Can you transfer an overdraft to a credit card?

[pimpin gimp]

I've got the remnants of a student overdraft (down to around £750) which i'm paying off at the rate of about £50 a month, I've also just got a credit card with a 0% balance transfer offer for 14 months.
Now, seeing as I'm paying about a tenner a month interest on the overdraft, it makes sense to transfer this debt to the credit card so i can pay it off without the interest. Is this possible?

[Yugguy]

It'd be classed as a cash advance I would imagine so not sure, they tend not to do that on credit cards, usually 0% is only on balance transfers from other cards or on purchases.

[andymc]

do they never issuse cheques? you can pay them in

[john_p]

Yugguy said:

It'd be classed as a cash advance I would imagine so not sure, they tend not to do that on credit cards, usually 0% is only on balance transfers from other cards or on purchases.

They will probably do a cash advance but I'd expect that to have a charge associated AND it won't be counted as part of your interest free/balance transfer.

[mr_tony]

You can't transfer it as such. You can get it there though.

Apply for 2 credit cards - one after the other.

The second should ahve a balance transfer facilty.

Use the first credit card to cover your day to day purchases (do not withdraw cash if possible) up to the 750 limit.

Use the incoming cash from wages to pay off the overdraft.

Transfer the balance from card 1 to card 2 with the 0% balance transfer on it.

Cancel card 1.

Voila - debt transferrerd...

[mouk786]

pimpin gimp said:

I've got the remnants of a student overdraft (down to around £750) which i'm paying off at the rate of about £50 a month, I've also just got a credit card with a 0% balance transfer offer for 14 months.
Now, seeing as I'm paying about a tenner a month interest on the overdraft, it makes sense to transfer this debt to the credit card so i can pay it off without the interest. Is this possible?

some cards, (EGG and VIRGIN) allow you do do balance transfers to your current accou.t So BT 750 to your current account to clear the limit and then pay off the CC over time.

[The Curn]

mouk786 said:

pimpin gimp said:

I've got the remnants of a student overdraft (down to around £750) which i'm paying off at the rate of about £50 a month, I've also just got a credit card with a 0% balance transfer offer for 14 months.
Now, seeing as I'm paying about a tenner a month interest on the overdraft, it makes sense to transfer this debt to the credit card so i can pay it off without the interest. Is this possible?

some cards, (EGG and VIRGIN) allow you do do balance transfers to your current accou.t So BT 750 to your current account to clear the limit and then pay off the CC over time.

I have just done this with an Egg Card. Once you have the card it allows you to transfer balances from other credit cards AND as above transfer funds to your current account interest free for 12 months.

[Soir]

The Curn said:

mouk786 said:

pimpin gimp said:

I've got the remnants of a student overdraft (down to around £750) which i'm paying off at the rate of about £50 a month, I've also just got a credit card with a 0% balance transfer offer for 14 months.
Now, seeing as I'm paying about a tenner a month interest on the overdraft, it makes sense to transfer this debt to the credit card so i can pay it off without the interest. Is this possible?

some cards, (EGG and VIRGIN) allow you do do balance transfers to your current accou.t So BT 750 to your current account to clear the limit and then pay off the CC over time.

I have just done this with an Egg Card. Once you have the card it allows you to transfer balances from other credit cards AND as above transfer funds to your current account interest free for 12 months.

could you transfer the credit limit on the card (say £5k) into your bank account for 0% interest? (does say 3% fee)

[The Curn]

Soir said:

The Curn said:

mouk786 said:

pimpin gimp said:

I've got the remnants of a student overdraft (down to around £750) which i'm paying off at the rate of about £50 a month, I've also just got a credit card with a 0% balance transfer offer for 14 months.
Now, seeing as I'm paying about a tenner a month interest on the overdraft, it makes sense to transfer this debt to the credit card so i can pay it off without the interest. Is this possible?

some cards, (EGG and VIRGIN) allow you do do balance transfers to your current accou.t So BT 750 to your current account to clear the limit and then pay off the CC over time.

I have just done this with an Egg Card. Once you have the card it allows you to transfer balances from other credit cards AND as above transfer funds to your current account interest free for 12 months.

could you transfer the credit limit on the card (say £5k) into your bank account for 0% interest? (does say 3% fee)

Yes you can, but as you point out, there will be a fee.

I was about £900 overdrawn and transferred £1900 to my current account

[mouk786]

Yes, you have to pay the 3% fee. You are usually allowed soemthing like 95% of your credit limit for Balance transfers

From what I ahve read, a lto of cards sued to let you do this but the nubmers are dwindling as people were just withdrawing the most they could and investing!

[pimpin gimp]

Ah, just got an egg card so I can do this, lovely jubbly.