Free Cash From Credit Cards Discussion Area

Reaper

Because that £450 is not interest - you have reduced it from the balance.

So at the end of the term you only have to repay the remaining £2050 and pocket the £93.50 profit.

zcaprd7

You are paying back the capital with your minimum repayments (so you will have less to pay back at the end) there are no actual charges so the interest you earn in the savings account will be an extra.

mango1966

Hi...just wanted to check my understanding of actually getting the money into my current account.

So...I apply for a credit card (picked Virgin as one of those recommended). Once approved and i have the card in my hand i simply ring them up and ask to have x amount transferred directly into my current account. Is that correct?. Is there anything else i need to be wary of, i.e aren't they going to catch on that I am doing this to make money??.

Do i need to justify it in some way.

Is this still one of those cards that won't charge me in any way for doing this?

Any help would be much appreciated...
Thanks

Al_Mac

Simple as that, yes, with Virgin the transfer is free during 0% period.

mango1966

Will it matter do you think that i have had an MBNA card previously (Alliance & Leicester)?. Would i be better off going for the new M&S one, is is possible to do a Super BT on the M&S one?

Reaper

No, you can't do an SBT direct with M&S. What people do instead is to BT to a card that does allow it and pass it on to their bank account from there. Egg is the best card to do this with, so it is a good one to start with.

As for holding an MBNA card previously - people seem to have had different experiences. If you no longer have one then you should be ok.

johnfthetraveller

I have read all the posts in this line, but there seems to be one scenario that would be a good bonus, and it hasn't been highlit (as far as I am aware).

There is much talk that, when your 0% period ends, you should BT to a fresh 0% BT card, called muleing. But how about this .......

If you have a SBT card that allows repeated SBT's over a period (rather than just one off), why not do a maximum transfer from the SBT card to your current account, then BT from the SBT card to another 0% BT card! As the SBT card now has a nil balance, you can start at the beginning again by doing the maximum transfer from the SBT card to your current account again! Repeat for as many 0% BT cards you can get!

I can't believe that companies would allow this, but then again, I don't understand how come they allow SBT's anyway!

Has anyone done, or tried to do this? If so how often / quickly did you do it?

I know Egg have an extended 0% SBT period, but are there any other 0% SBT's which extend the period for SBT's beyond the initial card application?

froggie_2

johnllew wrote:

The easiest way to find out is to ask Egg.

I can say with some authority that it's 5 months after the 1st day of the offer month.

Eg transfer on 1st of Jan - interest charged 2nd of June
Transfer on 31st of Jan - Interest charged on 2nd of June

[offer month][0% 2][0% 3][0% 4][0% 5]

IE.. it's 5 months, including the offer month.

So if you transfer on the 1st day of the offer month, you get 5 months.
If you transfer on the LAST day of the offer month, you get 4 months 1 day.

So transfer early!

johnfthetraveller

No one replied to my previous request for info, but now I've tried it for myself, I thought I'd give an update.

If anyone's interested, here's what I've learned that I've not seen elsewhere on this site (it may be there, it's just I've not seen it).

Basically I have been able to supermule with Egg. Super muleing is what I call it when you keep on clearing the balance on a 0% SBT card by BT'ing it to the more freely available 0% BT card, before maxing out the 0% SBT card again by transferring cash into your current account to pay off your higher charging debt (or whatever). Repeat for as many 0% BT cards you can get or are comfortable with.

What I've learned is:

- that you only need one 0% SBT card at a time. Having two at the same time is a waste as they are rarer. When one is about to finish, then try and get a new one.

- My experience is that once you have one AMBNA card, you will get turned down for any other AMBNA card.

-If you start from the point of having good credit, you might as well apply for (and get) a 'bunch' of credit cards before you start maxing them out. Once your credit search starts to shows the debt, your credit rating will drop.

- Unless your a superbrain, you'll have to be organised enough to keep track of what your doing, especially if you use more than a couple of cards. I keep a record which lists:

Card
When applied/accepte/rejected
If it is 0% SBT or BT only and date 0% ends
Any BT fee
If purchases are free and date 0% ends
Repay dates for BT or purchases

- You then need to calendar a date each month to review.

Enjoy!

Dan40_2

If the SBT 0% on a Virgin card is for new customers only, do you have to apply for another new cc from some other bank offering BT of 0% at the end of 9 months? Or can you get 0% BT again after some time as an existing customer???