Mortgage Stooze
In_The_Loop
Forumite 5 Posts
I know there's a few threads dealing with this subject but I thought I'd see whether anyone has any success/horror stories with this particular tactic.
I'm 1 month into the 12months interest free period for purchases on a Barclaycard Platinum. I called their customer services last night to check whether a mortgage payment would be classed as a purchase or cash advance (I seem to remember hearing that Capital 1 classed mortgage payments as cash advances, thereby incurring the 3% fee). The advisor confirmed that B'card would treat it as a purchase, so presumably there would be no additional fee. I've also checked with the mortgage providor (Natwest) who confirmed that there would be no additional charge for paying by credit card.
I know the best advice is to get anything like this in writing but I figured I'd be waiting forever for them to send a bespoke letter to this effect, so I'm going to go ahead for a month to try it out. If the worst comes to the worst and they charge a cash fee it'll show on the next statement. The stoozed cash will be going into a Lloyds Vantage so it'll be a pretty small overall loss to find out if it works.
Has anyone else done this and been caught out?
I'm 1 month into the 12months interest free period for purchases on a Barclaycard Platinum. I called their customer services last night to check whether a mortgage payment would be classed as a purchase or cash advance (I seem to remember hearing that Capital 1 classed mortgage payments as cash advances, thereby incurring the 3% fee). The advisor confirmed that B'card would treat it as a purchase, so presumably there would be no additional fee. I've also checked with the mortgage providor (Natwest) who confirmed that there would be no additional charge for paying by credit card.
I know the best advice is to get anything like this in writing but I figured I'd be waiting forever for them to send a bespoke letter to this effect, so I'm going to go ahead for a month to try it out. If the worst comes to the worst and they charge a cash fee it'll show on the next statement. The stoozed cash will be going into a Lloyds Vantage so it'll be a pretty small overall loss to find out if it works.
Has anyone else done this and been caught out?
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http://www.stoozing.com/forum/YaBB.pl?num=1218039089
You say it's going into a Vantage account. Does that mean you'll be asking for a drawdown of the funds only just paid to the mortgage provider? Might ring a few alarm bells? And mean you only get one shot at it...thereby precluding a 'test run'?
The idea was just to pay the monthly payment on the 0% card, stash the cash which would've been used in the Vantage until the end of the 0% period and then do a BT to whatever is the best deal available at the time (or simply pay it off and keep the interest). As far as I can see the only possible drawback would be incurring a cash advance fee (which for a one-off wouldn't be so bad just to find out whether it can be done). Unless I'm missing something really obvious, which is certainly not impossible...