Overdraft to creditcard?

KneeDeep_2

I've been reading some of the replies but there are still a few things I'm not clear with.I'm a student and I'm having a hard time budgetting may money. I had a small part time job and now I'm off for the summer i'm actively seeking employment.I currently have an overdraft which is about £1600 and I'm paying unauthorised charges because my limit is £1200. If I were to transfer the overdraft using a 0% super balance transfer to a Virgin credit card (assuming my credit rating is good enough) how much would be the minimum amount I would be expected to pay off each month? A freind of mine insists that once the overdraft is placed on the credit card I will not have to pay anything a month until the 0% runs out where I can then transfer it to another card. Although I'd like to get it payed off as fast as possible I don't have much of an income.

KneeDeep_2

Oh and thanks for readingPat x

NickX

KneeDeep wrote: »

A freind of mine insists that once the overdraft is placed on the credit card I will not have to pay anything a month until the 0% runs out where I can then transfer it to another card.

You will have to make minimum payments during the 0% period. This is essential otherwise you will get penalty fees and they will revoke your 0% promotion.

However, with Virgin, the monthly fee during the promotion is usually a very low fixed amount of between £5 and £25 per month, except for the first month when you are required to pay the Balance Transfer fee.