Is this a really bad idea?

[Maggs]

I've got a £100 overdraft on my bank account, I'm working really hard to budget and get my credit card paid right down. It's only about £1500 at the moment so nothing massive. I can usually put £100-£150/month on it but just wondering if it would be okay for a few months to put the extra £100 from my o/d on it to get it paid quicker. My bank I think only charge £5 when I go over. £5 a month is cheaper than £30+ a month in interest fees and it would only be for a few months, to get it paid down quicker.

 

[Pearls18]

Have you looked into getting an interest free credit card and seeing if they will let you transfer the amount so you're not paying interest? I wouldn't go down the o/d route personally.

 

[suzib76]

You will still be charged fees and interest each month on the card, as you are not clearing the balance in full. It may be slightly less, but if you use your overdraft it will probably be cancelled out in fees and interest from that

 

[Maggs]

Ok going on a thought of a balance transfer card then...anyone have any recommendations? Maybe something else with a perk of some sort?

 

[nugget80]

Not sure who offers what for perks but i have barclay card platinum which has 6.9 Apr. Got 18 months interest free on balance transfer and 12 for new purchases. I got it 4 yrs ago so intro offers may have changed...