Financial Services > Credit Cards > Glossary > Overdraft Transfers

Overdraft Transfers

Overdraft transfers work in exactly the same was as credit card balance transfers.

If you are in the process of consolidating your debts, why not reduce the interest rate you are paying on your current account overdraft at the same time?

Interest Rates

As with credit cards, overdraft balance transfer rates are usually much lower for a set period of time. Always make plans to pay off your balance by the end of this period. Some bank accounts also come with interest free overdrafts up to a certain limit, usually on the condition that you make a minumum payment (for example your salary) into the account each month.

Students can also benefit from interest free overdrafts with most major banks.

Thinking Long Term

For a longer term solution, you may wish to consider a personal loan, or a re-mortgage to release capital for debt consolidation at a much lower interest rate. After all, debt consolidation loans and mortgages are also forms of balance transfers - just with larger sums of money involved.

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Free £1,000 overdraft for 12 months. 0% interest on overdraft balance transfers up to £5,000 for 6 months.

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