Few questions regarding 0% transfer

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ma-hunny
ma-hunny Posts: 23 Forumite
in Credit cards
After finally paying off my second loan earlier this year, I'm wanting to work my way out of my monthly overdraft (£1k) and a now unused (not maxed) credit card with just under £3.2k balance (high apr).

Seems my best option is a transfer credit card?

Can I transfer OD 0% too?

How do you know if you can get a limit that is enough required for the transfer/s? Can you suggest how much at time of application?

I have tried a compare website and it says 9.5/10 approval chance for pretty much all of them but I understand the terms and rates are at the whim of the banks, seems like a bit of a gamble.
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    You'll need a money transfer option for the OD and loan.

    You'll be told you limit once/if accepted.

    The terms and rates aren't at the whim of the bank. 51% of successful applicants will get the headline offer. Higher risk applicants may get a different offer.
  • ma-hunny
    ma-hunny Posts: 23 Forumite
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    Looking at the top balance transfer cards it looks like they don't offer the money transfer option (or I'm just being dumb) plus that would require them granting a higher initial limit (£4.2k vs £3.2k). Looking like I would be better just hoping I can get one (and with enough) for the CC.


    I recently (and foolishly?) accepted paypal credit which is 5k but doesn't offer transfers. I'm guessing that will negatively effect my chances? :o
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Stop looking at balance transfer cards.
    Look at money transfer cards

    https://www.moneysavingexpert.com/credit-cards/money-transfers/
  • ma-hunny
    ma-hunny Posts: 23 Forumite
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    !!! wrote: »
    Stop looking at balance transfer cards.
    Look at money transfer cards

    https://www.moneysavingexpert.com/credit-cards/money-transfers/


    Had a go, higher fees, not sure if worth it.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    ma-hunny wrote: »
    Had a go, higher fees, not sure if worth it.


    Your current card must have a very low interest rate if it's not worth it, though you described it as high.

    A typical MT is 4%. What are you paying on your card and OD?
  • ma-hunny
    ma-hunny Posts: 23 Forumite
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    Deleted_User wrote: »
    Your current card must have a very low interest rate if it's not worth it.

    An average MT is 4%. What are you paying on your card and OD?


    I'm probably just being stupid hence why I asked for help, OD is Halifax "1p per £7" so % increases throughout the month. Mastercard is 25.9% ! (I think).
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    So the 4% fee is roughly the same as you'll pay in 2 months interest on your credit card.

    If you think you'll need longer than two months to pay it off, you'll save by doing the MT.
  • ma-hunny
    ma-hunny Posts: 23 Forumite
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    Deleted_User wrote: »
    So the 4% fee is roughly the same as you'll pay in 2 months interest on your credit card.

    If you think you'll need longer than two months to pay it off, you'll save by doing the MT.


    2 months :rotfl:probably 2-3 years more like.


    So MT would be better than BT + slowly paying OD?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    I would post on the DFW board then posting your incomings and outgoings.

    You seem to have issues paying off credit and they can help you cut back
  • ma-hunny
    ma-hunny Posts: 23 Forumite
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    !!! wrote: »
    I would post on the DFW board then posting your incomings and outgoings.

    You seem to have issues paying off credit and they can help you cut back


    But I'm not having issues right now (only with the interest they are making from my stupidity!), as I said, I paid off my loans; during which time I was struggling and ended up accruing debt on the CC and OD.

    Since the last loan payments I haven't used the CC, increased min payments and also dropped my OD a bit. Wanting to focus funds on paying off debt not interest if possible, hence why I asked here what to do in that regard.


    I appreciate the help so far though!
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