Overdraft

[claire1284]

Does anyone know if you can do a balance tranfer to your current account, ie to pay off an overdraft using your credit card?

[Panic Button]

They normally only transfer balances between credit cards.

[froggequene]

Have you tried ringing your bank & asking them?

[Postdog]

My God, don't even think about doing it if it's possible!!

It's the same as a cash withdrawal and you will be charged interest on a daily basis at the higher cash rate - you will be paying forever and be in a worse position than you are now.

[LBerry]

Ignore above answers! Of course you can, if you find a credit card lender that offer this service. I have an MBNA credit card, and when they contact me with promotional rate offers, they also offer to pay it straight into your bank account. Whilst you have the usual 3% fee, if the APR on the card is lower than the APR on your overdraft (taking the fee into account also), then you would be better off. Furthermore, hopefully your repayments to the credit card company will exceed the interest charges (assuming a promotional interest rate), your balance will reduce. Halifax are offering 6.95% for the life of a balance transfer. Even if the card provider won't pay it into your bank account, get a card provider who will and use them as a 'conduit' for getting the money into your account.