Moving money to avoid cc charges?

squeaky

Hi all,

I have a Barclays account with a set overdraft available and a debit card for it.

Barclaycard recently offered me a no strings platinum credit card (which I thought was a joke because I'm on benefits and have been for a long time) so I applied anyway and actually got it. So I used it for a couple of small things and paid off in full at the end of each month, just to get it (and me) on the system. It's been sitting around for ages now because I was determined to use it as my dire emergency only card.

Well that day has arrived.

I've had to buy a new computer - my old one has given up the ghost (I'm using a borrowed thing right now) and the only way to do it was use my platinum credit card.

I'm not going to be able to pay it off in full, which is going to leave me open to interest charges.

Could I pay it off in full from my Barclays account - which would put me into my overdraft - but then later transfer some (most) of the money back from the credit card into my Barclays account so that effectively I start from scratch on the credit card and only get stung for a few days/hours? for being overdrawn on my bank acount?

If so, how long would I need to wait between transactions.

Oh, and please treat me as totally clueless - because I am!

CLAPTON

buying a computer is in general not really a dire emergency.

as far as I know, Barclays don't offer the option of transferring money from your CC to your bank a/c.

thriftymomma

How quickly could you pay it off? It's not really a crime to have a balance for a couple of months, though of course it will afffect the overall amount you end up paying for said computer.

squeaky

CLAPTON wrote: »

buying a computer is in general not really a dire emergency.

as far as I know, Barclays don't offer the option of transferring money from your CC to your bank a/c.

My computer is my primary contact with friends all over the place. It is also my primary shopping zone since my movement is limited and it's often cheaper for me to pay posting and packaging on things bought in the nearest town than it is to go on the bus and collect them. Not to mention the fact that being on MSE generally saves me more, over the course of a year, than my computer costs to run.

Oh, and thanks for the transfer (or lack of it) information.

Hmm.. use the cash advance facility and pay it into the bank?

squeaky

thriftymomma wrote: »

How quickly could you pay it off? It's not really a crime to have a balance for a couple of months, though of course it will afffect the overall amount you end up paying for said computer.

Persackerly!

Every little helps, so any way that I can find of reducing interest payments... well.... helps, dunnit?