Pay overdraft with credit card?

angela7

Hi there,

I was wondering if anyone could give me an advice on how to repay my Natwest overdraft of £2800. My account is always on the red even when I get my salary every month. I pay £30 interest every month.

Are there any credit cards with a good deal that I can use to pay the overdraft and how do I do this?

I’ve only got one more Natwest credit card with 2% interest until January in which I currently owe £840.

Any advice would be greatly appreciated. I am waiting for my first baby in March and I am conscious that my salary will be much less when I go on maternity leave so I really need to act now.

Many thanks

DarkConvict

There is only one way to move an non CC debt, on a credit card. These are special cards which allow it and you need a good credit rating to get them. Look up super balance transfer cards here - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

These tend to be 0% for 12-18months or life of balance transfers at about 6.9%.

Now remember a typical credit card of say 15%, is more than £30 a month on a balance on £2800. Its about £35-40.

Fortheloveofmoney

Hi Angela

Take a look at the cards and loan tab at the top of the website and look for cards offering a super balance transfer. These usually allow you to transfer money in to a bank account which would cover your overdraft. You'll need to work out whether this would be a more expensive option though.

Also bear in mind that this isn't paying the debt back, but just moving it elsewhere. You'll need to look at your overall spending to see where cutbacks can be made to pay this debt back.

We usually ask newbies to post a Statement of Affairs (SOA) which is a list of incomings and outgoings so that we can make suggestions of where cutbacks can be made.