How can you stooze and earn interest if their is a balance transfer fee?
skyepark
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Im finding the maths a bit hard as all cards have a balance transfer fee.
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Tesco has no fee.
Fee-free deals are also available with Post Office & Bank of Scotland.
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees
For instance, i've just this week transferred 10k onto a barclaycard 28 months 0% w/ 1.35% fee.
I think i worked that out as 0.58% a year. Therefore using this CC any account in which you earn greater interest than 0.58% = a successful stooze. The more the better obviously. In my case the money is in 5% current accounts at the moment.
Don't forget the tax
Indeed, however all the best current account deals are paying out much higher returns than 0.58% after tax. My lowest is I believe Santander which is 3% taxed down to 2.4% net basic - still a healthy +1.82% in this particular example. It all adds up.