Psycho-Babble Social Thread 910632

Shown: posts 1 to 4 of 4. This is the beginning of the thread.

USing Overdraft at 5% better than Credit Card l8%?

Posted by Phillipa on August 6, 2009, at 17:09:51

Which would you do use your automatic overdraft on checking at 5% interest as opposed to using credit card with interest of l8%. Seriously need to know for ebay merchandise for selling our business. Thanks Phillipa

Re: USing Overdraft at 5% better than Credit Card l8%? » Phillipa

Posted by Kath on August 6, 2009, at 18:50:45

In reply to USing Overdraft at 5% better than Credit Card l8%?, posted by Phillipa on August 6, 2009, at 17:09:51

It sure seems like the overdraft would be better.

Unless there's some reason not to, that someone might know.

Kath

Re: USing Overdraft at 5% better than Credit Card l8%?

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.

Re: USing Overdraft at 5% better than Credit Card l8%? » Glydin 00

Posted by Phillipa on August 7, 2009, at 20:03:35

In reply to Re: USing Overdraft at 5% better than Credit Card l8%?, posted by Glydin 00 on August 6, 2009, at 22:09:58

Something to consider. Used my money so no mortgage on our home. Still some not much left. Ended up only overdrafting by about $30.00 tons of coats for winter. And charged the rest. Tax free three days in North Carolina and our store coats are selling now. And if waited the marked down quality namebrands would be gone. Cleaned them out. Lots Of Down Rothschild. And Calvin. And pure wool long Rothschilds with hats. Now have to post them all. Thanks Phillipa

This is the end of the thread.

Show another thread

Psycho-Babble Social | Extras | FAQ

Dr. Bob is Robert Hsiung, MD, bob@dr-bob.org

Script revised: February 4, 2008
URL: http://www.dr-bob.org/cgi-bin/pb/mget.pl
Copyright 2006-17 Robert Hsiung.
Owned and operated by Dr. Bob LLC and not the University of Chicago.