We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cashback Credit card or Bank interest?
Options
paulsequenza
Posts: 5 Forumite
in Credit cards
Hi,
I want to buy a £1000 engagement ring, I have the savings.
Do I use my savings which are in the recently posted LLoyds 4% current account, and transferring into their 8% savings account at £250per month, or
get a cahsback credit card which the most I can get back is £13 (Morgan Stanley)?
Paul
I want to buy a £1000 engagement ring, I have the savings.
Do I use my savings which are in the recently posted LLoyds 4% current account, and transferring into their 8% savings account at £250per month, or
get a cahsback credit card which the most I can get back is £13 (Morgan Stanley)?
Paul
0
Comments
-
The most you can get back would be from a 0% purchase card, putting the £1000 in savings. These require 2-3% minimum repayment per month. A 12 month 0% purchase card could save around £40 before tax.
J_B.0 -
Assuming a 0% card is out of the question...
Pay with a cashback CC, keep the payment on the card for the duration of the interest free period, then pay it off with the savings.student100 hasn't been a student since 2007...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards