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Balance Transfer on CC to keep money in ISA?
SpideressUK
Posts: 198 Forumite
in Credit cards
I took Martin's tips earlier this year and between my hubby and myself we took out four 0% fee credit cards which last for 12 months (expire Feb 2009). We then put £10K of money on these cards and put that same £10K into an ISA account (which has currently earned us approx £300 ish in interest).
The ISA was ICESAVE and we are currently being paid about via the FCSA so we will have this cash fully back in the bank soon. Am I best to just pay off the interest free cards completely now and cancel them then just start again with the longest 0% card I can find OR am I best transferring the 0% card debt to a new 16 month 0% card (Martin has a tip on the best ones via the site) and paying the 2.9% fee to do so.............since if I can keep that £10K and put it back into an ISA which maybe pays 6% or so I am still "making" 3% over the 12-16 months once the balance transfer fee has been deducted.
Like all private ICESAVE customers we have our ISA tax free status intact and we have more scope for paying in up to each of our £3,600 max this tax year.
The ISA was ICESAVE and we are currently being paid about via the FCSA so we will have this cash fully back in the bank soon. Am I best to just pay off the interest free cards completely now and cancel them then just start again with the longest 0% card I can find OR am I best transferring the 0% card debt to a new 16 month 0% card (Martin has a tip on the best ones via the site) and paying the 2.9% fee to do so.............since if I can keep that £10K and put it back into an ISA which maybe pays 6% or so I am still "making" 3% over the 12-16 months once the balance transfer fee has been deducted.
Like all private ICESAVE customers we have our ISA tax free status intact and we have more scope for paying in up to each of our £3,600 max this tax year.
After 30 years of mortgage paying we are blessed to say we are MORTGAGE FREE 11 years early 
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