Money transfer credit cards
Money transfer credit cards let you transfer money from the card to a bank account. You can use this to clear an overdraft.
Most offer 0% interest for a promotional period (12-30 months typical). A transfer fee applies (2-4% of the amount).
The overdraft is cleared and replaced with a credit card balance that has fixed monthly minimum payments.
When this works well
You have a clear plan to repay within the 0% period.
You will not accumulate additional debt on the new card or elsewhere.
You qualify for a large enough limit to clear the overdraft.
When it does not work
You continue using the overdraft (now that it is at zero) and end up with both debts.
You do not repay within the 0% period and rack up interest at the standard rate (typically 20-25% APR).
You cannot qualify for enough credit to clear the overdraft.
Alternatives
A personal loan for consolidation is a fixed-term alternative — often at 5-15% APR, potentially lower total cost than a money transfer card if the 0% period is not enough.
A DMP with the overdraft included freezes interest and gives you time to pay.
For unaffordable overdrafts alongside other debts, a formal solution addresses the underlying problem.