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Mules and ?
cronshd
Posts: 71 Forumite
in Credit cards
As a newbie, can I just check my understanding of the terminology?
A 'mule' is a credit card with a 0% balance transfer (BT) facility which I might use when an SBT I have made is about to expire.
This could then revolve around several mules over the next few years.
Is there a corresponding term for the 'supermules' (racehorses?) which facilitate the SBTs in the first place (ie the Virgins and Eggs of this world)?
Regards, C.
A 'mule' is a credit card with a 0% balance transfer (BT) facility which I might use when an SBT I have made is about to expire.
This could then revolve around several mules over the next few years.
Is there a corresponding term for the 'supermules' (racehorses?) which facilitate the SBTs in the first place (ie the Virgins and Eggs of this world)?
Regards, C.
0
Comments
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egg is the mule as it is used to carry the money from non-SBT card to current/savings account.
If you make a mistake & get charged for a late payment then you are known as an '!!!!!!'. (Sorry, made that last bit up but I quite like it!)Ethical moneysaver0 -
some analogies work....some dont...some are just funny!0
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:beer: That made me laugh RealAleDrinker.
Is there a distinction between BT cards which allow transfer into a current account (and at no fee - eg. Virgin, Egg) - and the plethora of cards which enable 0% BT - but not into a current account?0 -
Yes, here is a summary of the terms used round here:
BT - balance transfer between one card and another
SBT - (super balance transfer) BT money to your bank account
mule - when a card does not allow an SBT you can BT money via "mule" card which does
stooze - borrow money from 0% credit cards and place it in a savings account0
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