0% Money Transfer?

emoo123

Hi,

I've been on a student account, and have had an interest free overdraft on it. The account is due to switch to a normal account soon and i am looking for ways to get rid of my overdraft before the account switches.

I know that one option would be a loan, but i've looked around and found out about 0% Money transfer cards and was wondering if anyone has had any experience with these?

will 0% balance transfers work too? or is it just the 0% money transfers?

Thanks!

fozmcfc

It has to be a money transfer, you can't transfer an overdraft to a credit card, via a standard balance transfer.

Which means you need a super balance transfer card.

Basically, say your overdraft was £1,000, you get the card and transfer the money to your bank account.

You then owe the card £1,000 + a small fee usually 4%, so the card will have £1,040.

You then have a certain amount of months to pay that off the card, without any interest added, as long as you pay at least the minimum asked for each month.

Another alternative, would be a 0% on purchases card. Then shove all your everyday spending on it instead of using debit card/s and cash, so the money stays in the bank and gradually reduces your overdraft.