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Is it possible to pay off an overdraft with a credit card that has 0% on balance transfers??
Sorry I'm not very clued up with things like this so any help will be appreciated.
Thanks Ben
yes if you take out cash from a cash point and then deposit it in the bank - gonna cost you a fair bit though...
you could do that with my old egg card.
sure you still can but i bet you pay a premium.
oh, and it wont be a balance transfer either so ur gonna get stung for credit card interest which will be worse than overdraft interest most likely
0% is only on transfers
Use credit card for normal spending , put cash moneys earned into the bank over draft and dont touch
Is it possible to pay off an overdraft with a credit card that has 0% on balance transfers??
Not as far as I know. It's not a balance transfer so you would pay interest on it.
Use credit card for normal spending , put cash moneys earned into the bank over draft and dont touch
That's not going to help, it's not a balance transfer so will have normal credit card interest applied to all purchases.
I thought a balance transfer would be me transferring funds from the credit card to the overdrawn account. The credit card has 0% on balance transfers???
If that makes sense
No, it's transferring the balance or debt from one card, perhaps one you are now paying interest on, to a new card.
Check the small print. Only balances transferred from other credit cards will be at 0%.
What about drawing out cash on credit card then doing a balance transfer onto a new 0% balance transfers card? You usually pay a small fee to do the BT though.
read the link above. you can do it but you'll pay a higher transfer fee (4% in the top link). For comparison I just got a deal for 20 months interest free with a transfer fee of 1%. The kayak shop I wanted to use didnt do interest free finance so I put it on one card and transferred to the new one.
Martin Lewis calls it a [url= http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs ]super balance transfer.[/url]
You can do it but you'll pay a fee.
If I remember rightly I had about 1800 quid overdraft and paid around 75 quid fee to get it on a 0% card.. I think.
Yeah I get the drift going to ring the nationwide tomorrow and check they will let me do it for the small fee.
If not its getting cancelled and ill have to find one that let's me
Cheers guys
wouldnt even bother cancelling it. I've got about ten cards now as I just open a new one everytime I want to shunt money around.
Money saving expert tells it all I went with MBA rate for life card been fine its 5.9 percent but no Time limit so was best option just incase I could pay as a should
If you do this, make sure you fully understand the game. You must not make any purchases or withdraw cash on the card, and you must never miss a minimum payment. Slip up on any of these, and you'll quickly start paying a lot interest, and there's no way to fix it except to transfer to a different card.
the way to do this..
use card A to pay off the overdraft.. use card B ( intrest free for balance transfers) to transfer balance of card A to.. no fees..
have a family member who is a monster balance manipulator.. dangerously so but he s not come unstuck ..yet.
Is it possible to pay off an overdraft with a credit card that has 0% on balance transfers??
Natwest have just such an offer on at the moment, they call it a "money transfer". Might be for existing customers only though. 0% for 12 months. Offer closes 28th January
Only on STW do you get criticised for using credit for buying a bike, but hell, go and use credit to pay for bad debt, and yeah sure, that's fine!
Using a credit card to pay off an overdraft is just plain stupid. Cut your spending and pay it back, don't get into more debt to service debt you already cannot afford
Mmmmm 2k limit...up to 1600od....anything i cn do... or just carry on?
Using a credit card to pay off an overdraft is just plain stupid. Cut your spending and pay it back, don't get into more debt to service debt you already cannot afford
If you can utilise it to pay less interest, I'd say its pretty smart.
Sure, you probably shouldn't have got in the hole in the first place but what's wrong with manipulating the banks to make getting out easier.
Who said anything about getting into more debt?
That MBNA card is offering 23 months credit for a 4% one off fee (equivalent to an APR of about 3.9%, I think). If you've got a debt, you may as put it in the cheapest place available while you pay it off.
I'm deleting that
...have you come from the "whisky with a bit of water " thread dancake?! 🙂
Pay off your overdraft. Leave the credit card out of it and stop using that too.
Taking money out of a hole in the wall from a credit card account usually incurs interest payments from that point in time and possibly on any outstanding balance. Never draw money on a credit card.
Only on STW do you get criticised for using credit for buying a bike, but hell, go and use credit to pay for bad debt, and yeah sure, that's fine!
Using a credit card to pay off an overdraft is just plain stupid. Cut your spending and pay it back, don't get into more debt to service debt you already cannot afford
Firstly, Who said anything about[b] "bad debt"[/b] ???
Do you even know what Bad Debt means ? Because its not relevant to this thread in the slightest.
Secondly, can you explain what is "plain stupid" about minimising the interest paid on money owed ?
"Plain stupid" not to do it if you have the opportunity.
You certainly aren't Martin Lewis are you 🙄
what you need to work out is - can you service the debt ? no point shifting it about then running up another overdraft.
what i also found when i wanted a zero % spending card for work expenses - they were not interested in me unless i owned my own house. was easy to get one for balance transfer - they know that most of the time your going to pay it off before the end and they collect juicy transfer fees or heavy interest.
what i also found when i wanted a zero % spending card for work expenses - they were not interested in me unless i owned my own house. was easy to get one for balance transfer - they know that most of the time your going to pay it off before the end and they collect juicy transfer fees or heavy interest.
Surely you want a cash back card for expenses? I get back a couple of hundred a year. If your paying it off within the 60 days you don't pay any interest whatever the rate.
tesco points 😉
but have to be very careful and usually end up paying it back out of my own pocket first as i can be away for 6-8 weeks at a time - then it takes time to process the claims so its much easier to have a 0% than trying to claim back interest retrospecitvly as ive had some beezer arguements about that in the past.
* edit - post i made above should read - not going to pay it off before the end
Spam reported.
MBNA and Capital One credit cards allow you to transfer money into your bank account. Martin Lewis calls it a 'Super Balance Transfer'
Read here -> http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
I had a virgin money credit card with 0% on balance transfers, purchases and also cash advances.
[b]You have to be 100% certain that you can repay your credit card balance by the end of the 0% period[/b] as the interest generated will be much higher than they would be from a loan.
Martin Lewis calls it a 'Super Balance Transfer'
be warned of this, i heard him mention talking on the radio about how by taking and then rolling over 0% cards you could effectively get a free loan.
so i did whilst rennovatinmg a house that was running over, it was super easy to get a few cards, but then 12/18months on when they ended no-one would give me another card to shift debt so i got well stuffed with a hefty debt on plastic.
yes i was naive, no i would not do it again, and i do not like martin lewis.
yes i was naive, no i would not do it again, and i do not like martin lewis.
Every time I've seen Martin Lewis he's always banging on about how it's 100% crucial with 0% deals that you pay them off in full before the cessation of the 0% period.
You may not like him, but he did warn you, and he's rather good at what he does.
I guess if you're the CC companies you have to consider how big the amount is, how many cards are involved and whether you think the customer can pay it back or not! FWIW I used this method to "manage" a debt of under 2k and got almost 4 yrs (one card at a time) interest free credit this way before finally paying it off.