Paying off store card and overdraft help!

skippy12345 · 18 March 2011 at 9:58PM

Okay so I have an Argos Store card which I've had for a couple years, I used it to buy a new phone and laptop and couple other small things which were on interest free periods, I lost my job before managing to pay them off so was only paying the minimum payment of abut 4 pound a month for about 6 months then the interest free periods ran out so I also got bundled with a lot of interest. It's up at about 400 but the minimum payments are now 16 a month I'm managing to pay off about 20 a month sometimes more if I have extra but the interest alone is about 9 so I'm only shifting the balance by about 10 a month.

I also have an overdraft with Halifax which was charging a pound a day for me to use so I switched to the ultimate awards account so now pay 12.50 a month, I'm wanting to pay this off also as I don't even use the account so pay 12.50 a month just to keep myself from getting charged.

I'm wondering if there are any credit cards that I could get that have 0% interest or low interest that I can pay off my overdraft and argos card with so that I'm paying less interest a month.

I don't think argos card accepts balance transfers but am not really sure.

I am only working partime at the moment and earn around 400 a month most of which is spoken for so any advice help would be much appreciated

Verbatim · 18 March 2011 at 10:07PM

I think Barclays have a 0% credit card for 20 months, if your credit rating would get you it, doubtful if you're not working. Why pay for a bank account account you don't use?

skippy12345 · 18 March 2011 at 10:15PM

I am working just part-time.

I'm not choosing to pay for a bank account I don't use, I just can't close it until I have paid off the 200 overdraft which I can't afford to do.

PNPSUKNET · 18 March 2011 at 10:22PM

no 0% will be around, only one that offers SBT will work with argos

[Deleted User] · 18 March 2011 at 10:34PM

Can you increase the o/d to cover the full payment of the argos card? then when paid off reduce the o/d monthly by the £20 pm until cleared.

Unfortunately I think with your income you will not get a 0% card.

What's the APR on the Argos card?

D9

skippy12345 · 18 March 2011 at 11:02PM

i can't increase my overdraft over the 200 and think even if I could the 12.50 for the ultimate rewards account only gives you a free overdraft upto 300 then would have to pay interest on it too.

argos card is 29.9 apr