Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
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Will need a couple of £k in a months time.
Instead of me getting a loan at a high 10-15% APR can i get a 0% credit card. (these 9-12 months 0%)
If i have say a £5k limit on the card, how do i go about getting money from the credit card, to transfer to a savings account for example.
Cheers
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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with egg u can do a transfer online its simple
with others dunno as i only have an egg card
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Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
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So this balance transfer also means to transfer a sum from the account to xxxx
I always thought balance transfer was bringing say £5k of debt to the new card...
So does balance transfer mean both in/out of the card?
Reason im asking is i fancie doing some "stoozing"
Basically people with good credit ratings are taking advantage of these 0% credit card deals and are borrowing as much money as they can on these 9-12 months deals. One guy had borrowed in excess of £75,000 on 0% cards.
Anyway with all this money they transfer it into guaranteed savings accounts like ING direct, EGG, ISA's paying 4-6% INTEREST!!!.
When the 0% deal is up on the specific credit card you pay off the debt from the savings account and try and find another 0% credit card.
Alot of fuss, and to be honest if your not good with money you shouldnt really do it. You need to keep track of all your deals etc in spreadsheet and need to be very organized.
But in the case of that guy that borrowed £75k on 0% cards he is making a PROFIT of nearly £4k a year in interest, by doing nothing LMAO.
I have only just started looking into doing this, i have a good credit rating (i think, never missed any direct debit payments) but ive never had a credit card before... so i am not sure what all these balance transfers etc are all about (more reading needed  ) i also have over £16k in savings so i dont know if this will help me get a higher limit on the card ?
If anyone wants a read http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,
I would be happy with £500 profit at the expense of credit card companies and also getting a good credit rating in the process
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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you can get credit card chq's, but these will be charged slighly extra like taking cash out on it...
Can transfer with 0% balances from loans other cards but more than likely to put money into a savings account need to take cash out of it or use credit card qhq's if you get them...
[Edited on 04-08-2005 by mav]
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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yes balance transfer can include transfer of funds into a bank account as you can use to pay off over draughts
plan sounds like a good one but i think credit card companies are starting to cotton on, after all its how they make thier money on interest
but if it works good plan 
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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put it this way i have transferred funds online from my egg card into my bank account loads of times and is included in the 0% balance transfer
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Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
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Thanks for the replies,
So egg is a good account, easy to use etc? Ive had a savings account online at egg and that was easy to use.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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i would do a bit of research see who is offering 0% balance transfers at the min
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John
Member
Registered: 30th Jun 03
User status: Offline
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transfer to banks is super balanace transfer afaik. Not all cards have this.
Go to www.moneysavingexpert.com and have a read. That'll tell you the best card to suit your needs.
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Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
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quote:
Originally posted by Kerry
i would do a bit of research see who is offering 0% balance transfers at the min
Thanks kerry, take a look at this site, its excellent http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,
Virgin is the best overall card by the looks of it, with RBS/Natwest and virgin offering free balance transfer and 0%.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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mint is owned by RBS
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Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
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quote:
Originally posted by John
transfer to banks is super balanace transfer afaik. Not all cards have this.
Go to www.moneysavingexpert.com and have a read. That'll tell you the best card to suit your needs.
Cheers john, yea ive been visiting the site, some of the guides are hard to read some times, the layout is all over the place and it not a clear read some times.
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cargraphics4u.com
Member
Registered: 4th Feb 04
Location: Tonbridge, Kent Drives : J7 00RSA
User status: Offline
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So what card is the best for super balance transfers and how do the other compare? been looking through this for a while and still can't find any info on charges for super balance transfers on any othe card sites
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cargraphics4u.com
Member
Registered: 4th Feb 04
Location: Tonbridge, Kent Drives : J7 00RSA
User status: Offline
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