use balance transfer to pay off overdrafts ?

mrobbo276

just got the 0% 33months barkley card, would it be a bad idea to also clear and get rid of my overdraft?
currently costing me £34pm

grumbler

£34 p.m. is meaningless. It's very expensive for £100 overdraft, but very cheap for £10K. It would be a good idea to clear it if your overdraft is more expensive than your other debts.

And does your new card offer transferring money to a current account under 0% offer? If not, how can you clear your overdraft with the CC?*

BTW, it's Barclays, not barkley.

MSE guide for transferring overdrafts and loans:

• Money Transfers Shift loans or overdrafts with 0% money transfers

* You can withdraw cash from another card to pay the overdraft off, than transfer the balance to the new card. This will cost you ~3% ATM fee on the top of the BT fee.

PeacefulWaters

Yes. As long as:

1. You can.
2. You don't build up the overdraft again.
3. You have a plan to clear the debt (as opposed to shift it around).

mrobbo276

Yes Barclays thanks )

It's my first post so any other info just ask

Money transfers are available with 3% fee

My overdraft is for 3k, plus I pay £12 for adv acc (hsbc)

MartinLewisMoneyShowitv1

mrobbo276 wrote: »

just got the 0% 33months barkley card, would it be a bad idea to also clear and get rid of my overdraft?
currently costing me £34pm

Hi

How is your search for a balance transfer to pay off your overdraft coming along? We, at the Martin Lewis Money Show on ITV1, would love to hear from you. Could you email us at itvmlshow@itv.com please?

Thanks,

Mark