Following the increase in the base rate

  seedie 12:10 17 Dec 06

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 06

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 06

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

dagbladet We're called rate tarts.


  spuds 14:20 17 Dec 06

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.

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