Whats the best way to make some money from this?

chris6241

Hello everyone,

new to this so excuse my ignorance.

Apart from my mortgage have no debts and reasonably good income

Have just received halifax cc, interest free, £11,000 for 1 year

I think i can balance transfer for free for 1st 3 mnths but as i have nothing to transfer not likely to need it

So, what would be my best way of using this card?

I normally use my debit card for everything, so shall i use this card instead and pay min amount off each month and put my salary in interest account?

Now I have it, not sure why I wanted it, lol.

Grateful for any suggestions

Thanks , Chris

emma396

yes, pay for EVERYTHING on the CC, and set up a DD to pay off the minimum each month until the end of the 13 months, then pay the whole lot off. The 'spare' cash you have should go into a high interest account, so you have it to pay off the CC in 13 months time, possibly an ISA

chris6241

Thanks Emma for your reply...

Is there anyway I could make overpayments off my mortgage using this card?

emma396

not sure, i think that'd count as a cash advance, which is not good.

CannyJock

chris6241 wrote: »

Thanks Emma for your reply...

Is there anyway I could make overpayments off my mortgage using this card?

Have you read the stoozing article about mule cards, like Egg Money to route funds into your current account?

Is it an offset mortgage where you've still got access to the funds to repay the card if you need to?

Doing a BT for £ 11,000 is fine so long as you're confident on being able to BT it to another card 12 months later, or you can still get access to your funds from your offset account to clear it just incase.

chris6241

thanks emma and jock for your replies,i will go take a look

bbbster

Something else you might want to consider is paying off a years worth of mortgage payments (with the money from the cc). Obviously you will need to check with your lender if it's possible. Then the money that you would have paid each month in mortgage payments save (in a high interest account) and then pay back to the cc and the end of the 0%.