I have just opened up a student account with a £1000 0% interest overdraft, can i use this to pay off my credit card (£750ish) in full?
2007-11-01 11:05:42 · 8 answers · asked by x 2 in Business & Finance ➔ Credit
I don't see why not. You don't have to tell them what you're using it for.
2007-11-01 11:08:57 · answer #1 · answered by Ahwell 7 · 0⤊ 0⤋
Yes, you can and it would seem to make sense if it's 0%, but check the small print about your over draft, sometimes banks can recall overdrafts at any time. Plus it's not gonna leave you any leyway if you were to actually need an overdraft!
2007-11-01 11:32:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sounds like a plan to me, 0% has got to be better than whatever credit card rate is, just make sure you have another plan to pay off overdraft
2007-11-01 11:14:35 · answer #3 · answered by It's me :) 6 · 0⤊ 0⤋
I guess you could, but be careful. The overdraft is there to protect your account from being overdrawn. It gets kind of nerve racking when you start juggling money around like that. Keep very careful records and make a regular payment every month.
2007-11-01 11:14:39 · answer #4 · answered by Stephanie P 2 · 0⤊ 0⤋
Yes but any money deposited in the account will go towards the overdraft
2007-11-04 10:33:40 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
yes you can but dont forget you will have to pay back the over draft but if not get a loan pay it off that way then pay the loan off over 5 years
2007-11-01 11:09:28 · answer #6 · answered by Jazzibel 1 · 0⤊ 0⤋
Yes, of course, and it will save you money.
I would cut the card though to stop you getting in too deep...
2007-11-01 11:14:18 · answer #7 · answered by Cale 2 · 0⤊ 0⤋
of course you can
2007-11-01 11:10:03 · answer #8 · answered by celticforever 2 · 0⤊ 0⤋