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  • FIRST POST
    • georgeformbygrill
    • By georgeformbygrill 1st Sep 17, 1:28 PM
    • 1Posts
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    georgeformbygrill
    0% Credit card for Overdrafts?
    • #1
    • 1st Sep 17, 1:28 PM
    0% Credit card for Overdrafts? 1st Sep 17 at 1:28 PM
    Hi all,

    I imagine there are many threads about this but I can't seem to find them....

    Got a total debt of £5000 (£1800 Credit card, £3200 overdraft). I'm paying a combined total of £166 a month in minimum payments and interest combined - This is obviously not getting me anywhere!

    My question is: Is it possible to use a 0% Credit card to pay off both credit cards and use it to get rid of the overdrafts while I'm at it? I don't see overdrafts being talked about when it comes to balance transfers so I don't even know if its possible/complicated etc. I have good credit rating and steady income so it shouldn't be a problem to attain the card.

    This may be a no brainer but I'm not very wise when it comes to cash so just wanted to put it in front of more learned people!

    Thanks in advance!
Page 1
    • MallyGirl
    • By MallyGirl 1st Sep 17, 2:21 PM
    • 2,035 Posts
    • 6,867 Thanks
    MallyGirl
    • #2
    • 1st Sep 17, 2:21 PM
    • #2
    • 1st Sep 17, 2:21 PM
    Balance transfers are purely for moving the balance on one credit card across to another credit card.

    If you want to pay off a loan/storecard/overdraft you need a Money Transfer. There are less of these around and they do incur a fee but the money just lands in your current account and you can do what you like with it. The offer lengths can be shorter for MT than BT
    • MallyGirl
    • By MallyGirl 1st Sep 17, 2:23 PM
    • 2,035 Posts
    • 6,867 Thanks
    MallyGirl
    • #3
    • 1st Sep 17, 2:23 PM
    • #3
    • 1st Sep 17, 2:23 PM
    take a look here:

    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
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