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Interest Free Credit Card & ISA
Stevie8
Posts: 2 Newbie
in Credit cards
Hi,
I have a sum of £5500 on my credit card. I have the money to pay it off now but want to know if I'd be better off in the long run to put the money in an ISA and transfer the balance to a new card that is interest free for balance transfers. It looks like I could get something like a 12 -14 month interest free transfer at 2.9% one off fee but I don't know much about ISA's and am not clear on how much interest the money would make if I used this approach-would the ISA make more than the £160 it woud cost to do the balalnce transfer?
Can anybody help!!
Thanks
I have a sum of £5500 on my credit card. I have the money to pay it off now but want to know if I'd be better off in the long run to put the money in an ISA and transfer the balance to a new card that is interest free for balance transfers. It looks like I could get something like a 12 -14 month interest free transfer at 2.9% one off fee but I don't know much about ISA's and am not clear on how much interest the money would make if I used this approach-would the ISA make more than the £160 it woud cost to do the balalnce transfer?
Can anybody help!!
Thanks
0
Comments
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No point, ISA rates are rubbish0
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best ISA rates are about 2.8%0
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No, there is absolutely no point.0
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Thanks all!0
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