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  • FIRST POST
    • F1chick149
    • By F1chick149 17th Apr 18, 11:40 PM
    • 3Posts
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    F1chick149
    Help with Balance transfer Credit Card
    • #1
    • 17th Apr 18, 11:40 PM
    Help with Balance transfer Credit Card 17th Apr 18 at 11:40 PM
    I have two credit cards, an overdraft and a couple of catalogue debts, altogether 4700. I had looked at a loan but the intrest rate is too much. I basically want to make my monthly repayment one payment and hopefully less than what I am paying at the moment.

    I understand how to transfer the balance from my credit cards to a new one but is it possible to use a balance transfer credit card to pay off my current account overdraft and catalogue repayments?

    Any advice gratefully received.
Page 1
    • eskbanker
    • By eskbanker 18th Apr 18, 12:27 AM
    • 8,013 Posts
    • 8,928 Thanks
    eskbanker
    • #2
    • 18th Apr 18, 12:27 AM
    • #2
    • 18th Apr 18, 12:27 AM
    Balance transfer cards only allow balances to be transferred between credit cards - if you want to pay off non-CC debt then it's a money transfer card that you'd need, see https://www.moneysavingexpert.com/credit-cards/money-transfers for further details.

    Try the MSE eligibility checker to assess your likelihood of getting one of these cards, at https://creditcards.moneysavingexpert.com/?money-transfers, but be aware of the fact that there's no way of finding out how much of a credit limit you'd get, i.e. it could be well short of 4,700. However, it makes more sense to pay off your most expensive debt first so prioritise your requirements according to their APRs rather than trying to get to one monthly payment....
    • Ben8282
    • By Ben8282 18th Apr 18, 3:59 AM
    • 2,402 Posts
    • 1,101 Thanks
    Ben8282
    • #3
    • 18th Apr 18, 3:59 AM
    • #3
    • 18th Apr 18, 3:59 AM
    You say that the loan interest rate is too high but is it really higher than the credit cards and the catalogues?
    • Dobbibill
    • By Dobbibill 18th Apr 18, 7:16 AM
    • 3,314 Posts
    • 4,241 Thanks
    Dobbibill
    • #4
    • 18th Apr 18, 7:16 AM
    • #4
    • 18th Apr 18, 7:16 AM
    As above - a MT card is needed for debts other than CCs.

    If you are able to overpay more than you currently pay then you could destroy one debt at a time (the highest debt first, as already pointed out above).
    You can then snowball the payments to the next debt.

    Having one payment is disillusional that it's better, easier etc - it's consolidation and rarely works even with the best intentions.

    Why not pop over to the DFW board and post a SOA.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • MallyGirl
    • By MallyGirl 18th Apr 18, 9:57 AM
    • 2,957 Posts
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    MallyGirl
    • #5
    • 18th Apr 18, 9:57 AM
    • #5
    • 18th Apr 18, 9:57 AM
    I basically want to make my monthly repayment one payment and hopefully less than what I am paying at the moment.
    Originally posted by F1chick149
    A single payment is not worth paying for - only take a money transfer card out if it will definitely mean you are paying less.
    MT cards tend to have shorter 0% periods and have transfer fees (typically around 3% of the amount transferred) so you need to be sure you can pay it all off in the 0% period otherwise you have just moved debt to higher APR than before.
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