Can someone please recomend a credit card that will allow me to pay off overdraft (in theory) apart from egg. For some reason I have just been turned down by egg. So would like another recomendation please. Large bill arrived. Have savings but are locked up in account and would lose valuable interest.
You'd lose more in interest than you'd pay in interest on the credit-card bill?
If even egg have turned you down then I wouldn't hold my breath. It sounds like your large bill is counting heavily against you in getting further credit. If you do get another card it may have a an insufficient limit to shift your debt.
Could it be that I have a: Remortgaged this year (for a better rate not to raise capital) b: Taken on a buy to let mortgae c: Taken out a Car loan.
Maybe with these 3 in the last 12 months this has gone against me. Oh well will have to take it out from a Tessa. Shame as it is 12 month aniversary in January.
Assuming you are right about the loss if interest being higher, which I can see given you would only ride the card balance for a month or two before the TESSA does its thing, you could try an MBNA card. These usually come with credit card cheques which would allow you to make a payment into your current account. Or you could pay the bill directly using the credit card cheques. You should get zero interest on the balance transfer but may have to pay a percentage commision on the amount. Can't remember if its 1 or
2%.BUT you are banking on the credit limit given to you being high enough. Also, that the card application will be processed in time. A credit card application I made recently, with an issuer that uses MBNA, took about 4 weeks from start to finish.
Might be worth asking your bank to extend your overdraft for a short time until the TESSA matures? If the TESSA is with your bank they may be more accomodating.
Si
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