Bank loan, overdraft or credit card

[A8888]

On my Natwest app there are options for increasing overdraft, getting a credit card or a loan.
If I apply for one will the others disappear?
Could I apply for all 3 at the same time?

Thanks for any advice

I suspect the bank will only have the appetite to expose itself so much to you. So if you max that out in loan or credit card you can probably forget the overdraft.

Cards, loans and overdrafts fulfil different purposes.

What might you want to borrow money for?

Thanks for replying
It's vet's bills

The credit card says it could have the highest amount so should I go for that?

How long do you think it will take to repay?

Overdrafts are usually 40% interest and seen as a negative indicator on your finances, so best avoided.

Credit cards will be completely free if you can repay when the bill comes, so gives you a few weeks free credit. Or they may be offering a 0% purchase card, which could give up to a year or two to repay without interest. If you took this, you should aim to pay back before the interest free ends, and always pay more than the minimum, even if it's just a pound more, as this removes a minimum payments marker from your credit file. If the Natwest card has no offers, you could instead apply for a 0% purchase card from another bank.

A loan has a fixed end point, as opposed to a credit card or overdraft, both of which could drag on for years of debt if you let them, but a loan will be more expensive than a credit card managed as above.

I would imagine once you take one the other options will either disappear or the credit available will reduce. If the credit card has a 0% period that is your best bet.

Don't take the overdraft, they're difficult to get out of. How much are the vet bills? Are there likely to be more to come? Does the credit card have an introductory offer such as and interest free period on spending? Can you afford to commit to a fixed monthly repayment or would variable work better?

I think we'd be able to repay by October, with our help to save account bonus.
We don't know what the bills will be or even if she'll be suitable for treatment until the appointment.
Very angry with myself for not getting insurance and wasting money on pointless stuff.

The Natwest offer is 23 months 0% but I might go for a different company.
Variable will probably be better for us.

If you haven't yet had an appointment / diagnosis for your pet's condition and the symptoms are relatively new, find the best pet insurance that you can (using a comparison tool) and take it out immediately. Most policies will have small print which prevents you from claiming for the first 14 days or whatever but most treatment isn't instant in any case and if you pay upfront at the vets, you may be able to get this cost reimbursed through your insurance later.

I did this in a very narrow window of time, paying on a 0% credit card, then submitted the paperwork and the insurance covered it 4 weeks later. It saved me £800.

I'd probably go with the credit card then. If you're happy to shop around, look for an introductory rate on purchases, not just balance transfers.

Thankyou for the advice all 🙂

Agree with people saying don’t take an overdraft they are really difficult to get rid of once you get one

personally I’d take a loan for a fixed period of time rather than a card with no temptation to not pay off that month or just get a little something extra on the credit card

depends on the interest rate of the loan though