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Egg exploitation underway! - advice please
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CarpyQS
Posts: 24 Forumite
in Credit cards
I'm in the lucky position of being debt free and i've just recently decided to the CC companies a bit, I have been provisionaly accepted for a Egg card with a limit of £6k, I'll do a Super BT for the full amount then put £3k in a suitable ISA and re-pay £350 a month so that its cleared at the end of the 0% interest peiod. But then whats the best thing to do with the other £3k? I could chuck it into my cahoot savings acoount but then am i liable for 40% tax on that interest? If it sat with cahoot for the 9 months it would earn about £135 but if i am liable for 40% tax on that then is there a better option?
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Comments
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Do you have a partner whose tax rate is lower than yours? If so, put the money in an account in their name. Don't forget from the 6th April 05, you can put another £3000 into a MiniCash ISA.
You could always put the money into premium bonds in the hope you win something. The wins are tax-free but of course you run the risk you may not win anything.0 -
thats a very good point, the other £3k could quite happily sit in permium bonds for 9 months at no cost to myself.0
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Theres also capital gains instruments such as zeros (they are bonds that appreciate in value rather than pay interest) available and the tax free National Savings products0
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I've just recently decided to the CC companies a bit
I'm struggling to understand. Can you explain please?
MLC.Mortgage Feb 2001 - £129,000
Mortgage July 2007 - £0
Original Mortgage Termination Date - Nov 2018
Mortgage Interest saved - £63790.60
ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)0 -
He means stoozing0
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yes read - take advantage of
it get real enjoyment from throught of getting something from these companies that ruin peoples lives OK i am a not that far right and i know they are only providing a service bla bla bla... but i enjoy deeply enjoy the fact i'm having fun at thier expense!
If i cream a million off the premium bonds and pull a couple of hundred quid from Mr Egg's retiremnt fund then i'll have done at least 1 useful thing in 9 months!0 -
;D ;D ;DMortgage Feb 2001 - £129,000
Mortgage July 2007 - £0
Original Mortgage Termination Date - Nov 2018
Mortgage Interest saved - £63790.60
ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)0
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