a different type of stooze

leeroy2009

does anyone do this:


I have a new mbna low rate card £14000 limt


there is never a fee to transfer to current account or balance transfer, so for example I stick 13k in my Santander 123 via money transfer,


then the mbna credit card statement arrives showing I owe 13k, I then faster payment 13k from Santander back to mbna, paying the statement off in full, I then transfer 13k back to Santander as another money transfer - and I repeat to do this?


is it really that simple?

Voyager2002

Whenever that money is borrowed, you are paying interest (6.5 per cent). Does Santander pay you more than that?

leeroy2009

so I pay interest from the day I transfer it? from mbna, on my other mbna credit card no interest is charged until the statement is not paid in full, maybe these low rate cards charge from the day of the transfer and not from when the statement is produced?

leeroy2009

anyone????

gwapenut

leeroy2009 wrote: »

so I pay interest from the day I transfer it?

Yes

leeroy2009 wrote: »

from mbna, on my other mbna credit card no interest is charged until the statement is not paid in full

For purchases, not bank transfers.

leeroy2009 wrote: »

maybe these low rate cards charge from the day of the transfer and not from when the statement is produced?

Yes, but so dothe high rate cards. Your other card would also charge interest from the day of use if you used it to draw cash.

leeroy2009

im not withdrawing cash!


im making a 0% money transfer to a current account. with no fee.


I will have to ring and find out, as I belive (and could be wrong) if I money transfer to a current account, there should be no interest to pay - aslong as the credit card statement is paid in full

gwapenut

leeroy2009 wrote: »

im not withdrawing cash!

It's the same effect. You are charged interest from the date of transfer, just as you would be for cash advances.

leeroy2009

wrong wrong wrong, just been on phone (recorded phone call my end and theres)


the guy confirmed 3 times, in plain English, that for example I can transfer 10k to my current account, a credit card statement will arrive a few weeks later showing a balance of 10k, if I pay that statement in full there will be no interest to pay.


so I now have the recorded phone call to fall back on (they recorded it too)


now proceeding to do a 13k transfer.

leeroy2009

and ive just listened back to the phone call, 3 times he states no interest to pay on a money transfer if the credit card statement is paid in full.


as I have the recorded phone call, if any interest is charged that will be refunded, with probably a £30 compensation payment for inaccurate advice given, I have nothing to loose for this month to see how it goes.

gwapenut

OK at least you got it recorded, it will come in useful when you try to reclaim the interest they charge you next month in accordance with their terms and conditions "you could benefit from up to XX days interest free on card purchases providing you pay your balance in full and on time every month. There is no interest free period on any other type of transaction. "

leeroy2009

are they the terms and conditions for the low rate card mate? as them conditions you quote should say something about the 0% offers they promote too.