Overdraft onto credit card?

billydino

Hello,

I have a long standing overdraft of around £1200 which cost about £40 a month in interest. Is it possible to transfer this onto a 0% credit card? My existing mint card won't let me as they class it as a cash transfer?

Thanks

CLAPTON

If its a long standing OD then you need to consider your income and spending and free up some more money to pay the OD off... simply shifting the debt to a lower interet rate card will help a little but you need to pay more off as well.


The MBNA family of CC and eggmoney allows BTs from your current a/c.
But do remember you need to pay the CC off before the 0% promotion ends.

Confused88_2

40 is too much to pay when your overdraft is about 1200. Other banks could give a free overdraft for a year or you could find a bank where you could only pay 1% a month on the overdraft and hence about 10-15 pounds a month. Citi gives free for 500 if you deposit at least 1500 a month and I think the same is true for First Direct.

YorkshireBoy

Confused88 wrote: »

40 is too much to pay when your overdraft is about 1200.

There must be some mistake, because that's around 48% EAR. :eek:

...I think the same is true for First Direct.

Only the first £250 is interest free. Anything over is 12.9% EAR.