Credit Card 0% deals and savings on benefits?

surreysaver

money08 said:

I had thought everything that went on in the current account was checked and that any savings were always a good sign.

Checked by who?

money08

Here and elsewhere. As I speak though...the "income" generated from 0% put into savings may well be of interest to benefits people. Though shirley not if its below £6k or whatever the amount is...that said "income" is still income....phewww dodgy.

surreysaver

I don't know what the DWP's limits are regarding savings and income, and what they'd be interested in.
And don't call me Shirley 

money08

"I don't know what the DWP's limits are regarding savings and income, and what they'd be interested in."

ah I see the problem. You're in the wrong forum. virgins is the next one along but 2 grasshopper.

born_again

surreysaver said:

born_again said:

Savings play no part in CC applications. It is only income that will be one of the factors.

What's that got to do with the price of fish?

What's Fish go to do with Stoozing. 

surreysaver

born_again said:

surreysaver said:

born_again said:

Savings play no part in CC applications. It is only income that will be one of the factors.

What's that got to do with the price of fish?

What's Fish go to do with Stoozing. 

Exactly. That's my point 

surreysaver

money08 said:

"I don't know what the DWP's limits are regarding savings and income, and what they'd be interested in."

ah I see the problem. You're in the wrong forum. virgins is the next one along but 2 grasshopper.

I think maybe you're in the wrong forum. If you want to know what DWP's rules are on savings and income, you're probably better off asking that side of things in the benefits forum. 
This is the Stoozing forum, so I'm quite happy to give suggestions on Stoozing, but I have no knowledge of benefits 

Grumpy_chap

money08 said:

"I don't know what the DWP's limits are regarding savings and income, and what they'd be interested in."

For means-tested benefits, the threshold in most cases is that £6k of savings starts to reduce the benefits received and £16k means the benefits received are reduced to zero.

Repayment of debt is permissible to reduce savings, however savings cannot be offset against debt for the assessment of benefits received.  
That means that if someone is "stoozing" the full £6.5k that the OP indicated they have available on the CC, then that level of savings will impact the benefits received.  If the amount of "stoozing" is less, say £5k (and no other savings), then there will be no impact on the benefits received.

Benefits consider the capital value of savings as generating an "assumed" (probably the incorrect terminology)  income whether or not an actual income is received.

If the OP's queries are about the process for "stoozing" then this is the correct place to be.  If the main queries are about the impact of "stoozing" on benefits entitlement, then the "Benefits & Tax Credits" board may be the best place to seek clarification.

Nasqueron

OP I think you need to either set the DD for minimum (keep in mind also how long the 0% purchases work) or look at a money transfer card

To reiterate the above though, uSwitch or any other comparison site has no impact on whether you get an account or not unless they do a hard search - which they don't. They may offer a bigger range than others though