Mastercard payments

ryan92

I currently have a debt of £1500 on my mastercard. I currently have a student account with a £2000 interest free overdraft soon to be going to a Graduate Account. I'm already £200 into my overdraft with this particular account. Since I have £2k interest free, should I look to pay as much as I can each month given it's interest free?

Thanks

Buzby

You clear the highest interest rate first. Anything interest free can be ignored until the date you need to repay it off in full (or any minimum charge).

ryan92

Thanks Buzby ; I'd essentially be using an overdraft amount to pay a mastercard - would this be damaging?

The transition from university to employment hasn't been kind to me unfortunately

ryan92

I could theoretically pay a massive chunk to the MC as i've £2k interest free... I'd just worry that Lloyds would then pull the overdraft away (although I should have it for the next 3 years, gradually decreasing on the Graduate account.)

Then again I'd go further into my O/D but not that much into it where I'd be near the interest free limit.