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Best use of 0% on new purchases
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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!
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