Probably really obvious question about balance transfers

Lexi321

I am applying for the virgin card to transfer some of my overdraft too with the hope of paying most of it off within the 15 months.

I'm applying online and it's given me the option of putting in the card I want to transfer the balance from, and the amount. My question basically is I don't understand what the balance is referring to, do I wish to transfer a minus amount, I.e transfer -1000 or am I tranferring TO the account, so I put in 1000.

On my overdraft I owe about 2000, though it's in two accounts. I am not sure the virgin card will give me 2000, and I don't think I can clear that much in 15 months, would I be safer transferring just 1000 and hoping I am accepted for that, and then keeping the rest in my overdraft? (nationwide flexaccount)

If anyone could give me a few answers I'd be ever so greatful. I think I sound more confused than I am. I could just keep it all in my overdraft and try and pay it off, but I am at the limit and keep getting scared sometimes when for some reason my pay messes up and I have no overdraft left to fall back on.

YorkshireBoy

You don't enter anything if you're wanting to 'super balance transfer' (SBT) your overdraft to the card.

You'll initiate the SBT during the activation phone call once you've received the card.

All this will do is save you some debit interest each month...it won't actually pay off your overdraft as such because you'll still be left with a large part of the debt on a card, rather than on your current account, at the end of the intro period.

A tip...transfer around 3% more than you need because your first minimum payment will be 3%...which I'm willing to bet is more than you're paying each month in debit interest? Subsequent minimum payments are only £25, meaning if that's all you pay you'll make very little impact on the overdraft over the 15 month intro period.

May I suggest a visit to the debt-free wannabe board to address the underlying reasons for your overdraft usage.

Lexi321

I built up the overdraft last year and havn't really added too much or taken too much away since christmas. I will head to the debt free board though to see if there is a better way I could address trying to pay it off.