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interest free current accounts and balance transfers to pay off overdrafts.
choidivision
Posts: 18 Forumite
in Credit cards
I recently transferred the balance of around 3 different cards and store cards to take advantage of a ears interest free period with MBNA. Now I’m looking to save more money and make paying off my debts easier.
I currently have a Barclays Graduate account with an over draft of £1600. In august my interest free period will end and I’m looking at switching accounts so I won’t be getting charged interest.
Obviously the Alliance and Leicester premier direct account is probably the one to go for and has a years interest free period, but then it also has a great interest rate on any positive balance.
Here’s my questions, should I apply for a credit card with a years interest free period and transfer by existing overdraft to it and thus have a positive balance with Aliiance and Leicester earning the interest? To me it seems like a good idea but I’d like thoughts and opinions. I’ll be putting around £1000 a month and i'm dedicating over about £450 a month to pay off debts.
I currently have a Barclays Graduate account with an over draft of £1600. In august my interest free period will end and I’m looking at switching accounts so I won’t be getting charged interest.
Obviously the Alliance and Leicester premier direct account is probably the one to go for and has a years interest free period, but then it also has a great interest rate on any positive balance.
Here’s my questions, should I apply for a credit card with a years interest free period and transfer by existing overdraft to it and thus have a positive balance with Aliiance and Leicester earning the interest? To me it seems like a good idea but I’d like thoughts and opinions. I’ll be putting around £1000 a month and i'm dedicating over about £450 a month to pay off debts.
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oh and i'm thinking of applying for an egg credit card for the balance transfer as i know they will transfer a overdraft. any thoughts on this?0
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