Free Cash From Credit Cards Discussion Area

DAC_3

I am new to this free money thing and only ever had one card with Natwest that I paid off every month. I cancelled this card and took out a Mint card and Egg card for a total value of 19K (fantastic I thought  :D). This I then balance transfered into wife's high interest account (no tax).

I then applied for the MBNA card to get the free watch and I have just had a letter back to say that I have enough credit with the other cards and they are not going to let me have one (far enough).

Question is, will this now effect my credit rating?

Also, I didn't say I wanted to do a balance transfer to one of the other cards. If I had, would they have been more likely to give me one?

android_2

tell me slowly how you did the whole process from start to finish please because i want to do it but i need alot of help never had credit cards before your help would be much appreciated

mr.steve_2

tell me slowly how you did the whole process from start to finish please because i want to do it but i need alot of help never had credit cards before your help would be much appreciated

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

Mousey_2

With cards that allow super balance transfers, such as the mint card, surely once you have repayed the first months minimum payment you could used their own balance transfer cheques to make the future repayments thus keeping their money in your bank and maximising the interest.
I think that would be revenge with aslap round the face for good measure or am I missing something here?

lisyloo

surely once you have repayed the first months minimum payment you could used their own balance transfer cheques to make the future repayments

I am not sure whether you could directly use one of their own cheques.

However you could write the cheque to your current account and then pay it back.
I did this a number of times with Marbles.

barry_marr

I have got my Mint card to take advantage of this and have two questions.

Firstly it says on the letter my card was sent with, that my advance limit is 50% of my credit limit. What does this mean?

Also there was a leaflet sent detailing my insurance. Does anyone know if they automatically insure you up to a certain point and if they do, do they then charge you?

Many thanks.

System

I'm always in the market for some free dosh, so I'm going to give it a go. One thing you don't mention in the article (unless I missed it) is repayments -- are they made from the savings each month?

brandy47

Hi

Just accessed the MSE web-site following Martin's guest appearance on Radio 2. I have just (within the last hour) applied on line for a new credit card following advice he previously gave. I could do with an in-house advisor as I am totally useless with money - Having said that I am determined to buy or borrow from the library his bible - er book! I intend looking into water metering, switching phone companies, utilities etc and see if the savings will take me off to the caribbean sometime soon! Well done Martin, you make money saving fun.

mr.steve_2

Hi

Just accessed the MSE web-site following Martin's guest appearance on Radio 2.  I have just (within the last hour) applied on line for a new credit card following advice he previously gave. I could do with an in-house advisor as I am totally useless with money - Having said that I am determined to buy or borrow from the library his bible - er book! I intend looking into water metering, switching phone companies, utilities etc and see if the savings will take me off to the caribbean sometime soon! Well done Martin, you make money saving fun.

You're in the right place.
If you do go to the Caribbean make sure you take me with!

System

Just thought I'd give everyone an update on how my 'revenge' is going. Applied for Egg card and got a credit limit of £10k. They set up account on line and I logged on and balance transferred the whole amount into my THE ONE account flexible mortgage. At the end of the month they direct debited the minimum payment of £200 from my current account. I have just logged on to Egg and balance transferred the £200 back into my ONE account, though I can't confirm that this has gone through yet.
At the same time I applied for an Alliance and Leicester card and though they were slower, I got a credit limit of £7k. A phone call was needed to balance transfer £6,800 the maximum they would allow, into THE ONE account. For some reason this failed. I told them to transfer it to my current account which they did. I then electronically transferred this to the ONE account. I have just received the first monthly statement from them and they only want a fiver so I made a direct banking payment to them. I feel like a Swiss banker ;D
I hope this helps anyone who is thinking of doing this as it really is easy. Thanks for the initial info Martin and the book is great as well.