0% Credit card for Overdrafts?
georgeformbygrill
Posts: 1 Newbie
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!
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!
0
Comments
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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 BTI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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