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is this legal ?

jamestay1
jamestay1 Posts: 73 Forumite
in Credit cards
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

Comments

  • thesaint
    thesaint Posts: 4,324 Forumite
    Part of the Furniture Combo Breaker
    1. Not in the way you describe.
    2. Yes.
    Well life is harsh, hug me don't reject me.
  • Karl.H_2
    Karl.H_2 Posts: 310 Forumite
    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?
    "Do not spoil what you have by desiring what you have not; but remember that what you now have was once among the things you only hoped for."
    - Epicurus (341 BC - 270 BC)
  • jamestay1
    jamestay1 Posts: 73 Forumite
    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
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
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