Balance Transfer and Transferring money to current account

bigdavecox90

Have been looking at applying for a new card to transfer my current CC balance (about £800) as they current interest is around 18% I believe. I have been advised a Virgin Money card through Credit Expert as there is an 80% chance that I'll get this card.

It states one of the perks below;

Transfer money to your current account with 0% interest for 39 months (4% fee applies)

Excuse me if I'm being simple, but does this mean I could also pay off my overdraft with my credit card and be able to pay this off over 39 months also?

Sorry if this is really obvious, just wanted advice and to check before applying.

Thanks all

YorkshireBoy

It will meet your requirements, yes. However, a word of warning...unless you've addressed the reason(s) for the credit card and, especially, the overdraft debt existing in the first place, then you're likely to end up in a far worse situation at some point down the line.

bigdavecox90

YorkshireBoy wrote: »

It will meet your requirements, yes. However, a word of warning...unless you've addressed the reason(s) for the credit card and, especially, the overdraft debt existing in the first place, then you're likely to end up in a far worse situation at some point down the line.

Thanks for response mate,

Can you elaborate?

YorkshireBoy

bigdavecox90 wrote: »

Can you elaborate?

You may rack up even more debt, due to the increased available credit on possibly 3 lines of credit:


1. The O/D facility you've just paid off
2. The credit card you've just paid off
3. Any spare credit limit left on the Virgin card after settling the above


...if the debt was run up recklessly, or due to a life event you haven't yet resolved.

bigdavecox90

YorkshireBoy wrote: »

You may rack up even more debt, due to the increased available credit on possibly 3 lines of credit:


1. The O/D facility you've just paid off
2. The credit card you've just paid off
3. Any spare credit limit left on the Virgin card after settling the above


...if the debt was run up recklessly, or due to a life event you haven't yet resolved.

I see mate, my plan would be to clear the overdraft with the credit card and then close the overdraft altogether so this would negate reason to use the overdraft at all. It would just mean sensibly managing the CC?