Overdraft - credit card - is it a good or bad move?

Nicky321

Please excuse my eargerness, I posted this last bit in DFW but havent had a reply as yet and want to get things moving before Feb kicks in, with more charges with Halifax .

Quote:
Originally Posted by Nicky321
In order to clear the O/D was thinking of balance transfering £3450 (£3588 inc 4% BT Charge) to Virgin Card on prom rate of 0% until Dec 11.
Would this be a positive move considering the debt of the O/D will be ongoing if they dont get completely cleared. Looking £62 and hopefully an extra £10 per month at least to clear the BT debt instead of just going towards the monthly fee.

Don't wanna move it and find its a bad move.

Been looking at this but already with A & L and they couldnt/wouldnt match the O/D (plus their charges are changing soon to a daily fee, but have a Virgin Credit card with prom offer of 0% till Dec 11 (I know its not great) but I could always BT again after this date.

I have tried to work it on on the calculators but because the £62 is purely the monthly charge the O/D balance never reduces.

So if I BT the O/D debt £3450 + £138 (Bal Tran Charge) = Total £3588
£62 min x 12 months = £744
£3588 - £744 = £2844
£3450 (original debt) - £2844 (Balance left) = O/D reduced by £606.00

Looking forward to your advice

izools

Looks pretty black and white to me!

Do it

MFWannabe

I would do it; as long as you are sure you won't run up the overdraft again.