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From Credit Card to Savings Account
andywarr
Posts: 5 Forumite
in Credit cards
Hi, I posted this on the savings board but I thought I might post it here aswell incase any of you can help me.
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
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
0
Comments
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You will only be able to do this if your card allows balance transfers out of a current account (normally used to BT an overdraft). Not all cards allow this, but some, such as Egg do. If your card doesn't allow it, you woulprobs need another card, but may end up paying teo BT fees.
Sarah'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0
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