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Free money?
collywollypict
Posts: 1 Newbie
in Credit cards
I thought I had a good way of obtaining 'free money' from credit cards but my bank now refuses to play ball. It used to work like this:
I obtain a new credit card with zero percent APR for eg 12 months. I would then transfer the money to my existing credit card card account at my bank which effectively put a credit balance in my account. I would then transfer the funds to my current account and thence into a high interest account for the period of the zero interest.
My bank didn't object to this for about two years but have now stopped me doing this. Is this a legitamite loop hole? Maybe I should just change my bank?
I obtain a new credit card with zero percent APR for eg 12 months. I would then transfer the money to my existing credit card card account at my bank which effectively put a credit balance in my account. I would then transfer the funds to my current account and thence into a high interest account for the period of the zero interest.
My bank didn't object to this for about two years but have now stopped me doing this. Is this a legitamite loop hole? Maybe I should just change my bank?
0
Comments
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Its probably not a feature of your bank but your credit card.
Lots of CC don't allow positive balances (or have stopped allowing them) so get a mule card that does like eggmoney.0
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