Free Cash From Credit Cards Discussion Area

smartsaver

Yes, free all the time.

Egg really is cracking (Sorry)

Gotabiscuit

Yes, free all the time.

Yes, they are fee-free all time but you will be charged interest from day one outside of any 0% promotion (unless you've got a credit balance).

skratoop

What's the best way of cycling balances through 2 cards? I have an egg card already, thinking about applying for a TSB card (who won't do SBT), then BTing TSB -> Egg -> current account.

Has anyone tried this? Will Egg get nervous if I BT a big positive balance in first, then move it out? Or do I kick off both BT's at exactly the same time, and just take the risk that I pay a few days interest to Egg?

Thanks...

Reaper

What's the best way of cycling balances through 2 cards?  I have an egg card already, thinking about applying for a TSB card (who won't do SBT), then BTing TSB -> Egg -> current account. Has anyone tried this?

Yes, often. This is the standard way to stooze.

Will Egg get nervous if I BT a big positive balance in first, then move it out?  Or do I kick off both BT's at exactly the same time, and just take the risk that I pay a few days interest to Egg?

There is some debate on this. Some people prefer to pay a couple of days interest to make it all look better, but I have moved large sums of money through Egg creating positive balances without problems. Occasionally people have reported that Egg called them to make sure the BT was valid, but were happy with a simple "yes" confirming that it was them and not somebody who nicked the card. I think this may happen when a large amount goes through - I don't think it is related to whether you put the card in credit or not, but it has not happend enough to be sure.

So I'd say do whatever you feel comfortable with.

redron6

If I were to get a super balance transfer of any of these banks and then deposit this in a high interest account is it a good idea not to invest it with the same bank that I have borrowed it from; as they will obviously catch on, and I do not think they are daft enough to pay interest on their own money.
Or is this question pretty obvious.

Tim_L

Yes, they are daft enough to pay interest on their own money.

I've successfully stoozed my Cahoot flex loan money at my wife's Cahoot Savings (linked through a joint current account), and Egg CC cash at Egg Savings, though in the latter case it has to pass through another account. The systems they are using are automated and I don't think they distinguish this sort of thing.

joyem

I want a SBT for my overdraft! I have just been on the Virgin site to fill out their form but it says they pay off your credit card balance. I want payment into my bank account. How do I do that please I haven't got a balance on my credit card. Would appreciate an experts help!!

Martinslovechild

joyem wrote:

I want a SBT for my overdraft! I have just been on the Virgin site to fill out their form but it says they pay off your credit card balance. I want payment into my bank account. How do I do that please I haven't got a balance on my credit card. Would appreciate an experts help!!

1. Log into your Virgin Card account.
2. There are 7 tabs displayed. Select the 6th tab ('Transfer Balances').
3. There are 3 options displayed. Select the 2nd option ('Current Account').
4. Enter the amount you wish to transfer plus the sort code & account number of your current account. Enter a contact telephone number.
5. Click the [Submit] button.

joyem

Thanks for the info. Just thought of something else. When they ask on the form for the balance on your credit card do I just make it up? Or could that be fraud.

Mikey_2-2

I have just received my new Virgin Card and transferred about £1k from a couple of other cards to take advantage of the 9 months 0% interest, figuring I can pay off these debts over that time. This I have done as a direct result of the advice on "Money Tips" and was very grateful!

When I called Virgin to confirm the transfers, the very nice lady on the phone then offered me a further transfer into my current account - which took me completely by surprise! This is how I learned about SBT's and I thought I'd check out MSE for more information & it looks like I'm behind the game!!

As I have an offset mortgage at 5.25% and pay tax at 40%, I figure I'm earning the equivalent of 8.75% gross interest on free money from Virgin!

I have 2 questions:
1. Can anyone tell me anywhere where I can get a better rate than this?
2. As I have done this once with Virgin, can I do the same again with another card (Egg looks promising according to the start of this thread) or is there a limit on the number of cards I can have or total credit limit available to me?

I would really like to do it again if possible!! Many thanks to Martin!!!