SBT for 3 months - worth it?

mpet

I currently have an Alliance & Leicester card on 0% for 9 months- with about 3.5 months left of 0% left. I used it to transfer a balance which I have now paid off and have £10k of credit left.

My question - I have an Egg card with £0 outstanding and an Egg savings account. Is it worth making a BT to my Egg card then movingthe credit onto my savings for 3 months? Not sure if I can BT straight to my savings - hence the 'double transfer'


Sorry if this is an obvious question.

mpet

realaledrinker

I make that £120 or so free money before tax at the 'normal' 4.75% egg savings rate. All depends if your A&L transfer is fee free. If it is, go for it, if there is a 2% charge, forget it!

grumbler

realaledrinker wrote:

All depends if your A&L transfer is fee free.

2% handling fee (min.£2, max.£35) on: credit card cheques and some balance transfers

Your BT is very likely to be charged.

dcurzon

but if its a MAX of £35, then its still worth it, right?

Galstonian

4.75% pa gross on £10K for 3 months:

£10K * 4.75% / 4 = £118.75

If you are a standard rate tax-payer you get
£118.75 * 0.8 = £95

£95 income and £35 costs gives £60 profit, its up to you if you think that is 'worth it'

mpet

No problem as there are no BT Fees, I called and asked.


mpet