Free Cash From Credit Cards Discussion Area

MSE_Martin

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System

I am interested in this! I do not currently have any o/s loans or credit cards. However, how many 'hits' can your credit rating have - i have heard that the limit is 6 in 6 months. I will be looking into getting a mortgage later on this year / next yr, so don't want to endanger that at all.

I have only had 2 hits in the last twelve months; one for an egg card and one for a new mobile phone contract.

Please advise!

gritts

I heard about this on Five Live breakfast recently. This guy had made thousands doing this, the only problem it seemed to me was keeping track of all his credit cards and when the offers expired.

Anyway i'm in. Just applied for Mint. Have to wait for an answer though.

I take it you just call them up and ask for a credit card cheque? Could find no mention on their site.

Mmm free money.

gritts

Also, I applied for it via Martin's link. Thanks Martin.

MSE_Martin

Slightly peeved that 5 live breakfast got someone else to do this. DO you know who they used - this is my baby!

As for credit scoring - there is no answer. I've put some wee notes in the article - but truth is - there's no rule about hit numbers. If you read my article on credit scoring in the Guides section and read the regular Q&As about this - you will find more info

Martin

gritts

Hi Martin,

This was just joe public. He was just a guy who did it, he just told his story and said he spent about an hour a week checking all the cards he had running. Didn't go into detail or mention specific cards.

He probably heard about it from you for all i know.

GRITTS

MSE_Martin

Cheers GH - and checking an hour a week! What's that all about....

Personally it doesn't take anywhere near that - a good note or two in the diary and a shufty once a month at best

Milarky

Martin,

I'm being a bit 'tongue in cheek' here but ...

Aren't you in danger of pulling down the temple [of easy deals] just by the sheer amount of publicity you give it?

Yet the number of these deals is probably increasing, rather than decreasing. [BTW does anyone do research into availabilty apart from us 'tarts'?]

I long-ago decided I would ride this for as long as I could - having no 'real' debts and expecting to get rejected for new cards at some stage. Yet, apart from certain brands, I've had no real problems at all.

There has to be a 'credit-crunch' at some stage, surely? If for no other reason than credit cards co.s have been just so lax 'till now. what's your thinking on when these deals will either be withdrawn or rate-tarts will start to be picked out?

M

Bond_2

A quick word of warning for Credit Card borrowing Newbies....

Please don’t forget that whilst the money is ‘borrowed’ at 0%, you DO still have to keep up the minimum monthly repayments irrespective of whether interest has been added.  So if you borrow £8,000 you will have to pay back approximately £170 per month (normally 2.5-3%).  Failing to make these payments will lead to charges and negate the purpose of this money saving tip.  In my case, I simply organised for the minimum repayment to be taken automatically each month from my savings account (where the borrowed money was held) and then did not concern myself again until the end of the 0% period.  Obviously this does affect your returns as your borrowed monies reduce (unsure as to whether Martin has factored this into his example calculations).
 
Further if your thinking of placing the money in a savings account that you cannot easily withdraw from, please make sure you have the capital spare elsewhere to keep up the minimum repayments.

Galstonian

MBNA cards (and most or all cards run by MBNA) require a £5 minimum repayment, ideal for rate tarts.

Bond_2

MBNA cards (and most or all cards run by MBNA) require a £5 minimum repayment, ideal for rate tarts.

I don't have an MBNA card so I can't comment, but the credit cards I do have (and I have A LOT ) state that the minimum payment is "£5 or 3%, whatever is the higher value".

MBNA is obviously the way forward.