Perminant rate stoozing

tyn

Hi,

I'm thinking to long term stooze with M&S &More card which everyone knows balance transfer 3.9% for life.
I have about £1000 in old RBS card about to end 0% rate this month. So instead of paying off this £1k, I'm thinking to transfer with 3.9% life rate and put that money to NS&I 5.8% ISA account.
So that means 1.9% net for free for several years right?
I'm sure 5.8% is calculated straight forward a year. But what I'm worrried is M&S 3.9% has any catches.
If anyone balance transferred from M&S, could you tell me whether M&S calcualte 3.9% as they said.

Cheers,
Tyn

mor7s_2

Seems a lot of effort for 1.9% even if it is a long term thing.

Remember you will still have to make the monthly minimum payments to M&S which could come from the savings pot and 1.9% of £1k is only £19 per annum. Perhaps better to xfer the £1k (if this really is all the money you want to 'play' with) to a 0% no transfer fee card and even if only for 6 months the benefit at 5.8% would be nearer £29, still a lot of effort for an extra tenner IMHO.

And remember once you take the money out of an ISA it still counts towards the annual £3k contribution limit so can't go back in again

mattih5

Why not do the sterling travellers cheque stooz?