Credit Card Help!!! - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Credit Card Help!!!

caraluvskittens Avatar
banned7y, 10m agoPosted 7 years, 10 months ago
Hi all,

I need a credit card to pay off my 800 pounds overdraft, as i am being charged alot by the bank for going into this every month!! so i want a credit card s o I can transfer the money from that into my bank account, and pay back over as many months as possible interest free. Ive never had a credit card before and im a bit clueless as to which is the best. Looked all over the internet but there are so many different answers I dont know whats right. Is it a balance transfer I need. Help will be very much appreciated. I also tried virgin credit card already but was declined - because of my overdraft!!
caraluvskittens Avatar
banned7y, 10m agoPosted 7 years, 10 months ago
Options

All Comments

(11) Jump to unreadPost a comment
Comments/page:
#1
check your credit reference first, you can do it free at credit expert for the first month, and see what score they give you and then you can look at different cards that cover your circumstances, but dont keep applying for more cards as each one affects your credit rating.
#2
i did this last year and used an egg credit card, cannot remember if it was interest free but i know it was cheaper that paying the bank every month.
#3
Yes its balance transfer but its something you'll have to do alot of research on. Read MSE's credit card forum, there are many useful threads there about what you want to do. I would be tempted to say go for credit cards that give a very special promotion rate on balance transfer but those are difficult to apply for unless you have a very good credit rating. So just read the forum I said and you'll have a clearer idea of what to do.
#4
just a quick note alot of credit cards wont allow a transfer into a bank account so check they will let you do so before getting one :thumbsup:

most balance transfers are only valid to other credit cards or store cards
#5
Would you be better if there are still 0%APR credit cards out there for say 6-9 mothes to get one of those. Pay off your said overdraft, and within the 0% APR period try your hardest to pay off your credit card. Or if not switch to another company.
#6
You'd be better off negotiating repayments with your bank. Getting into more debt to pay off a debt is not very sensible, particularly with the high interest rates on some of the credit cards. Plus I think the only way you could use a CC to pay off an overdraft is by taking money off your CC as cash, which usually suffers much higher rates than purchases. You could end up in a much worse situation than you are now.
#7
megalomaniac
You'd be better off negotiating repayments with your bank. Getting into more debt to pay off a debt is not very sensible, particularly with the high interest rates on some of the credit cards. Plus I think the only way you could use a CC to pay off an overdraft is by taking money off your CC as cash, which usually suffers much higher rates that purchases. You could end up in a much worse situation than you are now.


Good shout
banned#8
Thanks for all the help guys
#9
Lloyds tsb mastercard is not bad. I have one and its 0% on balance transfers for 6 months or so. Maybe longer for a newer customer. Avoid capital one.
#10
I think Virgin are currently doing 0% for 15 months but they to charge a 2.98% handling fee for the transfer.
#11
yers and virgin let you transfer straight into your bank, not sure if amazon and the credit card does too

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!