Following the increase in the base rate

  seedie 12:10 17 Dec 2006

high street banks have increased the overdraft APRs.

Natwest is 18.19% on £1000 and the others are similar (no cartel here :)).

Someone in the family did a neat trick to abolish their overdraft.

1. get a M&S credit card; 3.9% on balance transfers and no transfer fee. Available up to 6 months from opening.

2. Do ALL expenditure on different cards where possible.

3 If necessary draw cash on CC but transfer to M&S card ASAP after statement.

4 Put cash in bank clear OD and learn from past mistakes. There is a % premium on CC cash withdrawals but it's not 18%.

5 Transfer all CC balances to M&S card. It is crucial you don't use this card until the debt is paid off.

Good luck


  dagbladet 13:09 17 Dec 2006

A guy I work with has been doing this for years. Bouncing from one credit card to another, avoiding interest, collecting numerous 'free gifts'. I on the other hand, haven't got the requisite organisational skills nor indeed the motivation. I once signed up for three free issues of 'Which' and ended up paying a subscription for two years.

  seedie 13:49 17 Dec 2006

M&S balance txfer at 3.9% until it's all paid off.

dagbladet We're called rate tarts.


  spuds 14:20 17 Dec 2006

Bouncing about with credit cards, can be a good saver, but it can (in some cases) effect your credit reference ratings, and consequently an application for credit.

A colleague of mine use to change his loyalty on a very regular basis, until he had a few Dear John's, and the credit providers closed some of his accounts down.

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

Xiaomi Mi Mix 2 review

What went wrong at the Designs of the Year 2017

iPhone X news: Release date, price, new features & specs

Comment regarder des séries et talk-shows américains en France ?