Finding my first Credit Card for a balance transfer

I currently have an overdraft of £940 with Halifax - but I hear they are going to be changing the account over so it will charge me £1/day for every day I'm in my overdraft which is ridiculous. So I'm looking for a card that I can do a balance transfer on from an overdraft. If I can't find one that allows me to transfer from an overdraft I'll have to do what my brother did and 'borrow' my mum's card act as an inbetween.

Has anyone got any advice on cards that I could get? I'm not sure about my credit rating, except I got accepted for a phone contract 2 months back and halifax are still offering me £2000 worth of overdraft. I'm not sure if I'm on the electoral roll yet, as it hasn't updated since I sent the form off.

Any advice?

Replies

  • RafterRafter Forumite
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    Sharon,

    How much do you spend per month on your debit card?

    Might be easier to get a long 0% purchases card, put your monthly spending on that and then your overdraft will come down.

    Also suggest you do yourself a budget so you know how much you have to spend and can avoid dipping into your overdraft each month.

    Having a second account or something like the 02 money card might help you as it will text you every time you spend to tell you your balance?

    Good luck

    R.

    http://www.makesenseofcards.com/soacalc.html
    Smile :), it makes people wonder what you have been up to.
  • Well at the minute I spend what I earn lol. My wages aren't stable I do different hours every week. I've brung my overdraft down by £60 in the past 2 months, so I'm trying to pay it off, but I won't pay it all off by December (when it changes).

    I don't spend that much to get a 0% on purchases card, which will also bring down my overdraft. Here is a rough SOA.

    Monthly Income Details[/b]
    Monthly income after tax................ 600
    Partners monthly income after tax....... 0
    Benefits................................ 200
    Other income............................ 0
    Total monthly income.................... 800

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 500 - all bills
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 22
    TV Licence.............................. 0
    Satellite/Cable TV...................... 9 - sky sports for 6/7 more weeks.
    Internet Services....................... 0
    Groceries etc. ......................... 70
    Clothing................................ 20
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 70 - work mostly
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 35
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 726


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    hsbc od interest free..........1000......0.........0
    hsbc od non interest ..........500.......4.........19.9
    halifax od.....................930.......13........0
    Total unsecured debts..........2430......17........-


    Monthly Budget Summary

    Total monthly income.................... 800
    Expenses (including HP & secured debts). 726
    Available for debt repayments........... 74

    Monthly UNsecured debt repayments....... 17
    Amount left after debt repayments....... 57

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,430
    Net Assets.............................. -2,430



    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,430
    Net Assets.............................. -2,430

    Like I said this is a rough estimate as sometimes I get more/less income.
  • Also I don't actually have the pin number to my overdraft account I transfer what I need when I need it to my Easycash account, so I can keep it more under control - well ok I just can't be bothered travelling to or phoning halifax to get a new pin lol.
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