Funding a Saving Account by credit card

Gep

Hi, my credit card offered me a zero per cent interest for 6 months, so I though why not borrowing something like £5000 and invest them in a Saving Account?
The only problem I can see is that to fund a Saving Account you need to pay cash and for the cash advance the credit card company charges you a fee of £50. So assuming a 4% net interest in the saving account for 6 months, the net gain of the whole thing will be only £50, so not really worth the hassle.
Is there any bank that let you fund a Saving Account via a credit card payment?

debbie42

There's a whole forum dedicated to this. It's called "stoozing". It used to be easier than it is now, I think, as they hadn't used to all have arrangement fees etc.

http://forums.moneysavingexpert.com/forumdisplay.html?f=95

Cook_County

I used to make £2,000 to £3,000 a year by stoozing. Now they charge for this I agree it is not generally worth the hassle.

Aegis

Make sure you don't use a cash advance, as that's usually exempted from the 0% offers.

Gep

how do I know if it's a "cash advance"? They call it "money transfer to a current account" and it's just one of the many transactions in my bill. I guess I'd better call them to make sure. Thanks everybody.

Aegis

Ask them if it's a balance transfer or a cash advance. The 0% offer must apply to balance transfers, otherwise this won't work too well. Some cards allow balance transfers straight to a current account, others only allow it to other credit cards.

You should definitely check out the Stoozing forum on this site, as it's full f information about the best cards to use for this exercise.