can anyone fault my idea

Legacy_user

premium bonds can be bought via cards, so if i got an x number of credit cards totaling a limit of 30K all cards been 0% on purchuses for 6 months or longer if possible buy bonds and when 6 months is up cash bonds in and pay off cards and if thiers any winnings will be all profit.

or may be on a small scale anyone ggive advice on this

cheers
james

Crabman

They don't allow credit card payments, meaning that sadly this isn't possible. Nice idea though

How to pay: debit card only (Maestro/Switch or Visa Debit) in your own name. No credit cards. Please make sure you have enough money in your account.

http://www.nsandi.com/products/pb/applynow.jsp

flutterbyuk25

You could do it by purchasing them from your debit card then spending what you would normally spend on the debit card on your credit card. i.e. normally spend £100/month by debit card on supermarket shopping so buy £100 of premium bonds on debit card and put the shopping on your credit card. Pay off when 0% deal is up by cashing in bonds.

Both me and parents do this and we usually each with £150-£200 in 6 month period :j

x

System

do u know if when you buy shopping ect and ask for cash back is this ok to do with out getting charged. could i get money out the cash machine with credit card or is defently not included in the 6 months 0% intrest. thier must be some way of doing it may be like an online betting account depoist say 10k on to account and with draw it back with a debit card?

_Andy_

Cash withdrawals and gambling deposits will get fees and high interest rates.

darich

jamesdawson70 wrote: »

do u know if when you buy shopping ect and ask for cash back is this ok to do with out getting charged. could i get money out the cash machine with credit card or is defently not included in the 6 months 0% intrest. thier must be some way of doing it may be like an online betting account depoist say 10k on to account and with draw it back with a debit card?

cashback is only available on debit cards as far as i know.
withdrawing through an atm would incur a charge not included in the 0% intro offer - it's normally a percentage of the amount withdrawn.
using credit card cheques incur a charge also not included in the intro offer

Looks like using a credit card isn't feasible on this idea i'm afraid.

geordie_joe

You could do it if you had two credit cards, it would cost you though.

Both my Barclays and Virgin cards send me credit card cheques with each statement. You can use these for anything, even write them to your self and pay them into your own bank account.

Write yourself a cheque from one card, then transfer the balance from that card to the other one. You do this because the money from the cheque is a "cash advance" and attracts a higher rate of interest. When you transfer it to the other card it becomes a "purchase" and attracts the lower rate of interest.

You will be charged a fee for writing the cheque, and a fee for transfering the balance so you would have to work out what that will be, and if it is worth it. Virgin often have a "fee free" offer on their cheques.

I did this twice before they started charging transfer fees, and it worked a treat. Obviously you would be looking for a 0% interest deal on the transfer.

System

it would still be worth getting one though seen a few with 12 months free on purchases so if i used it for shopping ect and my insrance is due shortly would have a bit extra by doing this and hopefully someone will want something expensive buying and i could pay with my card, things like paying phone bill gass electric would be intrest free

Crabman

Have you looked into stoozing:

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

Some moneysavers have made £1000s courtesy of 0% purchases/balance transfer credit cards. :j Make sure you fully understand how it works and if you have any questions about stoozing, ask here.

System

does anyone know for sure about cash back on credit card and would this be free for the time of the 0% on purchuses

derrick

jamesdawson70 wrote: »

does anyone know for sure about cash back on credit card and would this be free for the time of the 0% on purchuses

You cannot get cash back on a credit card!