I'm going to buy a laptop as a present for someone and could do with getting it sooner rather than later. I've been accepted for a credit card from Halifax but have to wait for the forms to arrive, be signed, sent back and then, finally, for the card to arrive.
So my question is: Can I buy the laptop with my bank overdraft then use the credit card to pay off the overdraft? Is it even possible and, if so, will their be any charges or penalties for doing so?
Thanks.
Can I buy the laptop with my bank overdraft then use the credit card to pay off the overdraft?
Only a few rather special cards allow you to pay off an overdraft, unfortunately Halifax is not one of them.
I think you are going to have to wait until the card turns up, perhaps you can call the Hally and try and hurry them up.
Cards that do allow SBT (Super Balance Transfer) which is where they send funds to your Bank Account include Egg, Post Office Card and any card underwritten by MBNA (including Virgin, Sony, Alliance & Leicester and MBNA themselves).
In addition certain other cards such as MINT and Capital One issue Credit Card cheques that can be paid into a Bank Account at Balance Transfer rates. However, this is not necessarily a satisfactory option because the cheques cannot be ordered and, unless they are already in your possession, you don't know when they are going to drop through your letterbox.
Oh well. Looks like I'll just have to wait. Should have checked on this before I ordered the card! C'est la vie, you live and you learn.
