Using Sony Credit Card To Fill My ISA!

shitefourbrains

Yea guys I checked this out with them (I made two different calls and spoke to two different people) and they confirmed it was £5 minimum payment.

But basically. I haven't got £3000 of my own money to sink into an ISA. However doing it this way I can use someone elses money to max out my allowance and earn interest for me.

So for anyone in my position with the discipline not to touch the ISA its a pretty neat way of earning some extra money for lifes little pleasures.

Spare money I manage to save monthly is going into a Lloyds TSB Regular Saver where I can call on it without incuring penalties if I ever get strapped for cash.

YorkshireBoy

oldfella wrote:

Not so - T&Cs as follows ..

I've read 'em. That's why I said £5/month.

Even a card with 2% minimum repayments (and a 2% uncapped BT fee) will give a basic rate tax payer a 'theoretical' profit of £45/£3,000 stoozed, because your average stooz pot savings account balance on a 12 month deal is around 90% of the amount initially SBT'd.

oldfella

Even a card with 2% minimum repayments (and a 2% uncapped BT fee) will give a basic rate tax payer a 'theoretical' profit of £45/£3,000 stoozed, because your average stooz pot savings account balance on a 12 month deal is around 90% of the amount initially SBT'd.

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with repayment rates upwards of 2.5% the maths look less attractive

another thing to remember with the ISA is if you cash it to repay the cc, then you have lost tax benefits for that year in future years.

Mike

tom188

oldfella wrote:

another thing to remember with the ISA is if you cash it to repay the cc, then you have lost tax benefits for that year in future years.

Yes but if you dont have the money in the first place, make hay whilst the sun shines. If you do get more savings in the interim, use these to pay off the card rather than the isa.