Balance Transfer - Lump payment Mortgage

sotal

Sorry if this has been answered before, I've had a good search but there is such a wealth of information.

I have an RBS One Account, with an current balance of about £108,000.

I'm looking for ways to reduce the amount of interest and it occured to me to use balance transfer cards to get some free interest.

So my questions are:

Can you use balance transfer cards to pay off lump sums from a one account?

Is the amount you can have per card limited to your credit limit?

How many times can it be done? Can you go back to companies you have previously used and now closed?


My idea was to get as many as I can slightly staggered (ie get one every other month) When they run out I can pay them off with the one account to in effect just put the money back why I look for another card to replace it.


I realise the saving isn't huge due to the transfer fee, but I believe a saving is available if it is all possible.

If I have worked it out correctly I currently pay £468 / month in interest.
If I could move £10,000 to a Card then it would probably incur a £300 fee.
It would then save approx £44/month.
This equates to a saving of £228 / year.

Theoretically if I could do the same ten times, to get £100,000 on cards then it would save about £2200 / year.

Is it worth it? Realistically how much could be transferred to cards?

NickX

I think you have discovered something called stoozing.

I would check out the stoozing sub-board here and www.stoozing.com

There are many people doing exactly this, but you need to work out the best way to get the funds from the Credit Card and into your offset account which is trickier now because Egg Money has been withdrawn from the marketplace.