What would be the best way for me to make money from credit cards, look in!

joeparnell

Hi guys,

I do not need to borrow any money, but I want to work a card to make me money.

My first thought was a cashback card, and this site says that if you always pay off in full every month, a cashback card is what you want...I'm not 21 years old, and do not have an income of over 20k, so the Capital One and Amex cards are out of the equation...

This leaves me the egg card offering 1% cashback...

Now I'm no expert but surely getting the Halifax One card which offers 10 months interest free on purchases, spending on that, and putting the additional money I am left with as a result into my ISA (10%), and then paying the card off at the end of the 10 months interest free period will make me more money???

Thanks in advance...

Paul_Herring

joeparnell wrote: »

This leaves me the egg card offering 1% cashback...

Nope. It's Egg Money offering 1%, not Egg Card. The latter only pays IIRC 0.1% cash back.

Now I'm no expert but surely getting the Halifax One card which offers 10 months interest free on purchases, spending on that, and putting the additional money I am left with as a result

This, to use the terminology, is 'slow stoozing.'

into my ISA (10%)

Which ISAs are paying 10%?

, and then paying the card off at the end of the 10 months interest free period will make me more money???

Probably. You need to do a bit more research to get your numbers:

1) How much are you likely to spend on the card per month?
2) How much will the minimum payment be? Where will this money come from?
3) What limit are you likely to get on the card?
4) As a result of 1-3, are you likely to hit the limit on the card before the time limit on 0% expires?
5) How much would you get at 1% cash back on Egg Money?

epsilondraconis

See:

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

http://www.stoozing.com/

joeparnell

Thanks Paul, I've a bit better understanding now. Yea I couldn't remember which Egg one it was!

Its the alliance & leicester ISA only 16-20 y.o.s who have their Premier 21 account have exclusive access too, and they have now discontinued this to new customers!

My spending is quite erratic from some months perhaps £80 on fuel, and then next month (like this month) could be £615, fuel, holiday flights, few purchases... I would guess at an average spend of £150...

My current CC limit is £1500 but was hoping I may be able to apply for more??

It may also be worth baring in mind I have already used £2700 of this years ISA allowance, but after that I'll start shipping it into a savings account...

I guess I need to sit down with the calculator, the workings aren't as easy as I first thought they might have been...

Anymore advice very welcome

YorkshireBoy

joeparnell wrote: »

I guess I need to sit down with the calculator...

...or use one already developed specifically for the (slow-stoozing) task?...

www.stoozing.com/slowcalc.htm