HELP! Overdraft and Next Account

leav

Hi,


Can anyone help me. I basically have a £3k overdraft and £2k next account. Is a credit card the best way to pay these off as I'm paying quite a bit of interest on both which is making it hard for me to clear them.


Also, if I do get a credit card, am I able to transfer monies into my current account to settle the overdraft?


Thank you in advance x

[Deleted User]

If you get a card that allows transfers into accounts, then yes.

Do Next accept card payments?

leav

Thank you, wasn't sure you could definitely get a credit card that transfers into accounts - will have a look around. And yes, Next accepts card payments.

bigadaj

There's no point paying or transferring into a credit card if you are paying a high rate, will you qualify for 0% offers or low life if balance deals?

leav

I'm not transferring into a credit card, just seeing if it's worth getting a credit card to pay off my overdraft and Next account?

Anthorn

http://help.next.co.uk/Section.aspx?ItemId=10381

Next accept payment by credit cards but I'm not so sure that a bank or cc company would do a balance transfer. If they do a 0% BT card to clear both Next and overdraft is your best option provided you can clear it before the end of the term or transfer to another BT card. Second best in my view would be a loan, i.e. TSB at 3.9% APR.

MallyGirl

If Next take cards you need to establish whether it will be treated as a purchase or a cash advance. If purchase then there are lots of 0% on purchases cards around that you could try for. Try searching 'Next' in this forum as this question has come up before. If Next is too common a word I am sure there was a thread about Argos with a similar question which had a lot of useful info in it. Cash advances would not be at 0% so it important that you find the answer to this.

To move your overdraft to a card you need a 0% money transfer card - MBNA and Virgin spring to mind for this. There will be a fee of around 3 or 4% (sometimes less) but this will be less than the interest / fees you are currently paying I am sure.

In both cases you must pay off before the 0% runs out or you will come unstuck.

john1002

Next credit card payments are classed as purchase.

So get a 0% purchase card and you'll be fine for next and then a money transfer card for the overdraft. MBNA would be a good one to choose.

John