triggering better CC offers

PRAISETHESUN

I definitely wouldn't recommend paying CC interest in a vain attempt to please the banking algorithms

Altior

It's an immaterial amount, literally one or two quid. 

I don't work in banking but I do work in finance. It is determined by algorithms, at the very least, to flag up accounts for a human to look into. I doubt what I give them covers the cts, however it's better than an account that generates no cash at all. Anyhow, if it ain't broke don't fix it, this card/account has been my mule for over a decade and all they seem to do is periodically nudge up my available credit limit. 

NorwichMan

I thought a mule was a card you put into credit through balance transfer to another card, then get the credit balance refunded to your current account? Not sure how you end up paying any interest on that? I'm quite new to stoozing and haven't tried that trick yet.

Altior

Interest is levied daily, so you still have trailing interest after holding the balance in the mule card over one or two days. Some people will credit the cash into the mule card before the MT is cleared, effectively never having a balance that can be charged interest. I wait until the MT is cleared, then process the BT. 

NorwichMan

Thanks Altior, out of curiosity are you willing to mention specific good cards that work for this? Over the past couple of months I've created a stooze pot through BT, MT and 0% spending cards. I may want to try to build it up even more.

FarmGirl78

I don't know if its an offer available to all, but its my existing Halifax card that I use as a mule. I can money transfer into my bank account at 6.9% for 24 months, with no fee. So I money transfer the max possible. I then open a new card with a 0% balance transfer offer and transfer the Halifax balance (which is instantly at 6.9%) to new card at 0%. Currently Natwest and Santander have 0% BT with no fee.

Thanks for your reassurance guys. I've transferred it on so probably 2 or 3 days interest on £4,700 due. And I totally know this is small fry compared to some of you with much bigger pots to shuffle round, buts every little helps!

Cheers xx

Chrysalis

I have recently had two cards offer me increases, however these are different to older increases, where they are requiring me to login and apply for it, the letter is basically an invite to apply suggesting pre approval.  Barclaycard required me to have a full new credit check so was subject to that coming back good, tesco bank said its basically pre approved providing my circumstances havent changed for the worse which I would need to confirm before accepting the increase.

Both cards are set to auto approve increases.

daivid

NorwichMan said:

Thanks Altior, out of curiosity are you willing to mention specific good cards that work for this? Over the past couple of months I've created a stooze pot through BT, MT and 0% spending cards. I may want to try to build it up even more.

Halifax and MBNA are my go to cards as I have decent limits with them and they offer fee free MT - the APR is less important as the debt will be on them for a few days at most. First step would be to check the offers on any cards you have with decent credit available as I believe the offers can vary greatly from customer to customer. From memory HSBC, Barclaycard and Sainsbury's have offered me fee free transfers in the past (but not now/I've closed the accounts). The good thing about a mule card is it gets cleared straight away so can be reused, maybe not instantly, but a couple of months down the line doesn’t seem to bother the provider.