Resolved Question

Can I use a 0% credit card to get out of my overdraft?

Hiya,

I'm nearly £700 into my overdraft (debit card) and would love to get out of it. Is there any way that I could apply for a credit card (0%) and transfer the amount needed to get out of it. I have a job and I'd be able to make repayments on time ... it's just I'm new to credit cards so I dont really know where to start.

Any advice please. Please avoid silly answers ... what IS the point of them?

Best Answer - Chosen by Voters

If you are looking for a 0% balance transfer card to pay off your overdraft, then you need a combination of
(a) the 0% BT and also
(b) the ability to do that BT from a bank account.
Ideally you want both of those in one card.

Failing that, you need two cards. One that does the 0% BT and the other than has the ability to BT from a bank.

67% 2 Votes

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Other Answers (2)

• Unsecured credit card funds CANNOT be transferred to a debit card (secured) because you put the funds that belong to you for your debit card. The credit card funds DO NOT belong to you but the bank issuing you the card. You have to pay the funds with your OWN monies. The only way it works is if you have a credit card through your bank and a debit card through your bank. Then you can use the debit card as overdraft protection for your credit card to avoid the over the limit fee. But the credit card CANNOT be used to cover overdraft fee transactions on debit cards.

  0% 0 Votes
• It's hard to give a clear, complete answer without getting more information. I will answer this way... Yes, you can use a credit card to repay an overdraft IF...
  
  IF the credit card allows you to get a 0% cash advance (not a balance transfer), and IF the new credit card gives you a large enough credit line to cover the entire 700 you owe.
  
  You won't be able to tell the credit card company to send the 700 to your checking account where you have the overdraft. They don't do that. It's essential they allow you to take the 700 personally, then YOU can deposit it to cover the overdrafts. Make sure when you apply for a credit card you understand in advance whether you will be able to do that. Not all of them offer that.
  
  Also make sure that you understand exactly how long the 0% rate is in effect. If you can't repay it all before the 0% rate expires, you have to look at what the interest rate will be on what you haven't yet paid back.
  
  I have to say it's a concern that you will need an amount that large to cover overdrafts. Make sure you aren't digging a deeper hole by getting a credit card.

  33% 1 Vote