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Credit card advice needed

10 replies 1.9K views
ChrisJ1988ChrisJ1988 Forumite
60 posts
Hello so I have 4 Credit cards with 60k total credit available. I have maded to fill 30k thought normal spending but I am strugging to find an efficent way of utilising the the remianing 30k. The best money transfer credit cards I have seen come with a minimum fee of 2.99%. So it is going to cost me £900 to transfer the balance to my bank account which is more than the interest my bank pays. Now obviously I could take the £900 hit and dump the 30k into 2 S&S ISA (mine and my wifes) and hope that the ISA investments do better than the fee cost.

Does anyone know of a better way to utilise my remianing available credit because to my mind this is a waste of 30k credit!

Please keep on topic and thanks in advanced.

Replies

  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    Just don't spend it?

    What have you spent the other 30k on?

    When does that need to be paid back by?
  • chelseabluechelseablue Forumite
    3.1K posts
    Part of the Furniture 1,000 Posts
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    Why do you need to run up another 30k of debt?

    Apologies if I've missed something
  • YorkshireBoyYorkshireBoy Forumite
    31.4K posts
    Part of the Furniture 10,000 Posts
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    OP, perhaps you'd have been better posting on the stoozing board. Might have given people a clue as to what you were doing.
  • vacheronvacheron Forumite
    1.1K posts
    Ninth Anniversary 1,000 Posts Photogenic Mortgage-free Glee!
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    I'm a bit confused.

    You say you have 60K of credit available, but then say the best money transfer cards "you've seen" are 2.99%.

    Are your current cards all 0% purchase cards or are some 2.99% money transfer cards?

    In my opinion the only safe way to guarantee winning on 0% cards is to use them for the purchases you would have bought anyway.

    Also remember that the 2.99% is over the length of the balance transfer / money purchase. If this was for a 36 month interest free period this would equate to about a 1% APR. if only 12 months then the effective APR would increase to 2.99%
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
  • SncjwSncjw Forumite
    2.5K posts
    Sixth Anniversary 1,000 Posts Name Dropper
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    Why on Earth are you wanting to rack up 60k in debt?

    Can you afford to pay it off. It’s going to cost you way more than 60k with the interest added you n top.

    Sounds really stupid to me
  • Ebe_ScroogeEbe_Scrooge Forumite
    4.7K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    The idea of credit cards is to use them as a convenient tool to buy the things you would have bought anyway, to benefit from S75 protection, to build a good credit history and maybe to earn some cashback or points - you're not supposed to aim to fill them up to their max just for the sake of it. A bit like the oft-quoted mantra about speed limits - "It's a limit, not a target".
    I may not know much about art, but I know what I like.
  • OP, perhaps you'd have been better posting on the stoozing board. Might have given people a clue as to what you were doing.

    This person gets it, I thought it was obvious but I must be in the wrong area of the forums.

    The idea is to have 60k sat in my bank/invested for the 0% period then pay it off or balance transfer for free monies.

    60k at 1.5% over to years works out at just £1800 free monies. Not to menion inflation eroding my debt by a further 2-4% over the 2 or so years.

    Its not stupid at all.

    PS.
    Can someone move this to the right place for me if it is not.

    Much love thanks x
  • This topic can be closed my question has been answered in another post.

    thanks.
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    Wow - £60k just to earn £1800.

    What a waste of time and effort...
  • You are obviously far richer than me and dont need to waste your time on a moneysaving website,I think £1800 for a couple hours work is pretty good but thats just me.
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