Clear Overdraft with Credit Card

Ok so it goes... i have a £500 overdraft witb Halifax, i have now closed this account and opened an account with Santander. Mt question is this.. i have 2 credit cards, one with a £500 limit 0% 6 mth on balance transfers & another card with a £900 limit no 0%. Which card do i use to clear to my overdraft? I have £480 due to me in October which is free money but the overdraft is required to be cleared by 15th Sept. How can i use my cards to manipulate the current debt. I understand paying off an overdraft with a credit card isnt ideal but right now its my only option.
Thanks in advance for all advice
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  • pcman1985
    pcman1985 Posts: 181
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    What I would do.

    Use the £900 limit credit card to withdraw £500 (I know it's frowned upon due to interest). Use the £500 to pay off the overdraft.
    Then balance transfer £450 to the 0% card.

    Make sure you pay off the balance in FULL on the original £900 card for two consecutive months to stop interest.
  • Thanks for your response. I must admit i did forget to mention the £900 limit card currently has an outstanding balance of £430
  • Can you clarify whether the new Santander account is now overdrawn by £500?
    You can't close an account if it has an overdrawn balance.

    What is your general financial circumstances like?

    Will you get a new card to clear everything?
  • Its my Halifax account that is overdrawn by £500, my santander account is my new account. I did the switching service from halifax to santander but did take the overdraft onto Santander. My financial circumstances are fair.. i have no long term outstanding debt..
    Im not planning on getting another card no.
  • *sorry typo.... did NOT take my overdraft from halifax to santander
  • lopsyfa
    lopsyfa Posts: 472
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    The best thing is (if possible) instead of spending you salary, spend on the card and use your salary/income to pay the overdraft. This way you don’t pay any fees for money transfer.
  • Sorry I still don't get it - if your Halifax account is overdrawn it will not be closed when the switch to Santander happens (though the direct debits etc might go across)
    Any incentive you may have got as a result of switching to Santander might also be rejected if the Halifax account is not closed.

    Will Santander not offer you an overdraft facility?
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Scoobs2006 wrote: »
    i have now closed this account

    If the account has a balance it won't be closed.

    What did you hope to achieve by moving accounts at this time?

    From a credit rating perspective rather foolish if you had no plan to repay it. .
  • Santander will not offer me an overdraft facility. My intention was to open santander for all my wages direct debits etc and pay off Halifax with money i have left, but i did not realise i had opted for a switching service. No the Halifax account is not yet closed as i owe them £500. Yes it was foolish which i why im asking for advice on here.
  • Dobbibill
    Dobbibill Posts: 4,132
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    Have your DDs all moved over to your new Santander account?

    You could keep the Halifax a/c open and use it for bills - treat the OD as a bill too and pay off a little each month over the amount of charges that debit.
    You can still have your wages go into the Santander a/c.
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