Free Cash From Credit Cards Discussion Area

System

I've probably missed it amongst the wealth of info here but, why not increase the gain by use of an offset mortgage.

Popping the free/cheap CC monies into an offset account reduces the mortgage interest on that amount, so if the rate was say 5% then the effective rate on the deposit is 5%. It's tax free as you are not getting income but reducing spend.

This has given me an effective mortgage rate of less than 1% for the last year.

jack62uk

I've taken out a Morgan Stanley credit card that was offering 0% for 6 months on Balance Transfers and Purchases.
I just rang them to activate the card and transfer the balance from my Halifax card (the 0% ends this month for me) and the very helpful man at the call centre said..

"You can transfer money to your bank acount at 0% we only started doing this last week"

So if your an existing MS card holder give them a call or take out this card if your maxed out on the others

Gotabiscuit

Notice that their platinum card also offers 1% cashback on the first £2k of purchases (then 0.5% on amounts above this).

System

I have read many of the messages regarding the use of balance transfers! However the water is still muddy with concern over the legitimacy of asking for a balance transfer of say 1000 to your current account despite not having any debt in your entire finances {albeit mortgage}. For Example I have been accepted for an organizational affiliated card with the Bank of Scotland {which incidentally if use it 3x in month they give me 40 in M&S vouchers) giving 0% interest for 9 months. My aim, is to do a BT to my current account then pay it into a monthly paying ISA. Can I do this with out incurring charges? Thanking anybody who can help me with my indecision…….

Gotabiscuit

Most card companies do not ask for proof of debt so you can normally transfer any amount within your credit limit.

luv_my_brass

ok call me thick but I cannot seem to work out how to get the money offered to me on a 0% bt into my bank account (I don't actually have any credit card debt) Whenever I go onto the site (Egg) and into my account, and try to transfer the money it won't let me. Being a newbie to the 'credit card shuffle' - I haven't yet mastered the way around the site (took me long enought to master my online savings account ::) Any idea where I'm going wrong???

luv_my_brass

I'd just like to add that I ain't so thick after all!! After having another fruitless attempt at transferring money into my bank account, I rang egg, and they told me that the money had successfully transferred at my first attempt a few days ago!! I asked why it had given me a false message and they said it was a computer blip ::) So I now have the money, although Barclays won't let me transfer it into my savings account in one lump >:( I have to do it in bits and pieces :P
I would say to all those virgin card hoppers - hoping to cash in on the 0% bts that it takes a lot longer than you first think. Although I got an immediate thumbs up after requesting a card. It took several days before the money appeared in my egg account, then it takes a few more before it appears in your bank account and then (in my case anyway) several more before it appears in my savings account. But hopefully I am almost there!

carl3276

I have clicked the link for the MBNA card at the bottom of the page where martin explained this.
On the page the link takes you to it says

"A market-leading 0% p.a. on balance transfers - for twelve months from the date your account is opened. (You may be charged a fee for transferring a balance. See the terms and conditions for details)."

Does this mean that if i ask them to transfer cash up to my credit limit into my current account, I MAY get charged for it?

Gotabiscuit

General concensus is that if you're a new customer you won't be charged for balance transfers (certainly not the first one, anyway) while you're in your 0% promotion period.

thor

I also have a mint card and have had no problem transfering the full credit limit to my bank account using the transfer and save cheque. Be careful though as I believe that you must use the cheques within 3 months of taking out the card to get the transfer at 0%.

I've not heard about this 3 months rule before. I am thinking about moving a balance to Mint so that I can transfer it out with one of their credit card cheques but I have been with them for about 3 1/2 months.
Can anybody report if they have been charged for using a cheque after 3 months but before the promo period has ended?