Getting An MBNA CC Good or Bad idea

Z

ZeroCool

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I am getting an MBNA CC in the next few days. I have a Overdraft that I keep going into every month its not much €950. I pay it off every month I get paid would it affect my credit rating if I keep going into the overdraft, and also would it be a good idea to ues the CC to pay of the overdraft of €450 as this has been going on for a long time!!

Help Please
 
mmmhhh ZeroCool, I would advise against using creadit card to pay off overdraft. I would get a loan instead (try credit union) - far cheaper.

I have a credit card, this time last year it was €4K and completely got on top of me - we were moving house, I ended up getting a loan to pay it off.

Credit cards are good if you pay it off monthly - but it can very easily get on top of you, they are very handy for online purchases: if you are a BOI customer you can also put the cc on banking 365 - so you can check out balances and transactions, must say I find that handy.
:)
 
If you use a cc to pay off an overdraft you will have to use the cc to withdraw the cash to pay the overdraft as far as I know.

Terrible idea in my opinion.
 
CCOVICH said:
If you use a cc to pay off an overdraft you will have to use the cc to withdraw the cash to pay the overdraft as far as I know.
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Can't confirm this 100% but I also believe this to be the case. Given this, you will be paying the CC rate as a "cash advance" attracting the highest rate of interest on the CC from day one of the payment (not too sure of the MBNA rates but it will be ~15% to 20%). Again, wouldn't suggest this as a good way to proceed. As long as you have an agreed OD and you clear it every month it shouldn't have any adverse impact on your credit rating other than not looking too attractive should you be asked to provide bank statements in the near future.
 
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