Applying for a credit card to make money off savings.. question

InsideInsurance

People assumed you were intending to do a balance transfer rather than purchases hence the mention of the fee.

As has been said, the vast majority of cards you arent asked what limit you want but they simply will decide

webbhost

so assuming the above, that means that I'm pretty much good to go, assuming a bank will give me a good deal on a card then, and profitable?

I'm gonna apply for a savings account tonight online as I planning on saving a bit anyway, so this'll b a good start to getting set.

YorkshireBoy

webbhost wrote: »

so assuming the above, that means that I'm pretty much good to go, assuming a bank will give me a good deal on a card then, and profitable?

You will make money, but perhaps not as much as you'd hope for?

For example...

Slow Stoozing Profit Prediction

Data entered by the user
Credit Card Limit (pounds).............. 6000
Monthly credit card expenditure (pds) .. 500
Purchases interest rate (%) ............ 0
Introductory period (months) ........... 12
Min Monthly Payment Type ............... Percentage
Min Monthly Payment Amount (% or pds) .. 1
Savings interest rate (AER %) .......... 3
Tax rate ............................... Basic Rate

Your Results
Stooz pot balance at end of intro ...... 5702.55
Credit card balance at end of intro .... 5623.95
Tax on interest to be paid ............. 15.72
Your Profit ............................ 62.88

Created using the Slow Stoozing Calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission.

http://www.stoozing.com/slowcalc.htm