CreditCards Blog

pay off a credit card? We have 2874.50 on a barclaycard at 19.9% and I have just been accepted for a 3000 overdraft with my bank, Natwest. So would I be able to pay off the credit card and then pay off the overdraft (if the overdraft is at a lower interest rate of course)

thanks x

I guess you could just make a bill payment using it?

If it does'nt allow that, then just take the cash out in a branch, and then pay the credit card bill that way.

I guess you could just make a bill payment using it?

If it does'nt allow that, then just take the cash out in a branch, and then pay the credit card bill that way.

Oh yes - I didnt even think about doing that! I will get reading up about the interest rates and terms and conditions. thanks

Overdrafts are repayable on demand (with, at most, 30 days notice)...credit card debt isn't.

What's the chances of you running up significant debt (again) on the credit card, thereby doubling your indebtedness?

Overdrafts are repayable on demand (with, at most, 30 days notice)...credit card debt isn't.

What's the chances of you running up significant debt (again) on the credit card, thereby doubling your indebtedness?

Oh I see, I did not realise that either. The card with the debt would be chopped up, never to be used again.

Oh I see, I did not realise that either. The card with the debt would be chopped up, never to be used again.
It might be worth holding onto it in that case, just incase they ever requested a demand for immediate payment.

If the interest is lower on the overdraft, id do the same. At 1500+, a lower interest rate even by a few percent, can save you pounds each month.

Good thinking, now just to confuse thing... I just had another thought.

If we paid off the Barclaycard with the overdraft leaving the Barclaycard at 0, we could then ring and ask for that low interest rate for the life of the balance - transfering the whole amount back to the card which will now be charged at the lower rate.

Would that work?

Good thinking, now just to confuse thing... I just had another thought.

If we paid off the Barclaycard with the overdraft leaving the Barclaycard at 0, we could then ring and ask for that low interest rate for the life of the balance - transfering the whole amount back to the card which will now be charged at the lower rate.

Would that work?

Worth a try, they may give you a good Life Of Balance rate (charging 3% fee)

Worth a try, they may give you a good Life Of Balance rate (charging 3% fee)
Ok thanks :)

Good thinking, now just to confuse thing... I just had another thought.

If we paid off the Barclaycard with the overdraft leaving the Barclaycard at 0, we could then ring and ask for that low interest rate for the life of the balance - transfering the whole amount back to the card which will now be charged at the lower rate.

Would that work?No, not without an intermediary SBT mule card such as Egg Money.

No, not without an intermediary SBT mule card such as Egg Money.

Ok... I have an Egg credit card, but that has a balance on it, is Egg money something different? I have read that they are not taking on new people at the moment?

Ok... I have an Egg credit card, but that has a balance on it, is Egg money something different? I have read that they are not taking on new people at the moment?

Egg Money is something different. Egg Card = Visa, Egg Money = Mastercard.

You're right that they're not accepting new applications for Egg Money.

Egg Money was kind of unique in the way that they allowed positive balances (in fact, the card was designed to be run that way). This meant you could transfer fictional debt away from it, leaving the account with a positive balance, and then send the money to your current account from there.

Hi , I am sorry if this is in the wrong place? am new! I am ashamed and embarrassed to say I have had an egg credit card for about 5 years and have always paid the minimum d/d per month, from the info on this site, i realised i was paying a protection payment, so cancelled and reclaimed succesfully, (1,439), since looking into my acc. more online, I have noticed a debit for 'product support'? for 8.99 per month as well, plus I am dim ! but i dont understand how my balance has gone up by about 8 per month whilst i have been making the minimum payment each month, and not using the card for at least the past two years? my balance seems to have accumalated from 3K to 5K with no usage? any help for dim me would be appreciated, thank you very much x