3.9% pa interest on CC Pay Off or Minimum Payment?

Stephenbw

I have an M & S CC that I used to transfer CC debt into some time ago. The interest rate is 3.9% pa for the life of the debt. I don't of course use this card and the remaining balance is £4000.

I am now in a position to pay off all my debts but just realised that as this rate is so low would I not be better off if I put the £4000 in a savings account and just made the minimum payment each month?... or I am missing something

sicker

You are right. It will gain you a small profit if you invest the amount you need to clear M&S in the likes of ICICI. But so little is it worth keeping M&S open.
I was in the same position but with a £1250 balance so I closed the card.

John

Stephen_Leak

Not that I can see. You could get 6.5% with one of the leading savings accounts. Its a sort of "partial stooze", to coin a phrase. You are beginning to think like an MSE-er!

PS. You aren't going to make a fortune doing this, but sometimes the satisfaction of "working the system" is worth it in its own right!