what to do with this SBT 5 March 2013 at 4:44PM in Stoozing: free cash from credit cards 2 replies 1.1K views

geet

Hi, I asked for 15K SBT when I applied for and got accepted by MBNA card. Even before I get my card by post I get an email telling me my 15K request is being processed. I have only done BTs before through the good old egg money and there once the account is set up I log in and then request the transfers. I thought SBT would be similar as I do not want 15K in one go. I asked for 15K as that is the maximum I may need next month but first want to take only the minimum needed as I have to pay 4% fee. Can I not take what I want in how many ever times I like as long as it is within 60 days for the 0%? Or just because I asked for 15K SBT, it will automatically come into my current account with fee of £600? And if it does, is there anywhere I can put it that will fetch me more interest then the 4% fee I pay? There is isa ofcourse - what are they offering 2.5% max? Anything else? Any thoughts, anyone?

zerog

Call them and ask to cancel the SBT. Hopefully they haven't processed it yet.

You won't get more than 4% on 15K in any bank.

This also depends on how long your 0% period is. If it's 24 months then you only need to earn 2% per year, but it seems like a waste of time anyway. Unless you are doing something complicated like you will be sure you can save 15K over the 0% period, so you can invest the 15K SBT and then pay it back with your new savings

geet

Thanks but I decided against cancelling as I was also beginning to think it is in effect only 2% annual interest (offer is for 23 months) so I am just going to use the 5K I need now and put the 10K in two isas - mine and mom's and withdraw if I need to later!