Cahoot £50 cashback for balance transferring £1,500

pealy

I received a letter yesterday offering me £50 if I transfer £1,500 to my Cahoot credit card before May 2005. Sounds very tempting.

At the moment all my debt is with Capital1 at 0% until May 2006 but it looks like I can move £1500 to cahoot for a while then move it back to Cap1, still at 0%. Cahoot charge about 1% a month so as long as I make it quick I should be quids in..

Anyone else get this letter? Any pitfalls I should be thinking about?

Milarky

pealy wrote:

..it looks like I can move £1500 to cahoot for a while then move it back to Cap1, still at 0%. Cahoot charge about 1% a month so as long as I make it quick ..

It should be easier than that! cahoot does not [at present!!] charge interest for balance transfers as long as you clear the balance before the following due date [Click on link to 'Summary Box']

locality

Got the same letter as well!! Seems to me it's OK, but not sure if Balance transfer fee will be made. If 2%, then £1500 costs £30 plus any interest that will rack up. If you already have a balnce on it, then it could be expensive, rather than save money. I have asked Cahoot to clarify what any charge might be.(Can't be bothered to look it up by finding Credit agreement).

pealy

..let us know what they say will you?

Cheers.