Free Cash From Credit Cards Discussion Area

System

Thanks Martin, this a great tip. Free money... ;D

I've applied for a Mint card, and will use the cheques when they arrive.

And I've also looked at the forms to apply for a the other cards, but can't see how to ask for a cash balance transfer.

Do I need to state a debt in the "Borrowings" section to get this, or just ring up and ask for it when the card has arrived?

Cheers.
Elspeth

System

Hi Martin

I've looked at a number of the Terms and Conditions for some of the suggested credit cards but they all seem to apply around a 2% fee for a cheque transaction. Am I missing something?

Thanks

System

Martin

I have an offset mortgage through First Direct. I am thinking about getting this free cash and using it to offset my mortgage to maximise the returns. Do you think this is better than investing it at around 4.5%

John

foxinc

Hi
Can anyone tell me is it fesible to transfer this free money into an account to pay off an overdraft thus saving on interest ?
???

johnllew

I've looked at a number of the Terms and Conditions for some of the suggested credit cards but they all seem to apply around a 2% fee for a cheque transaction.  Am I missing something?

Not really - most cards make a similar charge. You've got to find an issuer that doesn't - for instance the Mint card during the promotional period. Have a look at this thread: http://www.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1076880623

johnllew

I have an offset mortgage through First Direct. I am thinking about getting this free cash and using it to offset my mortgage to maximise the returns. Do you think this is better than investing it at around 4.5%.

Compare the rates to decide - normally an offset mortgage set-off would be advantageous. Do you pay tax? Then deduct the rate of tax from the ING interest rate - 4.5% net of 20% tax is 3.6% - net of higher rate tax (40%) is 2.7%.

Your mortgage rate is likely to be more than that and no tax deduction is necessary to compare because you normally don't get tax relief on mortgage interest (unless the property is let).

johnllew

Hi
Can anyone tell me is it fesible to transfer this free money into an account to pay off an overdraft thus saving on interest ?
???

Yes - very feasible. You'll find lots of posts about just that in this forum.

android_2

i have nerver had a credit card ever in my life still not sure how the system works?when you apply for a card how do you put say £5000 into a bank account once youve got the card?how many cards can you do with it at once ANY FEED BACK WOULD BE MUCH APPREICIATED ;D ;D ;D ;D ;D

gritts

how do you put say £5000 into a bank account once youve got the card?how many cards can you do with it at once    

For instance with MBNA when you send back your credit agreement you fill out a form provided that allows you to fill in your bank account details and the amount you wish to transfer.
With Mint they give you cheques when they send you the card that you can then pay into your bank.
How many credit cards - I have 4, some have 10, some 1. I would think the amount of cards is limited by your credit limit.

mr.steve_2

Another Question:
Could anyone please answer me this:
If you aquired a new 0% card and made a balance transfer into an account, could you keep on transferring the remaining balance back into your account each month immediately after making the repayments as so to keep the card full?
The reason I ask is that if I were using a cashback card to do my shopping, rather than using the 0% card to pay for the cashback card each month, I could play tennis with the repayments between the 0% card and my bank account while also paying for my cashback card from my bank account? This seems an easier way of managing it if it were feasible?
(Reading that back sounds confusing even to myself, I hope somebody understands it!)