Balance Transfer Overdraft

What is the definition of a balance transfer overdraft and what are the credit cards in 2017 that allow you to make a balance transfer from a credit card to pay off an overdraft?

What is a balance transfer overdraft?

Balance Transfer Overdraft To Credit Cardbalance transfer overdraft can be defined as a type of balance transfer, called a money transfer, where you use a 0% balance transfer credit card to pay money straight into your bank account.

A balance transfer overdraft is different from a standard balance transfer between credit cards, where the money is paid directly to a credit card company to clear your outstanding balance.

After the 0% money transfer has cleared in your bank account, you can then use these transferred funds, to pay off any outstanding overdraft that you may have.

When you make a balance transfer to pay off an overdraft in this manner, you can then benefit from the 0% money transfer promotional rate available on the credit card.

This can allow you to effectively pay off your overdraft, with no interest for the length of the 0% balance transfer rate, which in 2017 can be for as long as 3 years or more.

With many banks such as NatWest, having recently introduced monthly fees for an overdraft as well as the high rates of interest that typically apply, paying off your overdraft with a 0% money transfer credit card can produce big savings.

Balance transfer overdraft to credit card

At Balance Transfer expert we currently have over 90 UK 0% balance transfer credit cards available. However, only a small number of these cards will allow you to make a balance transfer to overdraft via a money transfer.

The following featured UK credit cards do however allow you to make balance transfer overdraft transaction via a money transfer to your bank account.

Card Offers

Balance Transfers:
0% interest for up to 38 Months
Balance Transfer Fee:
2.69%
Money Transfers:
0% interest for up to 38 Months
Money Transfer Fee:
3.94%
Purchases:
0% interest for 3 Months
Representative APR:
18.9% APR (variable)
More Information

Card Details

Tesco Clubcard Credit Card for Balance Transfers*
  • 0% interest for up to 38 months on balance transfers made within the first 90 days of opening your account
  • 2.69% balance transfer fee in first 90 days, 3% fee after 90 days
  • 0% interest for up to 38 months on money transfers made within the first 90 days of opening your account
  • 3.94% money transfer fee
  • 0% interest for 3 months on purchases from account opening
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • You can transfer up to 95% of your available credit limit
  • Apply online and get a decision within 60 seconds
  • Annual Fee: None
More Information

Application Criteria

Tesco Clubcard Credit Card for Balance Transfers*
  • You have an annual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You don't currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
2.69% balance transfer fee in first 90 days, 3% fee after 90 days
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
The APR, length of promotional period, and credit limit may vary as they are dependent on your personal circumstances

Card Offers

Balance Transfers:
0% interest for 24 Months
Balance Transfer Fee:
0%
Money Transfers:
0% interest for 12 Months
Money Transfer Fee:
3.94%
Purchases:
No offer
Representative APR:
18.9% APR (variable)
More Information

Card Details

Tesco Clubcard Credit Card with No Balance Transfer Fee*
  • 0% interest for up to 24 Months on balance transfers made within the first 90 days of opening your account
  • No balance transfer fee
  • 0% interest for 12 Months on money transfers from account opening
  • 3.94% money transfer fee
  • No introductory offer on purchases
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • Apply online and get a decision within 60 seconds
  • Online Account Management
  • Annual Fee: None
More Information

Application Criteria

Tesco Clubcard Credit Card with No Balance Transfer Fee*
  • You have an annual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You don't currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

You will of course still have to repay this balance transfer for your overdraft by making the required monthly repayments to the balance transfer credit card company.

The handling fee charged for a credit card money transfer to pay off an overdraft, as can be seen above, can also be higher than those charged for a standard balance transfer to another credit card.

The process for a balance transfer overdraft is the same as the balance transfer to current account process and may also often be called a super balance transfer.


Related Content From Balance Transfer Expert:-

Today Balance Transfer Expert has:-

89 UK 0% balance transfer credit cards offering:-

  • 0% balance transfers for up to 38 months with a 2.69% fee
  • 0% balance transfers for up to 24 months with no fee