No fee MT then straight to 0% BT

born_again

grumbler said:

Growingold said:

WYSPECIAL said:

It does sound too good to be true but it isn’t and it works. Just try to minimise the time that there is a balance on the 6.8% card (often referred to as a mule card) to maximise your profit.

So if you balance transfer the Money transfer you made at 6.8% interest incurring a couple of days interest, when do you pay the interest off when the statement comes through on the payment date or do you work out what it would be and pay it off immediately after balance transferring.   If you left it until the statement payment date would you not be charged interest on the interest?  

Interest on interest will be minuscule, but your BT can be slightly bigger than MT to avoid this. A small credit balance you can keep or spend.

Just be aware the receiving CC can reject as it is leaving you in a credit position which against the T/C.

grumbler

born_again said:

grumbler said:

Growingold said:

WYSPECIAL said:

It does sound too good to be true but it isn’t and it works. Just try to minimise the time that there is a balance on the 6.8% card (often referred to as a mule card) to maximise your profit.

So if you balance transfer the Money transfer you made at 6.8% interest incurring a couple of days interest, when do you pay the interest off when the statement comes through on the payment date or do you work out what it would be and pay it off immediately after balance transferring.   If you left it until the statement payment date would you not be charged interest on the interest?  

Interest on interest will be minuscule, but your BT can be slightly bigger than MT to avoid this. A small credit balance you can keep or spend.

Just be aware the receiving CC can reject as it is leaving you in a credit position which against the T/C.

Never happened to me in practice - usually with Clarity, but not only with it.

daivid

I had about £5 spending on my Clarity card when I completed a MT for about £2.5k. I BT away the full balance the same day and have not been charged any interest whatsoever (now 3 months down the line), both the other cards I used to MT (another Halifax card and an MBNA) card incurred a days interest but no further charge down the line. Same strategy for all: MT before 8am, BT immediately after (except for one which I had to do later in the morning by phone).

MasterplanC

Thanks for confirming the strategy. The MT from Clarity went through today (I completed the request before 8am as advised) and I did the BT shortly after, it displays as pending. Hope all will be good. Now my CashISA is full for this year.

MasterplanC

Just to update I was charged £1.70 of interest from Halifax, which sounds like just a days worth.

daivid

MasterplanC said:

Just to update I was charged £1.70 of interest from Halifax, which sounds like just a day's worth.

Sounds like a good result!