Sanity check please, Stoozing noobie!

Hi there,

I have 2 MNBA credit cards, branded AA and also Amazon.

1 says in the cash money transfer section:

0.0% until 1 February 2013 on all Money Transfers completed before 31 March 2012

A transfer handling fee will apply of 4.0% of the transaction (minimum of £3.00)


I have a credit limited (not used of £3000)

I have a Santander current account that's got the 5% interest of to £2500.

So am right in thinking MNBA will charge me £120? For transferring the cash, so it's really not worth the bother? Because I'll earn just around £8-9 per month in Santander @ 5% gross?

Or am I missing this stoozing thing? :-)
If I've help in anyway, please remember to thank me :-)

Replies

  • JevversJevvers Forumite
    648 Posts
    Part of the Furniture 500 Posts Combo Breaker
    "Money transfer" means taking out a lump sum on your credit card (ie transferring money into a current account). That's not what you usually do with stoozing, you buy things on your card and save the money elsewhere.
    Mortgage 1: £243,034 0.99%, i/o, ends May 2026 MFW date 20 Aug 2020
    Mortgage 2: [STRIKE]£166,966[/STRIKE] £159,066 0.99%, repaymt, ends Oct 2033
    Total: £402,100
  • JevversJevvers Forumite
    648 Posts
    Part of the Furniture 500 Posts Combo Breaker
    Oh hang on you DID want to put it into an account to get the interest, I see.
    Mortgage 1: £243,034 0.99%, i/o, ends May 2026 MFW date 20 Aug 2020
    Mortgage 2: [STRIKE]£166,966[/STRIKE] £159,066 0.99%, repaymt, ends Oct 2033
    Total: £402,100
  • JohnRoJohnRo Forumite
    2.9K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    It's a total non-starter so you're right.

    Assuming basic rate tax is paid on your 5% savings interest from Santander, you cannot earn enough on £2500 to cover cost before the credit card 0% promotion expires at the end of January next.

    The amount earned in interest is more than you've calculated but it still isn't enough to return the money transfer fee in the time frame described.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • mrchaglemrchagle Forumite
    579 Posts
    Part of the Furniture 500 Posts Combo Breaker
    Forumite
    Thanks :-)
    If I've help in anyway, please remember to thank me :-)
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