Premium bonds ... use your 0% card and win

lynnemcf

Interesting article in a magazine. Use your 0% interest card to buy premium bonds, cash them in to pay the balance when the interest free time is up. They won £250!

klondyke

Didn't think you could buy premium bonds with credit card, but debit card ok. Hope I'm wrong, I could use a cashback card!!

econ0013

which magazine? date? etc
premium bonds do not allow you to buy with credit card

Cardinal-Red

econ0013 wrote:

which magazine? date? etc
premium bonds do not allow you to buy with credit card

SBT to a bank account and pay by debit card/cheque...?

Rob_611

If you go online to the National Savings web-site you can buy Premium Bonds using two methods, either a Debit/switch card or a VISA credit card.

Therefore you can buy premium bonds with Credit cards.

I would suggest that you apply for a Sainsbury Platinum Visa Credit card which gives you a £3,500 minimum credit rating & 12 months interest free credit on purchases, and then buy the Premium bonds online using the credit card....then close the premium bonds at least 1 month prior to the end of the 0% period [since it takes 28 days for the National savings to deposit your account].

Not a bad way to potential win £1,000,000 using someone elses money...:)

ffacoffipawb

Rob_611 wrote:

If you go online to the National Savings web-site you can buy Premium Bonds using two methods, either a Debit/switch card or a VISA credit card.

wrong ........

http://www.nsandi.com/products/pb/applynow.jsp

You can apply now online - it's easy and secure, and will only take a few minutes to complete. To start applying, please tick the box below to confirm that you agree to the terms and conditions, and then click "Proceed" at the bottom of the screen.

You'll need the following:

Your debit card details (Maestro/Switch or Visa Debit)
If you already hold Premium Bonds, please provide your holder’s number

i.e. Visa debit card, not Visa credit card!

smartsaver

It all sounds great but you will statistically earn more in a high interest account. I held 30k worth of Premium Bonds for 6 months and would have earned alot more in interest than I won . But it is a gamble....

Reaper

As said above it's not a new idea. Here is where the Financial Times reported it a while back, a friend of mine has been doing it for years. Chances are you will make a better return in a building society account, cash ISA, flexible mortgage etc. But if you want to have some fun with iit then fair enough.

kazd

I have also been doing it for a number of years, its the only money I haven't cashed in cos I can't bear to lose the premium bonds. Have cashed the rest in, in preparation for moving house and getting a bigger mortgage. Will probably keep moving this one on so that we can eventually just keep the bonds.

jaxxy00

Ive held my premium bonds for a total of about 5 years now, ive got £1500 and have won just 3 times each time being £50. We brought each of our daughters £100 worth each and within a few months one of them won a £100 prize. So its just a chance you take if youd rather know that you have the possibility of £1,000,000 each month.

kazd

Exactly my thoughts, also bear in mind the bigger net catches more fish. In the last year we have amalagamated all of ours and bought lump sums, we were lucky that all the numbers were consecutive and have won over £600, less than we would have earn't in interest but more exciting!