NEXT account

Treasure2011

Can someone please advise on the best way for my daughter to pay off her NEXT account. I have encouraged her to get a 0% balance transfer card. But, apparently the NEXT account does not have a 16 digit account and therefore the balance cannot be simply ransferred.

Any help greatlly appreciated.

rogue999

She could get a 0% on Purchases card and pay the balance with it. Or a card with a money transfer to your current account type offer and then pay off with that.

YorkshireBoy

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

guesswho2000

YorkshireBoy wrote: »

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Better still - http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

A 0% purchases card is the best bet, Next take a credit card as payment, you don't pay any fees to either them or the card company (you'd generally pay the latter with a money transfer card.

YorkshireBoy

guesswho2000 wrote: »

Next take a credit card as payment

Thanks. Didn't know that.

Treasure2011

Thanks all for prompt replies.

Maximum_Saving

I suggest that your daughter applies for a money transfer card from a company like MBNA. Then she could put that money into her current account to totally pay off that debt with Next. Then she would have debt on that credit card which she could transfer to a zero percent interest credit card. She should use a calculator to work out how much to pay off all of her debt in the number of months zero percent interest credit card. Good luck to your daughter.

YorkshireBoy

Maximum_Saving wrote: »

I suggest that your daughter applies for a money transfer card from a company like MBNA.

But that would incur a fee of at least 1.69%. Since it's already been posted above that Next accept payment by credit card (a standard purchase) why would you suggest wasting money?

[Deleted User]

Surely it would also help if we knew the amount of the debt on the Next account, the APR, and how much the account holder's monthly disposable income is?

If they owe £200 and can easily pay it off in a month (but don't want to because "they like seeing the money building up in their bank account" for example), then opening a card just to do it might be like cracking a nut with a sledgehammer.