Paying off overdraft with credit card, possible?

[doozledog]

I've been offered a balance transfere credit card with nw... i would like to pay off my overdraft, credit card, and store card. All comes to 1500, im paying 90 a month atm and paying interes on store card and overdraft cc is 0%. Ive just rang natwest and asked if i can pay my overdraft off with a natwest cc and he said no, its paying off one debt with a other, i explained about the 0% and it will get it paid off earlier but he said the only way i can pay ther overdraft off is to withdraw the cash from the credit card and pay it into the bank account with a 3%fee. Im abit taken back as i thought it was a big no-no to draw money off a credit card. I dont know what to do now. It really confused me and put me off.

I just want it all coming out of one dd and pay 0% so i can pay it off!

Any idea would be helpful

Draw the money out on another cc then transfer the balance across. Yes you’ll still pay a 3% fee on the other cc, but even if you drew the full £1500 thats still only £45.

You could do it using a money transfer credit card, or by getting a 0% purchase card and putting £1500 of your normal spending on the card and using the money you didn't spend on groceries, fuel, eating out etc to pay off your storecard, overdraft and existing credit card.

Have a look at Moneysaving Expert for details of which cards are available and to make sure you fully understand the process (eg sometimes there's a time limit on the money purchase, but unless you're a low spender, you should be able to get up to £1500 in a few weeks).

But you must the cut up the other cards and pretend your overdraft doesn't exist, otherwise you'll end up in more debt.

As an aside, use of a credit card instead of an overdraft is a good way of managing cashflow as it 'hides' your spending from your bank account for a few weeks, your balance is higher and you don't pay overdraft interest.