Allaince and leicester credit card cheques

MRSTITTLEMOUSE

I got some 0% for a year credit card cheques sent from Aliiance and Leicester.
Since I don't have a balance at all on the card I was thinking of using one of them to take say 2k and then pay back all at once from savings at the end of interest free period. That way I can still get the interest from my savings for the year.
What I was wondering since I don't have anything I can transfer is this, can I use a cheque to pay the money into my own bank account.
I am thinking of going on holiday and if I can get the cash like this it would save me losing out on interest as I've already said.
I know they used to do transfers if you rang them but I don't know if that's the case now and I can't find anything about using the cheques in this way.
Thankyou.

CannyJock

You can write the cheques out to anyone, including yourself

Worth applying for the A&L online saver 3.15% AER account if you're stuck for somewhere else to put the extra funds, though the A&L and Abbey 6% accounts are my best performers at the moment. I'd take the maximum possible if you can make a profit from it - what's the fee on the 0% cheques?

david_hellier

They maybe interest free, but I'm sure you'll pay 2.5% transfer fee at least. Not worth the hassle with current rates.

NickX

david_hellier wrote: »

They maybe interest free, but I'm sure you'll pay 2.5% transfer fee at least. Not worth the hassle with current rates.

Really ?? CannyJock has just pointed out that up to 6% AER can be achieved by shopping around. I make that out to be protiftable.

david_hellier

NickX wrote: »

Really ?? CannyJock has just pointed out that up to 6% AER can be achieved by shopping around. I make that out to be protiftable.

But you would have to tie the money up for at least a year and the final timing of swap would be difficult. Also you need to have cash to make the minimum payments. That's difficult if you have tied it up. If you have the cash to service the whole project then fine.

CannyJock

david_hellier wrote: »

But you would have to tie the money up for at least a year and the final timing of swap would be difficult. Also you need to have cash to make the minimum payments. That's difficult if you have tied it up. If you have the cash to service the whole project then fine.

You don't need to tie the cash up, these accounts are instant access ( A&L and Abbey ). You can also make your minimum repayments from them, so you're actually using the stoozed money to make the repayments.

Not sure what you mean about the final timing of swap - you get a date that your 0% promotion ends and you repay the money back from the stooze pot a week or two before that date to be on the safe side and keep the interest for yourself.

Have a look at the guides on the stoozing site for how it works.

The stoozing calculator calculates your profit on the basis of repaying the amount borrowed back from the stooze pot itself so you get a true profit figure.