Old-style fast stoozing now possible with 0% fee Money Transfer offer on Lloyds Platinum Credit Card

JuliusCaesar

I have a Lloyds Platinum credit card with 0% interest on purchases for the first 18 months or so. I have just noticed a Money Transfer offer of 3.9% interest over 36 months with a 0% fee. I will now apply for a BT card with 0% fee with HSBC or Santander, make a Money Transfer on the Lloyds card to my current account, and immediately transfer the balance to the BT card, incurring virtually no interest. I will then invest the money transferred in a fixed-rate account for at least a year, depending on which BT card I am able to get.

This may be of interest to others with a Lloyds credit card who have this Money Transfer offer but are unaware of how it could be used for fast stoozing.

carly

Have you found a  fixed rate account  paying more than the 3.9% interest that you will be paying on the money transfer ?  

molerat

A few of my cards are offering fee free with interest MTs (also interest free with a fee) so nothing special about Lloyds.

Fingerbobs

carly said:

Have you found a  fixed rate account  paying more than the 3.9% interest that you will be paying on the money transfer ?  

You only pay the 3.9% interest for a day or two if you're unlucky. That amounts to about £2 on an MT of £10k.

I've used this trick a few times, and usually I pay no interest at all, but on one occasion the BT took an extra day to go through and I was charged 1 day of interest. It's the only reason I'm keeping my Lloyds Platinum card open

phillw

carly said:

Have you found a  fixed rate account  paying more than the 3.9% interest that you will be paying on the money transfer ?  

I think the idea is you don't pay the 3.9% interest but instead use a standard 0% balance transfer 0% fee card to clear that debt.

The risk is applying for two cards quickly & with interest rates low you're only getting something like £10 per £1000 borrowed.

If you have a loan or a mortgage then it's a quick way of reducing interest (as long as you can afford to accelerate your repayments and pay back the 0% debt before it goes up to 20%)

JuliusCaesar

carly said:

Have you found a  fixed rate account  paying more than the 3.9% interest that you will be paying on the money transfer ?  

Either I have not explained myself clearly enough or you have misunderstood. The 3.9% interest is for a whole year. However, I intend to balance transfer the amount borrowed to a BT card immediarely, so will only pay interest for a few days, if at all, which would be a few pounds at most.I did exactly the same a few years ago with an MBNA card offering a similar Money Transfer deal.

I already have the Lloyds card, so applying for a BT card (or even more than one) should not be an issue.I am retired and don't have a mortgage, and am accustomed to using my credit score as a 'resource' for stoozing, both fast and slow. I've been unable to find a deal like this for fast stoozing for some time, which is why I've posted this.