Transfer from bank account to credit card?

Irishorangutan

Hello.

I'm in the middle of moving to a free business bank account from the RBS one (which I pay around £500 a year in charges on!)

I've got an overdraft of around £1500 on my RBS account, and I'd like to transfer this to a 0% credit card if possible.

What is the best way of doing this? Is it even possible to transfer a balance from an account (business) to a credit card?

Many thanks!

YorkshireBoy

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

Irishorangutan

Thanks. Though I still can't see the specific part of this which refers to transferring from bank account to credit card?

YorkshireBoy

Irishorangutan wrote: »

Thanks. Though I still can't see the specific part of this which refers to transferring from bank account to credit card?

The easiest way is by using a Virgin card...

What is a super balance transfer?

When you do a normal balance transfer on a new card, it pays off your debts on another credit card for you, so you now owe the new card the money. Yet with a super balance transfer it allows you to pay money straight into your bank account at the special cheap balance transfer interest rate.

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

...although it's entirely possible to 'spend' your way out of the overdraft by using a 0% on purchases card.

It's explained very clearly (IMHO) in the article. Maybe if you read it a couple of times more it will 'click'?


EDIT: I see Al Mac has given you the third option, which is possibly the cheapest...but not necessarily the easiest or longest duration, and will involve two card applications (unless you already have an Egg Money card?).

Irishorangutan

Ah ok, cool I get it now! not the easiest but worth a go anyway!

Irishorangutan

Not sure if you're trying to suggest I'm stupid Yorkshire Boy - IMHO it is explained very well yes, but I couldn't find the section that was being referred to. it "clicked" the first time I read it.

Irishorangutan

EDIT: I see Al Mac has given you the third option, which is possibly the cheapest...but not necessarily the easiest or longest duration, and will involve two card applications (unless you already have an Egg Money card?).[/QUOTE]

Yes thanks for pointing this out - I was about to do it the long way, before you pointed that out to me. Thanks.

YorkshireBoy

Irishorangutan wrote: »

Not sure if you're trying to suggest I'm stupid Yorkshire Boy

Absolutely not! What I meant was I couldn't add any more to what the article says. Even Martin himself says...

This needs to be done carefully, read this through at least twice to be sure you understand it.

Irishorangutan

Al_Mac wrote: »

He isn't. An awful lot of people take a while to understand making money from cards. Some never get it.

Edited to add : And I'm not saying your slow

It's confusing definitely - and I appreciate your help with it. :-)

Irishorangutan

YorkshireBoy wrote: »

Absolutely not! What I meant was I couldn't add any more to what the article says. Even Martin himself says...

Ok sorry, I do appreciate your help - very much so! I couldn't see the right bits for looking - and I'd have probably been reading it all day to figure it out!

Irishorangutan

I can understand the two card system, and it seems the most cost effective, but I'm not sure I'd want to open two more cards if I can help it.

So to clarify, Virgin do "Super-Balance Transfers" which allow you to make out a credit card cheque to yourself, (at 0% for 15 months with a fee of 2.98 percent) which you can then pay in to your account, thus clearing your account balance, and leaving you with the money to repay on the credit card over the 15 months?

Does that make sense?