Finding 0% credit card to pay off overdraft?

iofox

Hello,

Does anyone know if it's possible to get a 0% credit card to pay off a £1400 overdraft? Is this a good idea, and how tricky is it to do?

Hope someone can offer some advice.:)

cifpower

http://uk.virginmoney.com/virgin/credit-cards-v11/pre-apply.jsp

Apply for a Virgin Money card and take advantage of a money transfer to your current account at 0% for 16 months with a fee of 4%. It is best to ask for the transfer when you have your card and over the phone with an operator. Funds take about 5 days to arrive.

Bonald01

I have just used the 0% deal on cash transfers until Oct 2010 on my existing Virgin credit card to pay off my £1500 overdraft. I have paid a 4% fee to do this but this still beats the £18 per month interest I have been paying on my overdraft. I have also applied for a Premier Account with Alliance & Leicester with the 0% overdraft for a year and free £100 cash however they will not match my existing overdraft with HSBC until I can prove I have been in credit for at minimum of 2 days in the month. After doing this cash transfer I should now be in credit and be able to switch to A&L if I want the 0% overdraft. Obviously I must now pay a set amount off on the Virgin Card every month until October to pay off my overdraft (and cancel my overdraft with HSBC before I run into it again!) I think this is a good deal however I am concerned that I have an existing balance on my Virgin card (of around £800) which I am paying interest on therefore I will in fact be paying off the existing balance+interest before I can actually pay off the cash transfer. Fortunately, having done the sums and being in a position to pay enough each month to get this paid off by October I think it is still worth doing. What do people think?

dylanuk

Using the Virgin credit card to move the 0% balance to pay off an overdraft is very easy - you just do it via online banking, put in your current account sort code and number, type in how much you want to move and press enter.

It credits to your current account in a few days, and adds the amount plus fee to your Virgin credit card balance.

You should set up minimum payments by direct debit, or if you miss a payment you'll lose the 0% rate. The minimum monthly payment is very low on Virgin, only £25 during the 0% offer and you can pay more than this with a debit card online as and when you want.