Help with balance transfer please

Hi there, was just looking for a bit of advice re credit card balance transfer. I have a virgin credit card with an outstanding balance of £700 on it. Virgin are offering me a 0% balance transfer until May 2014 and was hoping to take advantage of this to clear my hefty overdraft. We are now in a postion that we could afford to repay £300-£500 per month. Was wondering if I need to clear outstanding £700 before using balance transfer? Thanks for any help xx
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