We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Best use of 0% on new purchases
Options

Proactivity
Posts: 12 Forumite


I recently reached the end of a 0% BT period on my Virgin card, paying it off completely. They've now offered me 0% on new purchases until Feb 09, and I'm trying to make best use of the 13k limit they've kindly given me.
While making a Paypal payment it occurred to me that I could just as easily use Paypal to transfer a large amount to myself from Virgin, then put the majority of it in a savings account until Feb.
Now, I'm not expecting to make a profit this way - Paypal's 3.4% + 0.20GBP fee for a 6 month transfer sucks any profitibility out of it - but it might make for a low interest loan to myself while I wait for late payments from clients.
Does anyone know if:
. either Virgin or Paypal have rules against this
. there's a cheaper way of making a transfer that still counts as a new purchase, such as a payment to my own limited company (or my parents' online shop)
. there's anything about this that falls foul of laundering laws
Thanks!
While making a Paypal payment it occurred to me that I could just as easily use Paypal to transfer a large amount to myself from Virgin, then put the majority of it in a savings account until Feb.
Now, I'm not expecting to make a profit this way - Paypal's 3.4% + 0.20GBP fee for a 6 month transfer sucks any profitibility out of it - but it might make for a low interest loan to myself while I wait for late payments from clients.
Does anyone know if:
. either Virgin or Paypal have rules against this
. there's a cheaper way of making a transfer that still counts as a new purchase, such as a payment to my own limited company (or my parents' online shop)
. there's anything about this that falls foul of laundering laws
Thanks!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards