Is this right?

Ok I'm going to have a go at this stoozing lark... Would I be correct in thinking that

I need to open up an Egg Money Card to use as a 'mule' account

Then I need to find a 0% on balance transfers card - can I use a 0% on purchases card?

ask to pay off the balance on my egg card with my new 0% card

Then transfer the money from my egg card to my bank account (ICESAVE 6.39%)

Or am I better off going for the egg ISA (6.05%) I pay tax at 22%.


Thanks in advance for any help or advice

Replies

  • 6.05% is better than 6.39% after basic rate tax is deducted, but there is a 3k limit in each tax year.

    You can use a 0% purchases card but that will be slower as you'll have to spend on it and stooze away the money with which you would have paid off the credit card (and then clear the card with that money when the 0% period ends). If you follow this route, you won't need egg money. You avoid the bt fee by using the slow stooze approach but have to have some large purchases planned to make it sufficiently profitable.
  • Thanks anactuary, looks like I will need to use the balance transfer card; hopefully they will give me a bigger limit than 3K and I can put the max in the ISA and also some into the savings account!
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