0% credit card to pay off overdraft

maidincornwall

Hello, I have a pretty hefty overdraft which I will be able to at least half clear once I get an insurance payment in, however to save the hefty interest I'd like to transfer as much as possible to a 0% credit card, which card would allow me to do this please? I have a good credit rating, own my own house and no other debt but unfortunately not a good income. Thanks

Cornucopia

Have you seen this...?

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

Money_advisor

I'm in a similar situation and mbna have let me do a money transfer to my current account to clear my overdraft of £4000. Saved me £60 per month in interest payments now I pay £60 per month and it all comes off the credit card balance 0% interest till feb 2015. Fee was £160 but this is only 2 months ish interest I was paying the bank before! If I'm not cleared by feb 2015 I will transfer to another 0% credit card.HTH

maidincornwall

Thanks cornucopia no I hadn't seen that I'd obviously been looking in the wrong place!

jamesd

A lower fee way is a 0% for purchases card. Do all normal spending on the card and put as much as you spend in the account with the overdraft. Whether this is cheaper will depend on how fast you spend money compared to the overdraft since that's what determines how long it takes to clear the overdraft.

maidincornwall

Hi jamesd I had thought of that but as I'm also attempting not too spend too much I would hopefully be spending at a rate that would mean this would be a slow process! I'm going to have a look round the cards etc tonight and see what I can come up with, I also applied for a temporary six week part time job today which would bring in approx £200 a week which would be a great help! I'm sitting here fingers crossed that I get it.