Credit into savings

webdigga

Hi,

In the new financial year, I am considering getting a 0% interest credit card, putting all of the money into my ISA and then paying off the credit card through my wages throughout the year.

Now, I know absolutely nothing about credit cards and wondered if someone could tell me whether this is a good idea.

What I want is my ISA to be at its maximum for as long of the year as possible without incurring high costs.

Any help would be greatly appreciated.

Thanks
Dave

grumbler

webdigga wrote:

In the new financial year, I am considering getting a 0% interest credit card, putting all of the money into my ISA

This could be more difficult than you think: What is a Super Balance Transfer? , REVENGE! Make Free Cash from Credit Cards articles.

and then paying off the credit card through my wages...

It is better to make minimum payments, save money and then make one-off payment at the end of 0% period.

...throughout the year.

Most (all?) cards offer less than 12 months 0% introductory period on balance transfers now: http://www.stoozing.com/0fees.htm

Now, I know absolutely nothing about credit cards and wondered if someone could tell me whether this is a good idea.

The idea is good. Read articles in Credit Cards section (see link on the left side of the page).

Articles - link to all articles in the geen bar above ...

webdigga

Thanks Grumbler!

Clariman

Seeing as Grumbler has mentioned the stoozing site already, you might find the following page there useful too. It has some comments and guidance about using an ISA as a place to put credit card money (or "Stooz pot" as we call it in the jargon). See below the table http://www.stoozing.com/savings.htm