0% Purchases workaround?

martwise

Hi all,

Doing my usual card shuffling and was wondering if anybody has worked out a way to to access the 0% offer on purchases ie without actually buying anything? Surely you must be able to make it look like a payement either to an egg money card or similar, quite happy to be blasted out of the water for being thick but this would solve couplr of probs at hte moment.

Waiting for the onslaught ha ha ha

tom188

In a word no.
Egg money only accepts debit cards.
Im not sure about paypal but even if you can youll pay a lot for the privelidge.
With the M&S Card people have been able to buy travellers cheques at 1% cost.
But whats wrong with a bt card?

Milarky

tom188 wrote:

With the M&S Card people have been able to buy travellers cheques at 1% cost.
But whats wrong with a bt card?

Because of fees maybe?

I managed to move my entire 'purchases' balance (0% for nine months) via PayPoint. The money goes to any organisation accepting PayPoint at the nominal value - which can include savings in a credit union. The PayPoint agent (i.e. store outlet) can set their own policy on methods of payment, so it is just a matter of tying up a savings scheme using PayPoint with a Paypoint merchant prepared to accept credit cards. Break down the size of transactions to manageable amounts and maintain a 'poker face' (I got away with £200 a visit)

Other than that - the nearest 'workaround' seems to have been the M&S card travellers cheques loophole as mentioned.

[Conventional 'slow stoozing': use card for all normal pruchases until 60 days before end of the 0% period.]

Phoenix79_2

How about a no-fee BT card?

martwise

Thanks for comments, the reason for purchase 0% rather than transfer is basically that some of my existing cards are offering purchase transfers and they are a lot better deals than the bt. plus no new app or credit check, will be hitting more cards next year have kept my dealings between my existing cards this year. its amazing how being pleasant on the phone gets the staff to let you know of any possible existing deals.
Oh yes i have actually bought a property on the back of credit card 0% yep it works and makes more money than stoozing but can be a bad head ha ha ha

tom188

yep it works and makes more money than stoozing but can be a bad head ha ha ha

What works better than stoozing?
An essential part of my stoozing activities is making use of existing customer offers like you describe.

martwise

What i was meaning tom was i have actually bought the property with 0% card money and rent it out! Also it has appreciated in the last 12 months. But the cards have to picked and timed a lot better now hence original post. Cheers for taking interest am in the process of trying to get £8500 worth of M&S travel money, its hard being a rachman style landlord

tom188

This is an interesting concept, although rather high risk for myself. What sort of return are you getting and is the house 100% on the cards?
Do you have a damage limitation plan in place in case you cant continue to get 0% deals in future? Paying standard rate apr would certainly not be an option. I presume the answer is a btl mortgage.

King_Of_Fools

What do you plan to do when the market crashes over the next couple of years?
http://news.sky.com/skynews/article/0,,30400-13553292,00.html

Phoenix79_2

Haven't they been predicting this for years already though? Houses in our street have gone up £45k in 6 months!

martwise

Hi KoF,

I must admit to already being in the commercial and residential property game and this was much to tempting a proposition not to have a crack at. The market does not crash right across the board if people cant afford to keep a house they need to live somewhere they then rent.

I have bottom end domestic properties and better quality commercial units and didnt even catch a sniffle in the eghties.

The major reason i think (not being to big headed) i have survived is old school philosophy collect rent every week, no agents, cash cash, no direct debits miss one week i visit as the reference to rachman hinted.

Thanks for your concern