overdraft advice

Yes you can apply for a 0% credit card, if you get one then transfer the overdraft balance to it.

Pretty much yeah, you'd need to make sure you reduce the overdraft straight away and pay off the £300 (circa) a month on the credit card though or you'll be in a worse position in 15 months...

You could always shop around and see if you can get a better rate for your overdraft too from a rival bank..

NO. DON'T DO IT !!!!!!!!!
Your new credit card company will treat it as withdrawing cash on your credit card, and that is unlikely to be on 0%, but poss around 18%. \You need a loan to pay off the overdraft. Talk to your bank and tell them that you want a loan with them to repay the overdraft.

Some credit cards will allow you to transfer a balance from an account overdraft onto the cradit card, but not very many. You need to check before you apply.

Look here

http://www.moneysavingexpert.com/loa...verdraft-costs

There's some useful information in there...

your a HBOS customer??...........im paying mine off (its £100 so im lucky) but they still give me the option online to click a button and increase it to £4500!!!!!!!!!!!!!!!!!which is totally irresponsible of them...DO NOT TAKE MONEY OUT A CASH MACHINE VIA YOUR CREDIT CARD!!!!!!!!!!!!!cash withdrawls are exempt from 0% transfers and they whack the interest on them....DONT DONT DONT.....try a low rate loan ..

You can do a balance transfer. Most credit cards charge 3% though. I know Halifax definitely let you transfer cash at the 0% rate (plus the 3% 'handling charge').

egg card do a balance transfer for overdrafts, thats how i sorted mine out and its 0%, you could ring them and find out, as you might not be guaranteed to get £4000.

Definitely don't take it out of the cash machine. I think you have to do the balance transfer online or over the phone.

The balance transfer is normally subject to a 3% administration fee, so to pay the £4000 off you could pay up to £120 for the privilage

Nonsense....

If the deal is 0% on balance tranfers you won't pay interest, but there will probably be a balance transfer fee of around 3% to pay.

As others have said, make sure you check with the credit card company before you take the card out how they treat paying off an overdraft with your credit card.

My father out-law is a financial advisor for Nationwide and he told me never to make any cash transactions on my credit card because the amount you get charged for it is ridiculous. It might be that you end up paying the same, if not more, interest on the credit card.

To be honest you'll get much better advice over as MSE forums...

balance transfer is different from paying off your overdraft....the OP literally wants to put cash into his bank account to pay off his overdraft....to do so they need to withdraw cash from credit card via APM and put it in the bank account...you cant transfer cash from a credit card into a bank account..........the only thing 0% is on is balance transfers...ie other credit cards..as soon as you put your brand new card in an APM nd collect cash its a whole different interest rate..to be avoided

taken from THISISMONEY website
Unfortunately, most credit card companies have stopped customers using their cards to transfer money into current accounts. Most now regard the transaction as a cash advance, which incurs a 2% fee and accrues interest from day one.


They did this to prevent customers using the cards to make money. The practice, where a customer draws the maximum amount on a 0% interest card to either put in a high-interest account or to offset a mortgage, has been popular with sophisticated card users since 0% deals first became popular in early 2000.


At the end of the 0% introductory period, they either withdraw the money from where it has been invested and use it to pay off the full credit card balance, or switch to a new 0% deal.


The only card that currently allows customers to transfer money directly into a bank without a charge is Egg. Alternatively, you could look to clear the balance by taking out a loan. Have a look at the deals on offer at This is Money's loan finder service. Remember to be disciplined and not go back into the overdraft if you plan to do this though.

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