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0% Credit Card to Stooze on Mortgage
MrScott_2
Posts: 6 Forumite
Hi,
Halifax do a credit card with £0 cash withdrawal fee. Tesco do one with a 0% balance transfer fee.
If I (open an account with both and then) withdraw up to my limit on the Halifax card, can I then transfer the balance to my Tesco card, pay 0% interest for a year, and use the cash to make an overpayment on my mortgage?
The intention is, of course, to make a single overpayment now reducing interest on the mortgage due to lower balance, then making a repayment on the credit card each month (which will accumulate no interest).
It all seems to make sense but I've never stoozed before! Is it all above board?
I currently overpay monthly on my mortgage each month by direct debit, interest being calculated daily.
Halifax do a credit card with £0 cash withdrawal fee. Tesco do one with a 0% balance transfer fee.
If I (open an account with both and then) withdraw up to my limit on the Halifax card, can I then transfer the balance to my Tesco card, pay 0% interest for a year, and use the cash to make an overpayment on my mortgage?
The intention is, of course, to make a single overpayment now reducing interest on the mortgage due to lower balance, then making a repayment on the credit card each month (which will accumulate no interest).
It all seems to make sense but I've never stoozed before! Is it all above board?
I currently overpay monthly on my mortgage each month by direct debit, interest being calculated daily.
0
Comments
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Have you considered the impact of making such a large cash withdrawal (or several smaller ones) on your credit rating in the short to medium term?0
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Can't you use a super balance transfer card instead?Apparently I'm 10 years old on MSE. Happy birthday to me...etc0
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