Sanity check please, Stoozing noobie! 2 March 2012 at 9:17AM in Stoozing: free cash from credit cards 4 replies 1.5K views

mrchagle

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? :-)

Jevvers

"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.

Jevvers

Oh hang on you DID want to put it into an account to get the interest, I see.

JohnRo

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.

mrchagle

Thanks :-)