I'm not sure if credit card interest is worked out on my debt on a particular day, or averaged out over the course of a month.
If it's calculated on a particular day, say the last day of the month, then i guess it makes more sense to have all available money in my credit card account that day to reduce the interest I'll pay.
I just assumed that Overdraft fees would be less than credit card.
Hi Galway_Man
Just to let you know that BOI have recently increased my overdraft rate from 9.9%, to approx. 15%... cant remember the exact percentage. If this was the case for you, which it probably is, then there wouldn't be a lot of difference between carrying the debt on a CC or on your Overdraft.
Check out which has the higher interest rate and how and when that is applied and then pay off the one with the highest rate first. I'm guessing that in both cases the interest is calculated on the daily balance.