Super transfer and Offset accounts

r2rhoney

If I have a mortgage 'offset account' so I am always in debt and I pay the interest on any outstanding debt etc.

Is it legal to open an account on a credit card that offers 0% interest and do a super transfer of 15k into my offset account.

Then I will have a year of no interest on 15k plus it will also lower my interest rates on my offset account.

Is this possible????
Has anyone done this before?

Regards
Richard

Rafter

Hi Richard,

Yeah - possible to do. You need an Egg Card or an MBNA card or a Mint Cheque to do it.

Best thing is to apply for an Egg Card since these offer free balance transfers to current accounts.

R.

Galstonian

A year on a £15K 0% balance transfer? I applaud the fact that you set high targets but I think you will find the interest free periods will be less than a year and/or the credit limits will be less than £15K. Everything else is really a matter of obeying the terms and conditions and is perfectly feasible.

smartsaver

Mr smartsaver & I have most of our mortgage on cards too. Go for it...

Martinslovechild

My entire mortgage is on 0%. My wife's car loan's also on 0%. The remainder of the stooz is in a savings account earning 5.65%.

smartsaver

Martinslovechild wrote:

My entire mortgage is on 0%. My wife's car loan's also on 0%. The remainder of the stooz is in a savings account earning 5.65%.

Thats what we're aiming for...

WallyMan

I'm a relative newbie and yet have still managed to accrue £86k. I have a big mortgage though. Hats off to all those that offset their entire mortgage!