Halifax

BABYCAKES027

sfax wrote: »

So you get £1,000 interest free + about 14.5% APR interest on the £2,500 balance and you pay £25/month only for this facility??? Wow.

The saving depends on whether you are paying off your overdraft or just leaving it there. If you are paying it off, the interest is being reduced each month. You'll save more like £800 though. Not sure where you get £1800? 25x20=500 in fees, 28x20=560 in interest (assuming you don't reduce the overdraft but do pay the interest accrued). 6.5% in fees is £227.50. I also thought Halifax was 22 months at 0% not 20?

yeah-14.9% APR on over draft over £1000 - its with Barclays if your interested!!
Its the halifax 20 month balance transfer card with 3% fee

I have another card on b.t that runs out dec 2013 so was planning to concentrate on paying that off first, then move on to the over draft on the halifax card

sfax

You're effectively paying about 20% APR on that bank account overdraft because you're not using any of the other benefits. Personally, I would transfer the bank account overdraft now, pay as much off each month as you can on both of the BT cards (anything above the min payment) and then see if you can get a new BT rate on your other account in Dec 2013.
Smilemore seems much better value to me as it's only £13/month, particularly if you have a joint account and use the worldwide family travel insurance, mobile phone insurance x 2 and breakdown cover x 2. If you only want the overdraft facility occasionally and not the other benefits, it's probably better to have the basic account and not to pay a subscription

BABYCAKES027

sfax wrote: »

You're effectively paying about 20% APR on that bank account overdraft because you're not using any of the other benefits. Personally, I would transfer the bank account overdraft now, pay as much off each month as you can on both of the BT cards (anything above the min payment) and then see if you can get a new BT rate on your other account in Dec 2013.
Smilemore seems much better value to me as it's only £13/month, particularly if you have a joint account and use the worldwide family travel insurance, mobile phone insurance x 2 and breakdown cover x 2. If you only want the overdraft facility occasionally and not the other benefits, it's probably better to have the basic account and not to pay a subscription

thanks, that's what i'm planning to do, was going using breakdown cover and mobile insurance but can get these with a better value account like you suggest. I have a barclaycard without any balance on that continually offers a b.t offer, so hoping to pay down enough to be able transfer to that once period finishes.

Thanks very much for your help

YorkshireBoy

sfax wrote: »

I think you'd do the comparison over the term of the BT so 22 months not 2 which is an equivalent APR of about 6.7% assuming you'll pay off the BT evenly over the term

I was replying to a specific point the OP made. She said the cost of shifting the debt would be recovered in 2 months. I was questioning this as being accurate...and as it turns out it wasn't because there's fees involved as she has subsequently divulged.

She also said the bank costs were "interest". It's only later that we find out that it's not just interest.

BABYCAKES027 wrote: »

Its the halifax 20 month balance transfer card with 3% fee

Last night you said it was their 22 month product (which has a 3.5% fee). It's important you find out which card you have, otherwise you could incur some unnecessary interest charges at the end of the deal.