Paying off over draft with a balance transfer?

tomy_1985

Hi,

Is it possible to pay off a overdraft with a balance transfer?

I currently have a £1600 over draft that I want to get on to 0% credit.

I have heard in the past that only certain (normally high interest) credit cards allow balance transfers from overdrafts? If this is the case, could I use one of these and then balance transfer from credit card to credit card (the 2nd being a 0% balance transfer)

Any help would be great,

Tomy

TFD_2

The MBNA family of cards allow you to do a BT from the card to a bank account. Most do not.

tomy_1985

Thanks TFD, are there any good deals from MBNA? What are the actual cards within this family?

Would it be possible to do two balance transfers as above?

Tomy

Trembling_Turnip

Virgin 0% on BT for 16 months, 2.98% fee.

Make sure you set up a direct debit to pay off the minimum amount

Just did a transfer myself to clear overdraft and pay off my tax bill, which I'd otherwise be paying interest on.

Going to budget an amount per month to set aside into a higher interest account for the 16 months so i can clear it at the end of the promotional period.

YorkshireBoy

tomy_1985 wrote: »

Thanks TFD, are there any good deals from MBNA? What are the actual cards within this family?

Suggest you take a look at this article...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA

MBNA family cards (at least the mainstream ones) are listed here...

www.stoozing.com/cards.htm

Would it be possible to do two balance transfers as above?

From two overdrafts you mean? You can, but it's not necessary since you're free to do whatever you want with the money once it lands in your current account. It doesn't have to be a 'real' overdraft.

tomy_1985

Thanks for the advice, I think I'm going to try the the Virgin Card