Stoozing: Make Free Cash from Credit Cards article discussion

DrMOB

I was wondering if it was possible to pay off routine purchases made on a cash-back card using a 0% credit card? i.e. pay off a credit card with a credit card. I know this isn't normally advised, but surely it means you can get all the benefits of daily spending, pay this off at the minimum amount (say £50) and stooze the cash that would have been spent elsewhere? Or are there mechanisms in place to prevent paying one credit card off with another?
As to where to put the spare cash - mortgage rates end up being compounded and doesn't the benefit depend on the size of your mortgage e.g. if your mortgage was £115k over 18 years at 1.49% and you paid off £5340, your mortgage payment would reduced by ~£340. If you had paid this into an ISA in the 2011-2012 tax year paying 4%(!), you would have earnt just under £214. Compound this over two years and you still save more despite the mortgage decreasing over that 12 month period.
If your mortgage was over £200k, then paying your ISA money into it may have reduced benefits as proportionately it's a smaller dent you're making. Please someone point out if I'm wrong as I'd like to know the true answer if I am and not make a mistake.

balldeneige

Hello forum,

Forgive me my stumbling, this is my first foray into this arena.

I wanted to ask: is there a credit card on a 0% transfer (smallest fee as possible) which will put cash into a current account?

I'm sure there was one but haven't found it on the site.

Any help appreciated

Missspeechie

Hi, anyone able to help me with a question about the Barclaycard 0% balance transfer deal it states as a restriction 'must transfer within 60 days' does this mean i must transfer my balance from the current credit card onto this new barclaycard within 60 days or move the balance transfer AGAIN within 60 days of moving it on to the Barclay card?...confused!

udydudy

Missspeechie wrote: »

.......... i must transfer my balance from the current credit card onto this new barclaycard within 60 days or move the balance transfer AGAIN within 60 days of moving it on to the Barclay card?...confused!

You have to transfer balances from other cards to the barclaycard within 60 days of account(credit card) opening to avail of the promtional offfer. Depending on how many months your initial balance transfer period is, you will need to repay barclay card or transfer the balance to another card at the end of the 0% offer period. i.e. if you were lucky to get the 24 months offer then you have to transfer the balance on to barclays within 60 days and then you can keep it there for the 24 months on 0%(fee is added on). at the end of the 24 month period you then either pay barclay card the full remianing balance or transfer it to another card.

leia1698

Is it right that I can only claim back from Barclaycard the last 6 years of over payments or can I go back further than that

chiffonella

Hi, I have an offer on my Capital One visa card for 0% on balance transfers with a 3 % charge. They say you can only transfer to another credit card or a store card. I want to use the cash, so would it work to transfer to another credit card which has no debt on it and then is it possible to get the second card to refund the money to my current account?

thenudeone

chiffonella wrote: »

I want to use the cash, so would it work to transfer to another credit card which has no debt on it and then is it possible to get the second card to refund the money to my current account?

Putting a credit card into a credit is usually against the terms and conditions, because they are not licensed as "deposit takers" and don't want to be involved in money laundering. They may freeze the account or may return it where it came from (which leaves you 3% worse off for nothing!).

It's just possible (though unlikely) they'll pay it directly to your bank.

thenudeone

Missspeechie wrote: »

Hi, anyone able to help me with a question about the Barclaycard 0% balance transfer deal it states as a restriction 'must transfer within 60 days' does this mean i must transfer my balance from the current credit card onto this new barclaycard within 60 days or move the balance transfer AGAIN within 60 days of moving it on to the Barclay card?...confused!

What exactly is written in your terms & conditions about the promotional offer?

thenudeone

leia1698 wrote: »

Is it right that I can only claim back from Barclaycard the last 6 years of over payments or can I go back further than that

Troll???????

thenudeone

balldeneige wrote: »

Hello forum,

Forgive me my stumbling, this is my first foray into this arena.

I wanted to ask: is there a credit card on a 0% transfer (smallest fee as possible) which will put cash into a current account?

I'm sure there was one but haven't found it on the site.

Any help appreciated

It's all here http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

look for "Super Balance Transfer"