paying off overdraft with a credit card

[nearlyfinisheduni]

Does anyone know of a credit card I could transfer an overdraft to? It's a student one that is soon to turn to a current account and i will be charged interest on it so wanted to transfer it to a 0% credit card while I pay it off. Any around?

I did that with a virgin credit card a while ago.

thanks for the reply. I have done it before with a virgin card, will have to check it out again

I know when I looked there didn't seem to be many that you could do that with the majority were card transfers.

I think barclaycard do a balance transfer for 22 months. Might not be the same thing though.

yeah wasnt sure if i could do it straight from the overdraft but DH thinks you can do a cash transfer to a card with interest and then transfer that to the 0% card?

You could get a card with 0% on purchases and use that to do all your day to day shopping so any money going into your current account will pay off the overdraft.

i would still be getting charged per day until it was payed off though as couldn't do it quickly

I think this is somewhat harder to do than it used to be, but have a look at this list of balance transfer cards to see if it helps.

The website is about a concept called stoozing, where you move the maximum balance of the card to a savings account, earn the interest there for the period that the card itself is interest-free, and then pay it the balance back, keeping the interest earnt as your profit. Don't try and do this! Esp as it sounds like you've previously paid off an overdraft with a credit card? Whilst I think it's a good idea to look around for the cheapest way of paying off the overdraft, can I also recommend the budgeting site You Need a Budget? I'm not dealing with debt but it's helping me get my money under control and the concept is fantastic. You can have a look at all of their training material without any obligation. As you recognise, you need actually to deal with the debt, not just move it around.

Hope this helps.

thanks for the advice tribpot. I don't have a lot of debt at all (apart from student debt!) its just i didnt have full time work to enable to pay it off which i now do but cant pay it all at once!

MBNA is one company that will transfer money directly into your bank account.

But you do need to be very disciplined not to let the overdraft run up again or you will be no better off.

virgin offered me this today

skye- it has nothing to do with discipline and more with having to pay my way through uni without loans etc

OK, no offence meant, just talking from experience, my STBXH cleared his overdraft with a 0% card, £8K worth, then ran the overdraft up again to £10K, so then owed £18K instead of £8K. story of his life though, sadly.

none taken! just want to clear this small amount of debt and hopefully won't need to use an overdraft much again!