i truely know about the security of the credit cards.
I owe one and i am very afraid so i am neglacting to use it.
So i want some motivation to use that it is secure.

Moggles_2

nievesalvarez wrote: »

I truely know about the security of credit cards. I own one and I am very afraid, so I am neglecting to use it. So I want some motivation to use, that it is secure.

There's risk attached to everything but, in general, credit cards are the safest way to purchase goods/services. (If you carry cash, it could be nicked. If you use cheques, they could get altered - assuming you can find a retailer that still accepts them)

With today's online facilities, it's never been easier to keep track of cc spending than it is now and, used sensibly, they have many advantages, IMO. If you only ever spend what you can afford to pay back on time each month, you'll never pay interest or fees.

sarahfenton

Sorry for delay in replying, I don't have any other credit cards but believe I have a good credit rating as we have quite a large mortgage and a personal loan where we have never defaulted on payments. My husband previously had a credit card but paid off in full some while back...

We have a reasonable credit score with our bank but would rather not keep all our eggs in one basket by asking them for a card... Besides which I'm planning to make a claim for overdraft fees! Essentially what we want to do is pay off an overdraft by transferring to a low-interest balance transfer, but what you're saying is there are no lifetime ones so we'll need to go for a 0% then review when the free period is up. Thanks for the link, will look at it now...

CannyJock

sarahfenton wrote: »

Sorry for delay in replying, I don't have any other credit cards but believe I have a good credit rating as we have quite a large mortgage and a personal loan where we have never defaulted on payments. My husband previously had a credit card but paid off in full some while back...

We have a reasonable credit score with our bank but would rather not keep all our eggs in one basket by asking them for a card... Besides which I'm planning to make a claim for overdraft fees! Essentially what we want to do is pay off an overdraft by transferring to a low-interest balance transfer, but what you're saying is there are no lifetime ones so we'll need to go for a 0% then review when the free period is up. Thanks for the link, will look at it now...

If your husband has higher income and credit card history might be better if he applies for one.

Let us know what you decide and how you get on with the application.

PMcB

Thanks Moggles! Great advice as usual. I aim to pay some of the £6k off, get a balance transfer card capable of transferring into a current account and then either average out the payments to complete the loan within 16 months or become a credit card tart. Lol. Already factored in the early replayment charges and i'd be saving £600 by paying off early as opposed to seeing out the full 36 months. Well worth it!

I'll definitely be avoiding the huge interest at the end of the 0% period. Thanks again.

Megalomaniac

I was hoping someone could quickly answer a question regarding MBNA. I was accepted for the credit card and will be wanting to transfer some of the limit to my current account. Charges to do this by money transfer and cheque transaction are exactly the same, but which method will be quicker? Will cheques still clear in 3 days (like a normal cheque) or will the money payment take the same time (or even quicker if by Faster Payments)?

Cheers!

Moggles_2

Megalomaniac wrote: »

I was accepted for the MBNA credit card and will be wanting to transfer some of the limit to my current account. Charges to do this by money transfer and cheque transaction are exactly the same, but which method will be quicker?

If you need the funds quickly, I'd request your money transfer by phone. You can do this when you call to activate your card. There's a dedicated, Freefone number.

MBNA allows you to borrow up to 95% of your credit limit. The money arrives in your bank account in about 6 days

VICTORIA11_2

I'm new in this site and need a little of advice. I am in debt of £15000 of credit cards and jz paying their minimum repayments. I want to make balance transfer whoever that will offer me a good deal....i applied to virgin and natwest but was turned down....I never missed any of my repayments.. would anybody suggest what else balance tranfer cards have good offers?