Two Cards

sampi_2

Hello

I have a £950 OD with my bank on which I pay interest. I want to do an BT to a barclaycard platinum, but they don't accept transfers from ODs. So I thought get another CC with 0% on purchases, pay off the OD with that then transfer the balance immediately. Is this a good idea?! And can I cash in on any cards with freebies for the second CC?

Thanks!

Miss_Spendalot_2

sampi wrote: »

Hello

I have a £950 OD with my bank on which I pay interest. I want to do an BT to a barclaycard platinum, but they don't accept transfers from ODs. So I thought get another CC with 0% on purchases, pay off the OD with that then transfer the balance immediately. Is this a good idea?! And can I cash in on any cards with freebies for the second CC?

Thanks!

Though a good idea I don't think you can balance transfer any OD fees to a credit card. There are some companies that will give you a 0% money transfer option I know Virgin do but you will be charged a fee of around 4% but you will have to check that before you commit to anything..

Good luck

Oh a Purchase card might work :-) but does a cash advance count as a Purchase as you would have to withdraw the money from an ATM..

Miss_Spendalot_2

Though just as a secondary thought you can use your purchase card instead of using your debit card and clearing your Overdraft that way but you will need to make sure you start putting money away after that to cover the credit used that way you will save yourself the BT fee..

Gromitt

I'd agree with Miss_Spendalot, put all your usual spending on a "0% on purchases" card, pay the minimum each month and the rest goes towards your OD. Ensure you clear the card balance before you get charged interest.