From Current account to credit card?

Brenana

Hi,

I have an overdraft of about £1500. I've recently started paying a lot of interest on it so I'm keen to move it somewhere cheaper.

I think a 0% balance transfer credit card would be the best way, but I can't work out how to transfer the overdraft onto a credit card, as the credit card won't take a transfer unless it's from another credit card.

HAs anyone got any ideas? Surely this must be possible!

Any suggestions would be gratefully received!

Thanks!

YorkshireBoy

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

gezza2k

If your credit is ok try and get the MBNA everyday credit card.
Mine allowed cash transfers to current account @ 0% for 15 months.
I transferred £400 paying £16 fee. (couldn't transfer balance from same company so did it this way)

Herbalus

The other option if none of the above options work/take your fancy, though this takes longer, is to get a 0% on purchases card and use this for all your spending, and only pay the minimum each month. Your unspent wages will then be accumulating in your account and reducing your overdraft. When you return to a balance above 0 you can start to pay off the credit card.

Obviously it's more expensive to use a credit card to withdraw cash, and you won't be able to use it to pay your water/electric bills if you have direct debits, but it's an option.

YorkshireBoy

Herbalus wrote: »

Your unspent wages will then be accumulating in your account and reducing your overdraft.

Just to add...if your account is one which charges a daily fee for overdraft usage (such as Halifax, Santander, Nationwide, et al), then you won't benefit (as much) from this approach.