credit/debit balance swap

pennylessbob

Hi, just a quick question for all you savvy folk out there.

I have a £2000 credit card debt which is coming up to the end of its interest free period at 19.9%, I have been advised to switch my current account to a moneyback current account and get a £2000 overdraft on this account.

I am planning on using this overdraft to pay off my credit card and only be charged the 6.9% overdraft interest. Now im sure there must be more to it than that or everyone would be doing it.

Your input/advise would be most appreciated

Thanks.

exel1966

6.9% AER is an expensive way to pay back your debt when there are plenty of other c/cards offering 0% deals on balance transfers.
Why not get another card and do a BT ?

pennylessbob

Thanks, will look into that.