Balance Transfer

[fairy!]

When you do a balance transfer to a 0% credit card, you just give your existing credit card number (the long number) & the amount you want to transfer, yes?
So what's to stop me giving the long card number off my debit card & transfering my overdraft?

Xx

[Loosehead]

Nothing at all.

[WoWo]

Because all bank and credit card numbers have identification digits, for example Barclays credit cards start with 4929 and Barclays debit cards with 4539 so they know which cards are credit cards and which are debit cards.

Not to say what you propose won't work but simply that they do know what type a card it is by the number.

[fairy!]

Hi WoWo... yeah, I thought the actual card number might identify it as a debit card... worth a try I guess!
Unless anyone know's that it defo won't work...?

[country_boy]

Yeah it definitely doesn't work - I've tried it - you'll have to get a "super balance transfer" to clear an overdraft. Egg still do them and at least one other, can't think which one but you can find out more on www.moneysavingexpert.com - usually a 2 or 2.5% charge is involved nowadays.

[ugly_bob]

Whenever I've changed c.cards, I've always had the option of balnce transferring other credit cards as well as overdraft.

Admittedly, they seem to have a 2% charge on any balance transfer now.

[mkt]

you can transfer an overdraft to a 0% credit card but you'll have to pay 2% transfer fee (to a maximum charge of between �50-�75 usually)

This 2% is not because you'd be transferring an overdraft its just the standard transfer rate ie even if you were transferring from an old credit card to a new 0% one. Theres nothing to stop you clearing your overdraft onto a card