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Transferring Overdraft To Credit Card

SKIPPY
SKIPPY Posts: 298 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Debt-free wannabe
Is it possible to tranfer an overdraft onto a 0% credit card? Am trying to give a little advice to a work colleague to save him getting a consolidation loan.

Comments

  • keith_lard
    keith_lard Posts: 517 Forumite
    he would need 2 credit cards to do this

    he could pay everthing that is an outgoing bill on 1 credit card that he would normally pay out of the overdraft!

    2nd credit card use as a tranfer of the 1st credit card
    (fee involved!) to a 0%

    cancel overdraft and credit card 1, pay of 0% (make a plan of payments!)

    Although I dont recommend this at all, it is a way of placing money out of a overdraft to 0% account.
    If you want to see a rainbow, you have to get used to the rain.
  • madmoney_2
    madmoney_2 Posts: 687 Forumite
    i dont get it!!! what if there are no bills/dds coming out of the overdraft, except for the interest of course, would you still have to get 2 credit cards???:confused:
    LBM 29/07/ 07
    TOTAL DEBT: [strike]3300[/strike]1500
    DFD: Aug '08
    :rudolf:Pesky Xmas Savings Challenge: 62/500 No.006 Of Lucys Party Season Challenge 14/09/07: 4.5:mad:/28lbs:xmassmile

    Official DFW Nerd Club No.641
    Proud To Be Dealing With My Debts
  • oscar52
    oscar52 Posts: 2,272 Forumite
    Egg and MBNA (so Virgin, A&L) also allow balance transfers to current accounts DIRECT at balance transfer rates - no need for two cards
    No Longer works for MBNA as of August 2010 - redundancy money will be nice though.

    Proud to be a Friend of Niddy.
    no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date
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