Graduate account payback and credit card

johnboro

Hi all,

I've a £2,000 natwest student overdraft, and will be starting a job shortly, receiving my first pay at the end of May. I've also a Natwest student credit card, with a few hundred quid to pay off.

The student credit card is virtually useless to be honest, though it has been good to tide me over until the job starts. In order to simplify paying the natwest overdraft off (it will decrease to £1,000 interest free in a year, then zero thereafter), I'm considering taking out a long-ish term 0% purchases credit card to use for everything except rent. That'd enable to me to easily get out of the graduate account overdraft before the 0% term of the new credit card expires.

Does this sound like a good idea in this situation?

Cheers
J

[Deleted User]

If you're in your overdraft and not currently employed, your chances of getting a decent 0% deal are virtually nil - and wil be for some time until you have some emplyement history.

Focus on paying as much as you can to the most expensive debt.

johnboro

Hi zx81,

Thanks for that advice. I have spoken informally with Barclaycard and should have a good chance of being accepted for the platinum purchase card. This would give me 0% on balance transfers and purchases for 14 months.

based on your advice, it'd therefore be best to do an immediate balance transfer to pay off the natwest student credit card debt -- since that is the only one which would charge me interest any time soon. I'd then retire the student credit card, and pay off both the overdraft and barclaycard with my salary in good time for neither of them to begin charging interest. ?
cheers