Bresser said:
What does this mean? Does it mean it is gonna hurt my system or it just might die on me faster than it should
A bit of both possibly. Because it's lower quality the capacitors in it wont handle sustained heat too well, so yes, when you overclock the power draw/heat goes up putting more strain on it, along with the new GPU that requires more power.
It may work for the short term, and if it fails it may take components with it in the worst case scenario. For the long term you'll something better, like the XFX 550W.
IMO it's a risk/gamble to use it for these quality parts you have.