Stoozing - using the credit card directly?

principlecounts

I've got an opportunity to stooze around £500 by 3rd October 2023, but I would like to use the credit card directly to make a worthwhile deposit/purchase without any hefty charges. My end game to 'settle the stooze' is to make monthly contributions (which I have already started) in a high-interest savings account like N&SI and have the funds ready to pay off the total balance by Feb 2025 (when a high rate interest starts on the balance). Thoughts welcome. What would you do? Am I overlooking a point?

grumbler

What's £500? Is it the credit limit of the card you have that offfers you 0% (on what exactly?) until  Feb 2025?

principlecounts

£500 is the amount remaining of a £5000 credit limit. Any purchases or bank transfers until Oct 3rd 2023 will still come under the promotional 0% period, and the balance will remain on 0% interest until Feb 2025. After Oct 3rd 2023, any purchases or balance transfers will not benefit from 0% interest. This is NatWest's 0% balance transfer
credit card.

PRAISETHESUN

I'd double check the terms of your card promotions - the card you refer to looks like it has a 0% purchase offer for 3 months, and a 0% balance transfer (BT) promo for 14 months? I don't think purchases will be at 0% for the full 14 months like you suggest.

But there'd still be a workaround if you have a second credit card - you could make a purchase on your second credit card and then BT it across - it would then be covered by the 0% BT promo.

Ultimately though it seems like a fair bit of effort for £20-30, assuming you whack the extra £500 in the top interest savings currently available (~6% AER).

born_again

principlecounts said:

£500 is the amount remaining of a £5000 credit limit. Any purchases or bank transfers until Oct 3rd 2023 will still come under the promotional 0% period, and the balance will remain on 0% interest until Feb 2025. After Oct 3rd 2023, any purchases or balance transfers will not benefit from 0% interest. This is NatWest's 0% balance transfer
credit card.

You won't be able to take out the full amount.

principlecounts

PRAISETHESUN said:

I'd double check the terms of your card promotions - the card you refer to looks like it has a 0% purchase offer for 3 months, and a 0% balance transfer (BT) promo for 14 months? I don't think purchases will be at 0% for the full 14 months like you suggest.

Yes, I doubled checked this, and it's as you describe. I've since "stoozed" the funds to the maximum amount in a long term investment which I'm happy to leave. It wasn't easy, a lot of checks were needed so I wouldn't incur any fees at either the credit card company end or the merchant end. I've now setup a payment plan in a spreadsheet to settle the complete £5000 at the end of the 14th months. Thanks for your contributions everyone.

WYSPECIAL

Anther work work around that works with a lot of cards is to make your minimum repayment each month and the. Spend up to that amount.