Does this make sense..

mountainofdebt

Goldfish has sent me some cheques to use on my cc with an interest rate of 4.9% for 6 months no fee....I currently have a significany balance with them at 6.9%, for the next 4 months.

So what I was planning to do was use my (cleared) Cahoot Flexible loan facility to pay off my current balance and then when had gone through use the cheques to pay off my Cahoot balance....abit like what Martin has suggested to do with the Barclaycard 6.9% LTOB

Can anyone see any flaws...and is it worth doing??? :confused

Thefunkygibbons

Are you absolutely sure that they have no fee

It may be worth ringing customer services to check and take a note of the person you speak to and the time

Talk clearly for the tapes

If no fee, then potentially you can save 2% but what rate does it revert to at the end of 6 months?

mountainofdebt

Yeap...no fee to be charged on the cheques (checked twice !)

Not sure of the potential interest rate but I did think of something after reading your post.

The cheques, to get the 4.9% interest rate have to be presented by 30th November and the 6 months starts when the cheques are presented (again checked this twice)Therefore I was thinking of repeating this process at the start of November so theoretically the promotional period could last - if I do this way - for 8 months.

In May which would be at the start of the 8th month, I have 5 months at 0% with egg.

So the way I look at it, I have (potentially) 13 months of a low interest on this balance.

Can you see anything I've missed??