Hi, I dont have a credit card, and am not sure about all the jargon, can I get a credit card with 0% balance transfer, and use it to pay off an overdraft on my bank account?! or does it only work credit card to credit card??!! Im looking to pay off my overdraft so I stop incurring intrest on it, any ideas?
2007-07-27 00:59:19 · 6 answers · asked by lazycat 2 in Business & Finance ➔ Personal Finance
The 0% transfer only applies to putting money on your card not taking it from it to pay an overdraft! Why not get a loan and pay it off?
2007-07-27 01:03:28 · answer #1 · answered by TAFF 6 · 3⤊ 2⤋
Gone are the days with 0% APR's on balance transfers. The feature was misused so much that credit card companies thought it best to revoke these offers. The reason could be the loss of revenue to credit card companies but this habit of transferring balances frequently and avoiding the debt repayment was increasing the volume of credit card debt. A best balance transfer credit card is:
Blue Cash from American Express®
This credit card issued by the credit card giant American Express has No annual fee. Coming to balance transfers, the Blue Cash from American Express has a low balance transfer rate. The APR for balance transfer is 4.99% fixed for the life of balance. Another good feature of the Blue Cash from American Express is that it is a 0 Intro APR credit card. It has a 0% intro APR rate for 6 months. The reward program of Blue Cash from American Express gives Up to 5% Cash Back with Unlimited Cash Rewards. This entitles the credit card holder to earn an unlimited cash back on his spendings. Apply online at: http://www.credit-card-gallery.com/American_Express.html
2007-07-28 07:07:47 · answer #2 · answered by grierGRIER h 3 · 0⤊ 0⤋
You can get the balance transfers to pay your overdraft but that will only last for 6 months or so.
some companies will issue you with a cheque book so you can pay it into your bank.
2007-07-27 08:10:27 · answer #3 · answered by **tomtom 5 · 0⤊ 0⤋
If you are over-drafting your checking account, the LAST thing you need is a credit card. What you need is to manage you money properly. The card will cost you more than the overdraft you are trying to fix.
2007-07-27 09:09:08 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
Its not a good idea to borrow money to repay other money. If you get a loan to clear your overdraft, you will still pay interest on the loan.
2007-07-27 08:09:38 · answer #5 · answered by fengirl2 7 · 1⤊ 0⤋
not sure but think its only for other visa's as a good incentive to move to the new card company
2007-07-27 08:02:38 · answer #6 · answered by dougie 2 · 0⤊ 0⤋