Making profit from a loan???

grumbler

...And how you were going to make £15455 (total) repayments with this card?

And again, if you are able to make £5K worth of repayments with this card without cash advance fee and without attracting any CC interest, don't forget to take the lost interest on potential £5K (starting balance) of savings into account...

rakesh_2

i was thinking of transfering the MBNA £5000 into the ICICI (Account 1) and earn interest while @ the same time making the repayments to the loan amount- this will @ least pay off apprx 4/5 months worth of repayments without touching the original £15,000 loan sitting in the savings account [Savings Account 2). In order to still enjoy the interest free period of the MBNA CC (12 months) again i was going to transfer £5000 from Account 1 to pay of the MBNA CC and just repeat the procedure again. Hopefully this can make u more profit than just relaying on the original £5000 in a ICICI bank which will generate only £206

grumbler

I don't want to waste my time making calculations and trying to prove you that your plan is wrong. Just believe me, I know what I am talking about. Next time just compare 5.7% and 5.15%*0.8%=4.12%. Full stop. Just leave £5K in ICICI and forget about the loan - this is the best you can do.
Credit card doesn't change anything unless you use 5.7% loan to repay a CC with higher APR, but this has nothing to do with 'making profit'...

missk_ensington

If you take out a £15,000 loan, how many years will this be over?!? You're assuming you can clear the bill after one year of having it in a bank account, you're profit would priobably be wiped out by an Early Repayment Charge!

If you're desperate to make a measley £600 in a year Go and work behind a bar in the summer in Blackpool for a few weeks! It'd be less hassle!