Using a credit card to pay off your expensive bank overdraft (or another loan) makes total sense when you can do so interest-free. Therefore, look for a card that has the longest 0% money transfer period and pay off as much as you can from the card quickly. Love Money has a good guide to the best money transfer cards:
- HSBC 32 Month Balance Transfer Card has, you guessed it, 32 months interest-free with a low transfer fee of 1.4%. That’s good value.
- MBNA Platinum 28 Month Money Transfer Visa is 28 months interest-free with a 2.99% fee.
- Tesco Bank Money Transfer Mastercard is also 28 months without interest but has a slightly higher 3.94% fee, meaning you pay £39.40 for each £1,000 moved.