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Credit card to pay off a small overdraft

Last post Mon, Aug 13 2012, 1:36 PM by Hydroviolet. 2 replies.
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  •  Mon, Aug 13 2012, 1:36 PM

    Re: Credit card to pay off a small overdraft

    Excellent, thank you for your help!
    • Post Points: 5
  •  Mon, Aug 13 2012, 1:17 PM

    Re: Credit card to pay off a small overdraft

    You need a balance transfer card with the best terms available to carry out your requirements. Some of the 0% BT cards issuers may allow a overdraft to be transferred over in the same respects as the balance from another credit card...some may not allow it..... especially if they are within the same banking group of companies.

    You should first check though before applying, if the particular card you are intending to obtain will permit this action. If you click the Purple 'money' tab at the top of this page then, 'credit cards' then > 'balance transfers' the terms & conditions are on that portion of this site. Once you have a shortlist, then contact the providers you are interested in to enquire if they will allow this type of transaction.

    • Post Points: 20
  •  Mon, Aug 13 2012, 9:17 AM

    Credit card to pay off a small overdraft

    Hello,

    I am looking to get a credit card to pay off a small overdraft that I am currently paying interest on. I got the overdraft to pay for some distance-learning course fees. Although I pay money towards it every month, the interest rate from my bank is making it more difficult.

    I am looking to get a credit card with no interest on it for about 6 months because I should be able to pay it off in 5 months.

    I have checked out the various categories of credit card though and I'm very confused. I don't think I need a balance transfer card as I need to pay off an overdraft, not another credit card. However, I don't think it would be classed as a purchase either...should I contact the credit card companies individually to figure out if they will let me use the card in this way? I only need it for the overdraft. I don't have credit cards or loans except for this overdraft so I don't need the card for any spending at all.

    Hope you can help, thanks.

    • Post Points: 20