Credit Card to put money into an account 1.9% apr - worth it?

galaxy105

So here's the deal... MBNA say that I can transfer my credit limit of £30K into a bank account until November.

I would pay a maximum of £75 for the process to occur and the money would accrue interest at 1.9%.

Does anyone here think that it's worth taking the money and putting it somewhere until November?

Obviously I would be paying *some* interest... I calculate it would cost £500 for the 9 months that I have the money.

So is it worth it and where could I put this cash to get the best interest over this 9 month period?

Baldur

£30,000 @ 3.25% (which is a high rate for short term savings at the moment) would earn around £583 after standard rate tax deduction.

If your quoted £75 initial charge is not included in your estimated £500 interest payment, you are not going to make a huge profit.....