Stooze Credit card ending - options? / Keep Premium bonds invested

sva19

I have been doing the credit card 0% purchasing stooze for over a year now with 4 different credit cards all at 0% purchases, and all will expire in a few months.

The money has been saved in premium bonds. Total around £20,000 (Hoping for a big win !!:-)


What are my options when the 0% is up?

• Do I withdraw the cash from premium bonds and repay the credit card and then close the card?

• I would like to keep the money in premium bonds , so is there any possibility to continue the stooze by transferring the debt to a new credit card? Or is the cost too much for the amount?

Views appreciated

thanks

sva19

Just to add this is how my Pb investment grew over the last 1 year.

Total win was £175

Anyone able to work out what the % interest rate I achieved base on the win with the below cashflows?


MONTH AMOUNT INVESTED
JAN - 4300
FEB - 5400
8800
11400
13400
13600
14500
16000
17500
18800
18800
DEC -19800

rb10

sva19 wrote: »

Just to add this is how my Pb investment grew over the last 1 year.

Total win was £175

Anyone able to work out what the % interest rate I achieved base on the win with the below cashflows?


MONTH AMOUNT INVESTED
JAN - 4300
FEB - 5400
8800
11400
13400
13600
14500
16000
17500
18800
18800
DEC -19800

I make it around 1.3%, which is pretty much bang on the expected Premium Bond 'rate'.

It's also a shockingly low rate. If you want to stooze most effectively, get the money in a proper savings account paying a decent rate of interest. Your could have easily got an extra £200 in the last year alone.

sva14

Thanks for working that out.

1.3% is very low. but interest rate in general are low, the best easy access savings account i current have is :- 2.80 gross/2.24% NET.

Give the low interest I guess I can afford to ride my luck on winning a big prize on the premium bonds and not losing to much interest!!

When I have to repay the credit card back is it worth doing a balance transfer, I guess the 3% BT charge would be to costly?

rb10

sva14 wrote: »

Thanks for working that out.

1.3% is very low. but interest rate in general are low, the best easy access savings account i current have is :- 2.80 gross/2.24% NET.

Give the low interest I guess I can afford to ride my luck on winning a big prize on the premium bonds and not losing to much interest!!

That all depends on how much you want to gamble with your profits. Personally, I think it's bonkers to pin your hopes on the slim chance of getting a large payout from Premium Bonds, but it's your choice.

sva14 wrote: »

When I have to repay the credit card back is it worth doing a balance transfer, I guess the 3% BT charge would be to costly?

It depends on what offers are available at the time you need to be looking.

zerog

Well some cards are offering 3% fee for around 2 years of BT, which would be worthwhile.

For premium bonds, you need to work out how much interest you would have got if you put it in a savings account. In your case it's about £300.

So basically what you have done is to buy £300 worth of lottery tickets, and you won back £175 (which is about right for most lotteries in the world, actually).

If yo ukeep money in PBs, then next year you'll be spending another £300 on a lottery ticket, which may win you more, or less.

planteria

the 'rate' is 1.75%....last i knew
as it happens, that is exactly what i bagged during 2012: £525 from £30.....i cashed them in to clear a couple of cards at the turn of the year.

and back to the original question, if you can get a 0%BT deal, such as from MBNA or Barclaycard, i would do so & keep as much of the debt in your Premium Bonds, or another 'investment', as you can.