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# Money Transfer

Forumite Posts: 1,869
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I'm new to this but if an existing credit card is offering me a money transfer on 0% for 15 months with 3.5% fee with about £14K available, does this mean what it seems...

So I can tell them to transfer £14K to my current account, for a one off fee of about £500, and then I could make say 6% interest on that or whatever in a savings account or suchlike, so I would make a profit?

When do I pay the £500 fee - is that payable immediately or at the end of the 15 months?

Also I assume I would still have to make the minimum payment each month to the credit card as with any other credit card debt?

• Forumite Posts: 5,777
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With most cards you are allowed to transfer 95% of your available balance.
In your example you could transfer 95% of £14000 = 13300 to your bank account.
The 3.5% fee of £465.50 would be added to your card balance making that £13765.50.
You would still have to pay the minimum balance each month.
Use this calculator to work out if you will make a worthwhile profit.
https://stoozing.com/stoozcalc.php
• Forumite Posts: 1,869
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noh said:
With most cards you are allowed to transfer 95% of your available balance.
In your example you could transfer 95% of £14000 = 13300 to your bank account.
The 3.5% fee of £465.50 would be added to your card balance making that £13765.50.
You would still have to pay the minimum balance each month.
Use this calculator to work out if you will make a worthwhile profit.
https://stoozing.com/stoozcalc.php
Thanks - what does the tax field mean in that calculator?  If I select 20%, this means all of the savings tax in this scenario is taxed at 20%, or it means first £1000 is tax free and rest is at 20%?

I guess it must be the former based on the results it’s giving?
• Forumite Posts: 5,777
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Yes the tax field figure is applied to all the interest it doesn't take into account the £1000 0% savings allowance.
You will have to manually calculate any tax you may have to pay depending on your circumstances.
• Forumite Posts: 460
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The best method (if you can get it) is to do a fee free cash advance, and use a BT card to pay off the original card that you got the cash advance from.

The jargon commonly used is that is a mule card.

It's far easier to obtain BT cards, and the fees tend to be lower.

If the timing is right, you just pay a few pence interest on the mule card.

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