NEVER PAY INTEREST AGAIN!!

doofuss2647

Hi..I'm new to the site..but thought wud let you know a little tip that will save you paying interest on your credit card.

Say that you own a barclaycard and that you owe 500 on it, and you dont pay off the balance each month,just the minimum payment. Provided that you have at least HALF you credit limit available..heres wat you can do to AVOID PAYING INTEREST!!

1.Open a bet 365 account.
2.(using 500 owed as an example with a credit limit of 1500) Transfer 500 from your credit card to your bet365 account.
2.Transfer the money straighty back agian.
3.The 500 transfered back to your credit card will act as PAYMENT RECIEVED. So your situation will be....

Previous balance 500
New transactions 500
Toatl balance 1,000
Payment recieved -500
New Balance 500

This works because the payment of 500 which you transferd from you bet365 account BACK to your credit card CLEARS THE ORIGINAL BALANCE OF 500 and the 500 that you transfer from you credit card to bet365 will then appear as a new transaction on YOUR NEXT statement!..so you WONT PAY ANY INTEREST beacause it shows up that you have cleard your balance! Do this every month and you will NEVER pay any interest!
Ps..I KNOW this works with barclaycard but am yet to try it with any other credit card as yet.Please also note that wen you transfer money from bet365 it can take upto seven days to show up on your statement!
Hope this works for you as it has done for me!!!

johnllew

I'm sure bet 365 would soon cotton on to this; they will be losing commission on the deposits and will incur processing fees making the refunds.

doofuss2647

Lets hope tey dont! Besides..They cant stop you from withdrawing money from your account. The only thing that barclaycard MITE do is change it so that it shows up as as credit ratha than PAYMENT RECIEVED! Anyway..Enjoy it whilst it lasts!..The best bit is..If you have a high enuf credit limit..you can technically borrow the money for o% !!!!!

deemy2004

What about 1% on cash back cards

Say £10k balance to the bet account back to credit card
= £100 per MONTH ! £1200 per year !

Ah well, nice to dream, no way what your saying would be sustainable, though as I said, can dream ;D

Tim_L

This is a very very unwise course of action, for several reasons.

Firstly Bet365 will notice this, and may suspend your account 'pending investigations'. You will probably be suspected of being a money launderer and have some serious explaining to do. They are allowed to do this under their T&C, and are also allowed to make charges for withdrawals of money not wagered. In fact because of the way gambling law works you have very little claim against them ever if they never returned the money.

Then many card issuers (MBNA as a case in point, but there are others) are starting to treat gambling transactions as cash transactions with immediate interest charged, and you can be sure that if abuse is suspected this happens with more cards sooner rather than later.

The best way of never paying interest again is to clear your cards (or stooze the money). Having dealt a lot with bookies and CC companies, (and with the greatest of respect to the original poster - the objection is really based on practicalities rather than the idea itself) I wouldn't go anywhere near this particular suggestion.

Reaper

It's a nice idea, but taking out 0% credit cards instead is a whole lot simpler and less risky.

faddy

Worked for me for years with Blue Square till they cottoned on and closed ALL my accounts (one for each card).

Margaret_Millne

a couple of years ago when we were going through a real hard time hubby and I had several credit cards, and the only way we could even afford the minimum payments was to balance transfer around the accounts, so everyone got paid, but no-one got paid, if you see what I mean.

Milky_Mocha

Margaret_Millne wrote:

a couple of years ago when we were going through a real hard time hubby and I had several credit cards, and the only way we could even afford the minimum payments was to balance transfer around the accounts, so everyone got paid, but no-one got paid, if you see what I mean.

I was just thinking to myself why not do the above, ie transfer from one cc to another to achieve the same results instead of involving betting cards with their attendant risks ??

nh

Milky_Mocha wrote:

I was just thinking to myself why not do the above, ie transfer from one cc to another to achieve the same results instead of involving betting cards with their attendant risks ??

Because you don't get an interest-free period on balance transfers, only purchases, so you couldn't keep transferring from one card to another in order to stop paying interest (though I believe there are one or two card which do allow it - don;t know which ones though)

Margaret_Millne

I'm not advocating it as a way of saving interest, just saying that when we were going through a particularly bad patch it stopped us from having missed payments recorded.