Credit card? Possible

LightKnow

Hi everyone, hope everyone having a good day and continues to have amazing Christmas and new year 

I have a question on using credit card and if it’s possible to use it this way to save money 


1. I was thinking to get a % 0 purchase card 

2. use that card to pay bills or monthly payments and use topcashback or build points with a store to save money . Would or does a credit card allowed be used this way or is it possible?

3. Potentially make use of the stoozing method or cash backs etc to put money aside 


I have taken look at banks for cashback or cards but they dont seem that great or have quite the requirements. 

Any advice or information as to what else can be done .  

[Deleted User]

Generally yes.  But you'll need a decent history to get a worthwhile offer.

You won't be making much, either way.

Mnoee

I don't see how you're planning to make more money from topcashback or store points without spending money you wouldn't normally spend? The 0% card still needs paying back. Whether you pay on a 0% credit card or with a debit card doesn't make a difference. 

Daliah

Stoozing is literally impossible now with credit cards, as super balance transfer fees are way higher than the interest you can get, and you also can't any longer deposit money from credit cards into savings accounts 

eskbanker

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

Daliah

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

born_again

Daliah said:

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

Er, transfer to bank acc, transfer to savings. CC does not ask where the money is going or what it is being used for. Just done one this week.

But it's a case of finding a savings account that will pay enough to cover any fee's & still make something that borders on making it worthwhile.

Daliah

born_again said:

Daliah said:

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

Er, transfer to bank acc, transfer to savings. CC does not ask where the money is going or what it is being used for. Just done one this week.

But it's a case of finding a savings account that will pay enough to cover any fee's & still make something that borders on making it worthwhile.

It obviously makes no sense to pay for transfers but free transfers are a thing of the past. And providers do check. E.g. Barclaycard won't let you make deposits to NS&I or Skipton, and the Curve loophole has now been well and truly closed.

eskbanker

Daliah said:

born_again said:

Daliah said:

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

Er, transfer to bank acc, transfer to savings. CC does not ask where the money is going or what it is being used for. Just done one this week.

But it's a case of finding a savings account that will pay enough to cover any fee's & still make something that borders on making it worthwhile.

It obviously makes no sense to pay for transfers but free transfers are a thing of the past. And providers do check. E.g. Barclaycard won't let you make deposits to NS&I or Skipton, and the Curve loophole has now been well and truly closed.

Thanks - I wasn't aware of such constraints, but they're not exactly hard to work around, so the point is really more like "you also can't any longer deposit money directly from (some?) credit cards into (some?) savings accounts but can always do so via a current account"?

Daliah

eskbanker said:

Daliah said:

born_again said:

Daliah said:

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

Er, transfer to bank acc, transfer to savings. CC does not ask where the money is going or what it is being used for. Just done one this week.

But it's a case of finding a savings account that will pay enough to cover any fee's & still make something that borders on making it worthwhile.

It obviously makes no sense to pay for transfers but free transfers are a thing of the past. And providers do check. E.g. Barclaycard won't let you make deposits to NS&I or Skipton, and the Curve loophole has now been well and truly closed.

Thanks - I wasn't aware of such constraints, but they're not exactly hard to work around, so the point is really more like "you also can't any longer deposit money directly from (some?) credit cards into (some?) savings accounts but can always do so via a current account"?

These sort of transfers is what I referred to as super balance transfers, probably more commonly known now as money transfers, which all come with transfer fees way higher than the interest you can get anywhere these days.

eskbanker

Daliah said:

eskbanker said:

Daliah said:

born_again said:

Daliah said:

eskbanker said:

Daliah said:

you also can't any longer deposit money from credit cards into savings accounts 

What's changed from past practice for money transfers?

The last remaining loopholes, working until a couple of months ago, have finally been closed now

Er, transfer to bank acc, transfer to savings. CC does not ask where the money is going or what it is being used for. Just done one this week.

But it's a case of finding a savings account that will pay enough to cover any fee's & still make something that borders on making it worthwhile.

It obviously makes no sense to pay for transfers but free transfers are a thing of the past. And providers do check. E.g. Barclaycard won't let you make deposits to NS&I or Skipton, and the Curve loophole has now been well and truly closed.

Thanks - I wasn't aware of such constraints, but they're not exactly hard to work around, so the point is really more like "you also can't any longer deposit money directly from (some?) credit cards into (some?) savings accounts but can always do so via a current account"?

These sort of transfers is what I referred to as super balance transfers, probably more commonly known now as money transfers, which all come with transfer fees way higher than the interest you can get anywhere these days.

Absolutely - no dispute that they're not cost-effective but you seemed to be making a separate point that they can't be done, which is what I was commenting on ("Stoozing is literally impossible now with credit cards, as super balance transfer fees are way higher than the interest you can get, and you also can't any longer deposit money from credit cards into savings accounts")