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Is it worth transferring an overdraft to a credit card.

Has anyone transferred a overdraft balance to a credit card? Any advice on if it was worth it. Or maybe somebody has a better suggestion.

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kevinh1 wrote: »
    Has anyone transferred a overdraft balance to a credit card?
    Many
    Any advice on if it was worth it.
    It is if the CC's interest rate is considerably lower.
    Or maybe somebody has a better suggestion.
    Pay it off without transferring.

    MSE article: Money Transfers
  • RichardD1970
    RichardD1970 Posts: 3,796 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have.

    Had a £2000 overdraft with Halifax which for some reason I could never make an impact on but never went over the limit.

    As they started charging £1 per day for overdrafts I did a 0% transfer to a CC. Initial saving of c£20 month and actually paying it off.

    You must ensure that you don't start to creep back into the overdraft or you will end up in a worse position with a CC bill to pay and an expensive overdraft. :eek:
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