Should I put next months living expenses on my credit card before BT to 0%

Ruby789

I'm in the danger zone on my overdraft, I already owe the bank £75 in charges for going over the overdraft this month, got an extension to the overdraft and now flirting with going over that :mad:, plus I owe the arrangement fee for the extension! Nightmare.

Anyway, I did get one good thing out of them, a 0% credit card for 23 months. They won't move my overdraft to it, but they will take my credit card balance saving me interest on some of my debt.

I signed the paperwork today, get the card in 5 days. I'm surviving on interesting cupboard combinations this week, but wonder if I should do a big store cupboard essentials shop on my current credit card before I call up and transfer the balance to the 0% one?

Is it a good idea to use my current credit card as much as I have to before I call to set up the balance transfer (for stuff i'll have to pay for anyway like food and bills)?

I need to keep out of the danger zone of my overdraft next month as the charges and the fees are not helping matters.

Probi

If you can do this and then lower your overdraft usage next month then yeah it's a good idea, the danger you have that you could end up putting more money on a credit card and then still maxing out your overdraft.

Have you tried posting a SOA in the DFW forum? Those guys will quite happily rip it apart and show you where you could make savings to help sort out the problems with your overdraft etc.

StuC75

word of caution..

If you transfer a balance onto the account(at 0% for xx months)..

Then go onto to make additional purchases; you run the risk that those purchases will not have an interest free period from month to month. This is because in most cases the purchases are interest free upto 56 days (approx provider dependent) where the balance from previous month and that month are paid in full..

By carrying these two types of balances you may pay interest on purchases..

Ruby789

Thanks for the replies.

Probi, will do. Have found some savings in the stuff I have to pay for, but it's mostly stupid spending that is the problem, take aways, dinners out, drinks, taxis .... things I don't need to survive. What a waste, i'm in debt for no reason and with nothing to show for it (except a few extra lbs!!!).

Stu, i'm confused. I'm waiting on the transfer paperwork so nothing has been moved yet. What I mean is can I use my exisiting credit card now for my monthly shop and council tax so that neither will need to be paid from my current account next month. I'll then, when the paperwork arrives, transfer the balance (including the newer spends i'd normally have put through my debit card) onto the new 0% one and then cut the 0% card up and not use it at all.