The top credit card for clearing your overdraft


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MBNA has improved its Platinum Visa so that it is now the best card around for 0% money transfers.

MBNA has revamped its Platinum Visa credit card, extending the 0% period on balance transfers from 29 months to 30 months.

That's not enough to take it to the top of the 0% balance transfer table, but it is enough to grab top spot for another feature – money transfers.

What are money transfers?

Money transfers are features offered by a small number of balance transfer cards, and as the name suggests, allow you to transfer money from your credit card into your bank account.

The idea is you transfer money from your credit card to clear your overdraft, and then take your time clearing the balance of the credit card as you'll have a nice 0% period to take advantage of.

The longest 0% money transfer deal

MBNA's Platinum Visa is now the clear market leader when it comes to money transfer deals, allowing you to skip interest for two and a half years on transfers made within the first 60 days you have the card.

Money transfers incur a higher fee than traditional balance transfers, costing you 4% of the balance rather than 2.89% with a normal balance transfer.

So let's say you are £3,000 overdrawn on your current account, and it's costing you a fortune in interest charges from your bank.

With the MBNA Platinum card you can clear that overdraft in full for a £120 fee. To clear that debt from your card you would only need to make payments of £104 a month before your 0% period comes to an end.

The best of the rest

Unfortunately money transfers aren't offered by that many top balance transfer cards. That said you currently have more incredibly long 0% deals to choose from than ever before.

Credit card

0% period

Money transfer fee

MBNA's Platinum Visa

30 months


Virgin Money MasterCard

29 months


Fluid card

29 months


MBNA Everyday Visa

18 months


AA Balance Transfer Card

16 months


That's three cards offering at least 28 months free from interest. Even if you have a large overdraft, that's plenty of time in which to at least make a healthy dent if not clear the balance completely.

Other overdraft options

If you don't want to take out a credit card in order to help clear your overdraft, then you could always switch your current account. However, no current account comes close to matching the deals on offer from any of the money transfer cards mentioned here.

The longest deal on overdrafts comes from Nationwide's FlexDirect, which will let you dip into the red fee-free for a year. For more, read Where to find a free overdraft.

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