Is this the equivalent of super balance transfer stoozing?

thriftychap_2

I have read recently that the most profitable method of stoozing was a complete money balance trasfer from a new card into your savings account. Unfortunately the necessary products are no longer available to do this so........................ they also incurred a fee!

I invest in prcious metals and also have a 0% tesco credit card (15months).

My thoughts have spread to purchasing the PM using the credit card and then reselling them to raise cash to place in a high interest account, thus benefitting from the total credit card limit immediately.

The other advantage of this is buying for example 1oz silver coins in bulk £25 to £26 pounds each and then selling via ebay as indivdidual or lots of 5 will result in sale prices of £29 to £30 at present, thus netting an immediate profit ( i have done this in the past - spend 3k on silver and sell on, you get 10plus ounces for free!)

Oh - next advantage - earning club card points on the credit card!

I cant see any problems with this......... so i would welcome any feedback on this idea.

Eonel

It sounds like a plan. Just a couple of points that you need to watch out for.....

Is there any risk that the price of silver changes between buying & selling the coins?

Are you sure you can fully realise the profit selling via eBay. What about seller fees?

thriftychap_2

Physical price of silver has been relatively steady, the spot price however has been volatile but this is due to Silver ETF's.

Yes can realise a small profit selling via ebay if you list as buy it now for say £1 with £28 postage for example. Even selling by auction would realise a small profit at £25 per coin, would sell for at least £28.

Sounds a go-er then!

Whormsley

thriftychap wrote: »

if you list as buy it now for say £1 with £28 postage for example.

Pretty sure this is against eBay rules.

thenudeone

Using a personal credit card for what is clearly a business activity is probably against the CC rules.

sva19

What PM companies allow you to buy silver with a credit card? Most will not allow it they prefer bank transfer?

Also need to be aware of paypal charges when receiving money?