Posted by Glydin 00 on August 6, 2009, at 22:09:58
In reply to Re: USing Overdraft at 5% better than Credit Card l8%? » Phillipa, posted by Kath on August 6, 2009, at 18:50:45
It seems like a no-brainer for the finance/interest charges... if you don't plan to use your overdraft repeatedly and you are planning to zero balance that overdraft in a timely manner, it's probably a way to go. However... (there's always a however...) repeated use of overdraft and carrying overdraft balances for extended periods can negatively effect your credit rating.
Banks also frown upon overdraft protection used as loans or credit accounts, so it can effect your guidelines and current policies on that overdraft account if it is purely an overdraft account.
poster:Glydin 00
thread:910632
URL: http://www.dr-bob.org/babble/social/20090802/msgs/910693.html