Balance Transfer from Overdraft

humancoin

Hello there,

I was just wondering if it is possible to do a balance transfer to a credit card from a current account overdraft?

Any info would be much appreciated... i've had a look but can't seem to find the answer, so apologies if it is written somewhere else!

Thanks.

CLAPTON

some cards allow this ... the MBNA stable of cards and eggmoney... some also do occasional CC cheques which can be paid into your current a/c

humancoin

Thanks for that info CLAPTON.

Moggles_2

A few rather special credit cards have this capability.

A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) Egg Visa or the Post Office card, will allow you to transfer an overdraft, in other words, transfer cash from the credit card to your current account.

Alternatively, you can use Egg Money (not to be confused with Egg Visa) in conjunction with any low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account

Robflh

Hi humancoin

I have actual done just that. Removed my overdraft by transferring the debt to a credit card. Make sure you are not going to be charge the Cash APR.

Also, remember that an overdraft has an APR rate, so compare that with the rate you have been offered.

In the past, Capital One has sent me Chequebooks. On occasions, the APR for them has been at a low BT rate, Purchase rate and more often these days a Cash rate.

What you want to do can be done, it is just a question of whether the credit card/s company will let you do it and that you would save money in doing so.

So ring them and ask them.