using credit cards to increase ISA earnings

93crs15

Hi,

I want to use a 0% credit card to put money into my ISA so I can gain extra intrest. Is this possible or do all credit cards have to be payed of monthly? If so what would be the best credit card to do this?

Many Thanks

[Deleted User]

You could do it with a money transfer card, a 0% offer and if the 3-4% fee didn't outweigh the returns.

HappyMJ

One that doesn't have a balance transfer fee. They don't exist any more.

You can use a card that offers 0% on purchases then any money you would have spent can go into an ISA or high interest savings account then at the end of the promotional period you pay the credit card off.

There isn't much to be made though...so is it worth the hassle?

You need to make the minimum repayments each month during the promotional period.

thenudeone

By the time you take into account the 3-4% fee and the fact that the balance you get interest free drops every month because of minimum repayments, you are unlikely to be much better off at current savings rates.