Paying off the overdraft with credit cards

A question about : Paying off the overdraft with credit cards

Hi,

I have a Ј5,000 overdraft with Halifax that I am being charged Ј100 a month for. Without looking closely enough on this site, I applied for a 36 month 0% balance transfer card...only to find out that I can't use this to pay off the overdraft.

So, having looked around MSE.com a bit more, I've seen the card I need is a Money Transfer card. Either MBNA Platinum (24 months) or Fluid (29 months) seem to be the best. Paying off Ј5,000 (plus card fee) over 29 months isn't going to be realistic, so I'm likely going to be left with around Ј2,000 at the end of the 29 months.

My question is: At the end of the 29 months, will I be able to apply for balance transfer card (like the one I just wrongly applied for!) and transfer the remaining Ј2,000 from the money transfer card to the balance transfer card, and then close former card? Obviously that all depends on me being accepted for a balance transfer card at the end of the 29 months, but if so, is that something you can do with a money transfer card?

Alternatively, anyone have a better idea of getting rid of the Ј5k overdraft as efficiently and cheaply as possible?

Thanks in advance!

Best answers:

• My bad, I read the OP as saying he had card with 0% on purchases.
• Thanks for the answers, Grumbler.
  Regarding:
  Long-term low-rate cards
  I hadn't thought of this type of card, as I assumed it would be cheaper to get a loan. But if accepted at 6.4% and if the balance covers the Ј5000, then that's a good one to consider.
  Spending 0% Card can be useful too as it allows essentially borrowing money at 0% without paying BT fee.
  Would spending include me 'spending' by paying a large chunk (ideally the whole Ј5,000) from the credit card into the overdraft account? So I'd be clearing all or most of the overdraft and then be paying back 0% on the card, or have I misunderstood?
• The problem for the OP is that their account charges a daily fee, not interest, so the 'spend your way out' option won't work. Its all or nothing I'm afraid and reliant on them dropping a tier, ie Ј3/Ј2/Ј1 per day.
• Having discussed with my wife, we are weighing up either a) Money Transfer card, or b) consolidate this Ј5k into an existing loan and extend the end date by 6 months to make the new repayments more manageable.
  0% Card I guess would be the winner for a lot of people here who are good at keep an eye out for the next jump etc. However, the preference at the moment is the loan - it's a fairly low APR (due to amount of money), we can overpay on it (I know you can on the card too), but most importantly...no temptation to 'just put that new x on the credit card' or 'we deserve a holiday, let's just put it on the card'. Loan gets paid each month and no one tempts you with offers on the card or increases to the limit etc!
  With the loan, we would be paying an extra Ј50 a month and would be debt free by August 2017, if we aren't able to throw more money at it when any comes available that isn't earmarked for more entertaining purchases.
• Glad to hear that you've learned from it and have a plan to get debt free. It is sometimes a difficult place to get out of.
  Some people suggest putting credit cards in a bowl of water and putting them in the freezer.
  Means you've got the cards in an honest emergency, but would make you think twice betfore using them.