0% for 1 year card question

Stephen_Leak

I doubt that I am the first MSE-er to do so, but I think that I've come up with an enhancement to the "pay your car insurance (or whatever) on a 0% credit card and then pay this off for free" trick.

I've set up the usual DD for the minimum monthly payments.

However (and I do realise that I am fortunate to be able to do this) I have "ring-fenced" the balance in a high interest savings account. Just before the 0% period ends, I will use this to pay off the credit card.

This way, I not only get an instalment plan, but also make a little bit of money on the deal as well.

BMWobbleU

Stephen_Leak wrote: »

I doubt that I am the first MSE-er to do so, but I think that I've come up with an enhancement to the "pay your car insurance (or whatever) on a 0% credit card and then pay this off for free" trick.

I've set up the usual DD for the minimum monthly payments.

However (and I do realise that I am fortunate to be able to do this) I have "ring-fenced" the balance in a high interest savings account. Just before the 0% period ends, I will use this to pay off the credit card.

This way, I not only get an instalment plan, but also make a little bit of money on the deal as well.

It's called Stoozing, and there's a million pages on the subject here http://forums.moneysavingexpert.com/forumdisplay.html?f=95

Stephen_Leak

Noted with thanks. I hadn't thought of it as a classic "stooze", but now you come to mention it ...