Advice RE: Credit cards/savings please....

fozzylozzy

Ok, here's the story.....

We've remortgaged to have major building works done on the house. We've got the funds (£35,000), it is nicely building up some interest (5% and not paying any tax)in an account.

Is there a way using 0% credit cards I can keep the remortgage money where it is (as it's very comfortable there ) for a while longer???

Building works are not due to start until next month, and no money is going to be asked for for at least a month after that. Obviously no credit card will give us a £35k credit limit even if we have proof of the funds - so would we have to apply for 2/3 different ones for it to work? And if so, how long do they generally take to set up.

Thanks a lot.

Louisa xxx

fozzylozzy

Ok, no ideas then.....

[Deleted User]

Not sure anyone understands the question. The building work and cash seem immaterial. If you want to borrow some money at 0% for 9 months then you could use that to pay the builders and leave the other money untouched; this is no different to anyone else borrowing money on cards at low rates and investing it. HTH

fozzylozzy

Sorry if my message seemed confusing.

This is the first time we've done anything like this and was wandering which was the best way to turn.

Just looking for ideas that's all.

Thanks for your response.

Louisa

YorkshireBoy

fozzylozzy wrote:

We've remortgaged to have major building works done on the house. We've got the funds (£35,000), it is nicely building up some interest (5% and not paying any tax)in an account.

So, you're borrowing money at (around) 5%, and making 5% interest. You won't get rich doing that!

Is there a way using 0% credit cards I can keep the remortgage money where it is (as it's very comfortable there ) for a while longer???

Pay your builders with a 0% on purchases credit card, or start to stooz - click the 'Stoozing' & 'Super BTs' links in the blue box above your first post.

Building works are not due to start until next month, and no money is going to be asked for for at least a month after that. Obviously no credit card will give us a £35k credit limit even if we have proof of the funds - so would we have to apply for 2/3 different ones for it to work? And if so, how long do they generally take to set up.

2-10 weeks, depending on the cards selected.

fozzylozzy

Thanks for the advice - will look into stoozing.....

Louisa

grumbler

fozzylozzy wrote:

...Is there a way using 0% credit cards I can keep the remortgage money where it is (as it's very comfortable there ) for a while longer???

Yes, if your contractor will accept payment by a credit card. If they charge extra for CC payments this could overweight interest you get by keeping money in a saving account for a few months.
If they don't accept CC payments, then you need more complicated technique. See links Super BTs and Stoozing in the blue box above. However, this technique can be used anytime irrespective to your current situation with £25K saved and waiting.

... how long do they generally take to set up.

This varies for different CC companies and can be from 1 week to 8 weeks.

See also: Best Credit Card for Purchases (when you need to borrow to spend), http://www.stoozing.com/0fees.htm

fozzylozzy

Thankyou so much for the advice, I will check whether our builder accepts/charges extra for cc payments before we consider anything else-I hadn't even thought about that.

Louisa