Shropshire Seagull
Well-known member
I think it comes down to how smart / responsible you are with money.
I have both Halifax & Santander current accounts with overdraft which charges a flat rate of £1 per day if you use it - regardless of how much you use. No other charges for the facitlity.
Now, for example., if I have a bigger than expected credit card statement, I can pay that off a few days before eg salary goes into current account. I may pay a £5 [for 5 days credit] but if this then means paying nothing in interest on the credit card - its actually saving me money.
Key is, only take it if they only charge for when you use it [ie no annual fee] - and only use it when you really need to and in very sort bursts [eg mini bridging loan] - don't see it as another line of credit [that's yours to spend].
I have both Halifax & Santander current accounts with overdraft which charges a flat rate of £1 per day if you use it - regardless of how much you use. No other charges for the facitlity.
Now, for example., if I have a bigger than expected credit card statement, I can pay that off a few days before eg salary goes into current account. I may pay a £5 [for 5 days credit] but if this then means paying nothing in interest on the credit card - its actually saving me money.
Key is, only take it if they only charge for when you use it [ie no annual fee] - and only use it when you really need to and in very sort bursts [eg mini bridging loan] - don't see it as another line of credit [that's yours to spend].