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balance transfer help for complete newbie!

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So I have quite a sizeable overdraft (1690) with Halifax. It costs me nearly £30 a month in charges and I've been toying with the idea of getting a balance transfer card. I've spent two years digging …
Nat_urally Avatar
4m, 3d agoPosted 4 months, 3 days ago
So I have quite a sizeable overdraft (1690) with Halifax. It costs me nearly £30 a month in charges and I've been toying with the idea of getting a balance transfer card. I've spent two years digging myself out of a financial hole and repairing my credit but it's still not great purely because of this overdraft. Because of this barclaycard is the only one that might accept me. Does anyone know if barclaycard allow cash transfers to another bank? To be clear this wouldn't be card for purchases. I'd be paying it off monthly until the 0% ends when it'll be gone. I know some do allow this and some don't... but I cant find any info specifically on barclaycard balance transfer cards. Any advice welcome :)
Nat_urally Avatar
4m, 3d agoPosted 4 months, 3 days ago
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#1
Are you applying for a new card or do you have an existing barclaycard?
#2
What you want is a money transfer card. Balance transfer cards pay off the balance on another credit card.

Not many do money transfer cards. Virgin Money had a good offer on money transfer fee weeks back. Check there. But if your credit rating is under repair then chances are low. Do a soft credit search on money saving expert to find out
#3
mayzi
Are you applying for a new card or do you have an existing barclaycard?


No I don't have one. This would be a brand new application.
#4
playdumb
What you want is a money transfer card. Balance transfer cards pay off the balance on another credit card.

Not many do money transfer cards. Virgin Money had a good offer on money transfer fee weeks back. Check there. But if your credit rating is under repair then chances are low. Do a soft credit search on money saving expert to find out


Yeah I did actually use that checker, only a couple of balance transfer ones came back. So basically I can do want I want with a balance transfer. Didn't realise it was a completely different thing... see complete newbie! Damn. Sadly can't get the right card without a good credit rating but can't repair it without a card haha! Well I can, just very slowly and still paying interest.
#5
virgin, mbna and tesco clubcard credit cards. These three are the providers I know that provide money transfer cards. and as the previous comment virgin has got a good deal for less than 2 percent for nearly 3 years I think.
#6
Have you considered a loan? Interest might by lower than what you're paying now? Again, money supermarket can do a soft search.
#7
thearbiter65
Have you considered a loan? Interest might by lower than what you're paying now? Again, money supermarket can do a soft search.


Unfortunately I'm not eligible for a loan (based on money saving experts credit checker anyway!) initially that was my plan. I'll have a think thank you!
#8
If you can't get money transfer cards then a personal loan would be an option.

Also have you considered a 0% purchase Credit card (whereby you don't immediately pay what you have to spend - on essentials) and put that money towards paying off the overdraft. When the 0% offer ends on the card simply use a balance transfer offers then and you will get more time to settle your debt slowly.

One word of warning though! Do not get 0% purchase card to spend extra otherwise you will only be digging debt hole even deeper!
#9
sujitkumar
virgin, mbna and tesco clubcard credit cards. These three are the providers I know that provide money transfer cards. and as the previous comment virgin has got a good deal for less than 2 percent for nearly 3 years I think.


Haven't checked mbna or Tesco but I know I can't get a virgin card. Will give them a go. It's. it the end or the world, worse case scenario just Carry on paying the charges and pay it back monthly. Thanks for your help :)
#10
AstalaVista
If you can't get money transfer cards then a personal loan would be an option.

Also have you considered a 0% purchase Credit card (whereby you don't immediately pay what you have to spend - on essentials) and put that money towards paying off the overdraft. When the 0% offer ends on the card simply use a balance transfer offers then and you will get more time to settle your debt slowly.

One word of warning though! Do not get 0% purchase card to spend extra otherwise you will only be digging debt hole even deeper!


This seems like a potential way to do it. I really am very careful with finances now, I use YNAB And budget to the penny. So I trust I'd manage, I'll maybe look into that as another option :) thank you!
#11
Be careful when applying for any credit as if you get declined this will be on your credit file. So the next time you try a new provider they will see it. Saying that I would opt for a credit card cash transfer. You should be able to get 0% interest for at least a year with a 3% fee. agree with others MBNA, barclaycard, some halifax cards and others do cash transfers. Good luck and credit cards are better than personal loans if paid off within the promotional period.
#13
dealondeals
Be careful when applying for any credit as if you get declined this will be on your credit file. So the next time you try a new provider they will see it. Saying that I would opt for a credit card cash transfer. You should be able to get 0% interest for at least a year with a 3% fee. agree with others MBNA, barclaycard, some halifax cards and others do cash transfers. Good luck and credit cards are better than personal loans if paid off within the promotional period.


​no it wont. a search will be on the file, not the outcome.
#14
One way to get the money to your bank is to apply for 2 credit cards, one of which has a balance transfer offer, if you have PayPal send the amount you need to a friend as a gift, use the card without the offer to pay it, there will be a charge from PayPal, but there is anyway with any transfer. Get friend to do a bank transfer of the money to the bank account with the overdraft. Then do a balance transfer from the card you used with PayPal to the one with the offer.

This will cost more in fees than a traditional money transfer, but if there's no other option, it's an idea?
#15
Borrow £450 go to the casino and put it on red twice on the roulette .. Job done
#16
​Sounds like you're getting a grip on your finances. Good luck. Stay vigilant on the finances.

If you can (with close friends or family) borrow from them and pay the fees to them rather than Halifax!

As has been often said he in the electoral roll
The suggestion to get a 0% Purchase credit card first, pay off the minimum and build up your credit rating slowly that way is good.
#17
dealondeals
Be careful when applying for any credit as if you get declined this will be on your credit file. So the next time you try a new provider they will see it. Saying that I would opt for a credit card cash transfer. You should be able to get 0% interest for at least a year with a 3% fee. agree with others MBNA, barclaycard, some halifax cards and others do cash transfers. Good luck and credit cards are better than personal loans if paid off within the promotional period.


Don't worry I never put hard searches on my credit file. Always just use eligibility checkers. I've spent so long fixing it all I'd hate to ruin it be applying for loads :)
#18
sparxuk
One way to get the money to your bank is to apply for 2 credit cards, one of which has a balance transfer offer, if you have PayPal send the amount you need to a friend as a gift, use the card without the offer to pay it, there will be a charge from PayPal, but there is anyway with any transfer. Get friend to do a bank transfer of the money to the bank account with the overdraft. Then do a balance transfer from the card you used with PayPal to the one with the offer.

This will cost more in fees than a traditional money transfer, but if there's no other option, it's an idea?


So I can send money to PayPal from a balance transfer card? Is that what you're saying?

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