Guys! I've only just signed up to this MSE Forum malarkey so I'm a little bit lost!

I'm 26 and never had a credit card however I am finding myself in need of an extra £500 next month to cover the rest of a final payment needed to pay off my baloon payment on my car. I don't really know much about balance transfer cards and as much as I google I find myself a bit bamboozled! Am I better to use my £750 over draft (I don't normally touch this) to take the money out of and pay back with the balance transfer or get a normal purchase credit card and use it to purchase my every day spendings equating to the £500 I need in order to put that money towards the payment?
Obviously I would go for a 0% interest for as long as I could get it. (After paying off my final payment I will have an extra £160 a month that I have been paying towards the car so that will pay off the money used). I am aware that I could just use my over draft however I find the thought of so much of my wage being swallowed up in the overdraft for the first couple of months rather stressful!

I am probably sounding really dramatic - I just don't know what the best option is because I don't know enough about it!

Thank you x


  • [Deleted User]
    [Deleted User] Posts: 35,242
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You would probably need a money transfer card to pay it directly, but your chances of getting one may be low.

    Try an eligibility checker to see what you might get - but it may be that you need to use your OD. If you do, clear it as soon as you can.

    Build up a savings buffer in the coming months so you don't need to fall back on credit.
  • fwor
    fwor Forumite Posts: 6,786
    Part of the Furniture 1,000 Posts Name Dropper
    <please ignore - spam removal>
  • [Deleted User]
    [Deleted User] Posts: 35,242
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Fractoggen wrote: »
    It's nice to see that some people still understand how to write a quality post!

    Nice to see that some people still know how to write unconvincing home page spam posts.
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 340K Banking & Borrowing
  • 249.1K Reduce Debt & Boost Income
  • 448.3K Spending & Discounts
  • 231.9K Work, Benefits & Business
  • 603K Mortgages, Homes & Bills
  • 171.6K Life & Family
  • 245.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards