Money Transfer deal - what am i missing??
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Sea_Shell
Posts: 9,376 Forumite
Morning,
I've been offered, by existing CC, an 18 months 0% Money Transfer deal with 1.9% one off fee. (This CC is currently empty, having just finished another 0% deal, so no muddling of offers to worry about)
We don't usually go for deals with a fee (or interest payable), but in this instance should I think differently...
We recently did 2 x ICICI 1 yr fix (with bonus) which, on £2000 effectively makes 6.95%. The money for this came from an interest paying account (1.5%).
Should I (and would you), take the CC offer, of say £2000 to replace the invested money, as it'll be making more than the £38 fee, in it's new home???
Or...if we don't NEED the £2000, are we just robbing ourselves of £38?
Does it make any difference depending on what money it elsewhere...or should I just view this transaction in isolation.
What do you all think???
:beer:
I've been offered, by existing CC, an 18 months 0% Money Transfer deal with 1.9% one off fee. (This CC is currently empty, having just finished another 0% deal, so no muddling of offers to worry about)
We don't usually go for deals with a fee (or interest payable), but in this instance should I think differently...
We recently did 2 x ICICI 1 yr fix (with bonus) which, on £2000 effectively makes 6.95%. The money for this came from an interest paying account (1.5%).
Should I (and would you), take the CC offer, of say £2000 to replace the invested money, as it'll be making more than the £38 fee, in it's new home???
Or...if we don't NEED the £2000, are we just robbing ourselves of £38?
Does it make any difference depending on what money it elsewhere...or should I just view this transaction in isolation.
What do you all think???
:beer:
How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
0
Comments
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It's entirely up to you how much you want to chase making some interest. If the amounts are worth it to you, then do it.0
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Always looking to maximise interest, with such slim pickings around.
Just wanting to check I've not overlooked something that I might shoot myself in the foot with!!!
It will also keep a DD going for interest paying CA too.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0
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