0% Credit card for Overdrafts?

georgeformbygrill

Hi all,

I imagine there are many threads about this but I can't seem to find them....

Got a total debt of £5000 (£1800 Credit card, £3200 overdraft). I'm paying a combined total of £166 a month in minimum payments and interest combined - This is obviously not getting me anywhere!

My question is: Is it possible to use a 0% Credit card to pay off both credit cards and use it to get rid of the overdrafts while I'm at it? I don't see overdrafts being talked about when it comes to balance transfers so I don't even know if its possible/complicated etc. I have good credit rating and steady income so it shouldn't be a problem to attain the card.

This may be a no brainer but I'm not very wise when it comes to cash so just wanted to put it in front of more learned people!

Thanks in advance!

MallyGirl

Balance transfers are purely for moving the balance on one credit card across to another credit card.

If you want to pay off a loan/storecard/overdraft you need a Money Transfer. There are less of these around and they do incur a fee but the money just lands in your current account and you can do what you like with it. The offer lengths can be shorter for MT than BT

MallyGirl

take a look here:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs