is this legal ?

jamestay1

i'm getting my first credit card in 6 years from hsbc which has 0% interest free for 12 months.i have hsbc's online saving account which pays good interest every month.
could i transfer a few thousand from my credit card into my online savings account and is this legal ?
thanks

thesaint

1. Not in the way you describe.
2. Yes.

Karl.H_2

Yes you can do that, it's called Stoozing. However, if you bank asks you about it and you lie, that's fraud. What's the 0% on?

jamestay1

Karl.H wrote: »

Yes you can do that, it's called Stoozing. However, if you bank asks you about it and you lie, that's fraud. What's the 0% on?

the 0% is on the hsbc credit card

jonesMUFCforever

If you take cash out on the card it will be subject to a cash advance fee (3%?).
How much interest after tax of 20% has been deducted will you get?

You may make better savings if it is a 12 month purchases deal because you can pay most of the money that you would normally spend on the card to your savings account.