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Cashback Credit card or Bank interest?
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
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