From Credit Card to Savings

andywarr

Hi

I am thinking of setting up a new high interest savings account either with ICICI HiSAVE or the Alliance & Leicester's Direct Saver.

As i have the Halifax One Credit Card with 0% on purchases for 12 months, I was wondering if I could transfer the remaining credit I have on there (around £1500) to the savings account so it accrues the interest. Then I would pay off the credit card in minimum payments each month. Would i need an intermediary card to do so or would it be treated as just a simple transaction from my credit card to the savings account?

Cheers

Andy

Lazy_Runner

If its on purchases, surely you have to buy something to take advantage of the 0% rate?

You need to find a card that does either 0% on cash withdrawls or 0% on balance transfers.

If you find the former, great, you can write a credit card cheque to your savings account.

When you find the latter, you may need another card to write a cheque to your savings account and then use the balance transfer card to pay off the 1st card.
After cash withdrawl fees and balance transfer fees, I am not sure it would be worth it (for me).

There may be other ways of doing what you suggested and hopefully somebody will be along to help.

You may also find what you are looking for on the credit card stoozing forum which can be found here: MSE Credit card Stoozing forum

Lazy_Runner

Hi

There may be a way of doing what you want, but I was not aware of this at the time of my last posting.

Please have a look at this thread where Martinslovechild paid off his £129k mortgage in 6 years by stoozing.
Please especially look at post 68. This is relevant as it mentions the halifax card and the kind of card you will need to move money into your current/savings account.
http://forums.moneysavingexpert.com/showthread.html?t=493119&page=4

HTH