Is this a good plan?

steve237

I've about to reach my credit limit of £3200 on the Natwest Gold card. It's all in my savings account along with £1500 worth of free overdraft from Alliance & Leicester, £2000 worth of Interest Free DFS purchase money + some other cash...

Rather than leave the Natwest card and start purchasing on another one, I am planning on taking out a new card (HSBC looks favourable) and transferring all the money from Natwest to HSBC so I can start again with my Natwest card (still 6 months interest free) and continue earning airmiles!

Does that sound like a good plan and can anyone give me any tips to maximise my stoozing savings and aimiles?

Thanks
Steve

[Deleted User]

steve237 wrote:

I've about to reach my credit limit of £3200 on the Natwest Gold card. It's all in my savings account along with £1500 worth of free overdraft from Alliance & Leicester, £2000 worth of Interest Free DFS purchase money + some other cash...

Rather than leave the Natwest card and start purchasing on another one, I am planning on taking out a new card (HSBC looks favourable) and transferring all the money from Natwest to HSBC so I can start again with my Natwest card (still 6 months interest free) and continue earning airmiles!

Does that sound like a good plan and can anyone give me any tips to maximise my stoozing savings and aimiles?

Thanks
Steve

Based on other posts, hsbc can be very slow and are not over-generous with limits (tho Mrs actuary got 30% of salary which was ok). Egg give instant decisions and are generally thought to be generous with limits but there's a £50 fee (2% max £50 actually) on BTs. There would be scope to increase your stooze pot by more than you owe natwest this way.

steve237

Thanks for the info on the HSBC card.

But wouldn't it be better to avoid the £50 fee and get a card with a posisble lower limit? I can always get another one when that and the Natwest Gold are full again...

[Deleted User]

steve237 wrote:

Thanks for the info on the HSBC card.

But wouldn't it be better to avoid the £50 fee and get a card with a posisble lower limit? I can always get another one when that and the Natwest Gold are full again...

Just as an example

transfer 3k to hsbc: credit interest =4% (net) of 3K = £120

transfer 6k to egg (egg limit say) = 4% of 6K less £50 = £190

There's no guarantee they'll be the limits or indeed that there'll be any 0% offers in 9 months time. My approach is to maximise gains now as you don't know what terms will be in a year's time. That's only my thinking, obviously people are free to manage things as they wish. Good luck.

steve237

Understood.

Thanks for posting.

I'm now thinking of getting a card with no BT fee, moving my natwest debt over to that, then maxing out the new card (won't take long!) then getting an Egg card and doing a balance transfer from BOTH cards (Natwest and new card) to EGG card if they are more generous with limits.

Would Egg take a balance transfer from 2 cards do you think?

[Deleted User]

steve237 wrote:

Understood.

Thanks for posting.

I'm now thinking of getting a card with no BT fee, moving my natwest debt over to that, then maxing out the new card (won't take long!) then getting an Egg card and doing a balance transfer from BOTH cards (Natwest and new card) to EGG card if they are more generous with limits.

Would Egg take a balance transfer from 2 cards do you think?

Yes but the fee is per transfer so best way is to transfer the full 95% of your limit to your current account and pay the other cards from there.

steve237

Egg card will let me withdraw 95% of the credit limit to my bank for £50?

[Deleted User]

steve237 wrote:

Egg card will let me withdraw 95% of the credit limit to my bank for £50?

Yes (or lower fee if your credit limit is £2630 or less).

steve237

Thanks for your help!