Money transfer - fast stoozing

Hi all,

This might be morally highly questionable so apologies in advance if this should be against any rules.

However, I have 3 credit cards, just applied for another 2 and e.g. Halifax and Lloys easily wave me through their soft checkers with 12k and 13k limits for another 2 (this would bump me easily over 50k combined credit limit).

So to create a high stoozing pot fast the easiest option is fee free money transfer offers/cards. However, offers for that are rare and I seem to have easy access to high limits of zero fee, zero interest balance transfer cards. 

So the thinking is to use a cc, order e.g. 2-3 expensive new iphoens or other small but expensive items from Amazon and use a cc. Once the payment is taken and the goods have arrived I balance transfer that debt for free to another card. I now send the items back and tell Amazon I don't want them anymore/changed my mind and they refund me. 

Now I have a positive balance on the original credit card and could ask the card issuer if they could refund me the sum into a current account. Obviously, that would only work once for each card. 

Now the cash is in my account, the balance transfered and I can "work" with that balance in easy access or fixed accounts (max 12 months) to cash in on the interest and pay back simply at the end of the cards promotional offer or snowball it (if sufficient offers are available in the future). 

Anyone done that or any concerns, risks, etc.?

Comments

  • eskbanker
    eskbanker Posts: 30,883 Forumite
    First Anniversary Name Dropper Photogenic First Post
    So the thinking is to use a cc, order e.g. 2-3 expensive new iphoens or other small but expensive items from Amazon and use a cc. Once the payment is taken and the goods have arrived I balance transfer that debt for free to another card. I now send the items back and tell Amazon I don't want them anymore/changed my mind and they refund me. 
    Not a risk-free strategy, quite apart from the broader issues:

    https://forums.moneysavingexpert.com/discussion/6396142/amazon-refund-problems-after-receiving-wrong-items
  • Thanks, although a bit of a different solution. Amazon was just an example, could be any other retailer really. Agree, not risk free and might lead to a secion 75 claim and a lot of work.... However, with black Friday coming up it might just be one of many returns in a pool of millions. 
  • noh
    noh Posts: 5,797 Forumite
    Name Dropper First Post First Anniversary
    Among the cards I currently have Halifax, BoS and MBNA have fee free money transfer offers.
    I have taken advantage of those offers then on the same day balance tranfer from a number of new 0% cards I have recently obtained.
    Fast stoozing is worthwhile again with current savings interest rates.
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