Banks still giving away free money?

[NorthWestPerm2Contr]

Might have a look at this. Tried get back in to rate chasing a couple of times over the last decade and it's just been a non starter due to the only people offering any decent length of time wouldn't allow transfers to current accounts and the credit limits were paltry. I still can't believe these will be much different but might be worth a further sniff.

Make sure you check your credit rating. Experian do a month free and give you a comprehensive overview. Unless your in the excellent rating then I would sort the issues out and then apply. Might take a few months for your credit file to get updated. Make sure to do things like close down unused credit cards and you are on the voting register. My rating is above 950 (1000 being the top), so I generally get offered large amounts of credit usually > 10k.

[northernladuk]

Make sure you check your credit rating. Experian do a month free and give you a comprehensive overview. Unless your in the excellent rating then I would sort the issues out and then apply. Might take a few months for your credit file to get updated. Make sure to do things like close down unused credit cards and you are on the voting register. My rating is above 950 (1000 being the top), so I generally get offered large amounts of credit usually > 10k.

I do this a number of times a year so no problems there. I always ask providers to write to to the credit check agencies to notify them of clearance immediately else it takes over a month to inform them and won't help.

Will tell you how I get on.

[DirtyDog]

Here is how it works:

1) Open credit card account.
2) Transfer e.g. £10,000 to your current account
3) Fee of £400 gets added onto that so you have £10,400 to pay over 29 months
4) Make minimum payments or setup however much you want to pay by direct debit
5) End of term pay it off or transfer it to another 0% interest free deal
6) Sit back and enjoy free money

Last time I did this was to bring down my mortgage interest rate. Was able to transfer 13k to my account. awesomeness

Make sure you make a note of when the rate ends and have it paid off before then. The deal will end before your statement comes through, and they clobber you if you are a few days late.

I fell for that one when stoozing was all the rage (before they started charging a transfer fee).

[Dactylion]

I Will tell you how I get on.

<Quick check to ensure this is General>
Please don't bother!
Jeeeezus H! WGAS! Seriously!

[NorthWestPerm2Contr]

Make sure you make a note of when the rate ends and have it paid off before then. The deal will end before your statement comes through, and they clobber you if you are a few days late.

I fell for that one when stoozing was all the rage (before they started charging a transfer fee).

Never had that happen to me in 10 years so even if it were to happen once it would be worth it for all this free money!

I always set a calendar reminder to transfer a month in advance of the 0% rate ending anyway.

[d000hg]

Here is how it works:

1) Open credit card account.
2) Transfer e.g. £10,000 to your current account
3) Fee of £400 gets added onto that so you have £10,400 to pay over 29 months
4) Make minimum payments or setup however much you want to pay by direct debit
5) End of term pay it off or transfer it to another 0% interest free deal
6) Sit back and enjoy free money

Last time I did this was to bring down my mortgage interest rate. Was able to transfer 13k to my account. awesomeness

Interesting, so it's 0% on any use of the CC in the first 29 months. I thought the fee you were talking about was a % of the balance on the card you were transferring from.... but 4% in this case is just the "ATM fee" to take cash from the account? Actually, how does one even take money out of a CC account directly? Is it a special option when opening the account or can you just pull money out; I don't recall seeing such an option on my CC accounts in the past.

One point; you say

4) Make minimum payments or setup however much you want to pay by direct debit

Surely if it's 0% there IS no minimum payment?

[Dactylion]

One point; you saySurely if it's 0% there IS no minimum payment?

What!!! Are you serious?
Interest free doesn't mean payment free FFS!

[NorthWestPerm2Contr]

Interesting, so it's 0% on any use of the CC in the first 29 months. I thought the fee you were talking about was a % of the balance on the card you were transferring from.... but 4% in this case is just the "ATM fee" to take cash from the account? Actually, how does one even take money out of a CC account directly? Is it a special option when opening the account or can you just pull money out; I don't recall seeing such an option on my CC accounts in the past.

One point; you saySurely if it's 0% there IS no minimum payment?

I think you are a bit confused here. The only purpose for opening this account is for transferring the money to your account. Once you have transferred it you then don't touch that credit card or use it for any other purpose (I'd suggest stashing it away somewhere or even cutting it up). There is always a minimum payment you have to make for any credit card - usually 1% or 2% of the balance. If you make any purchases on that credit card or actually withdraw cash from it then you will start paying large amounts of interest for those purchases and for the cash you withdrew.

[d000hg]

What!!! Are you serious?
Interest free doesn't mean payment free FFS!

But isn't minimum payment calculated based on the interest and the outstanding balance?

[d000hg]

I think you are a bit confused here. The only purpose for opening this account is for transferring the money to your account. Once you have transferred it you then don't touch that credit card or use it for any other purpose (I'd suggest stashing it away somewhere or even cutting it up).

Yes that's understood - but my question is how do you get £10k out of a CC account? I haven't seen such an option on my online CC banking accounts and I can't imagine you're suggesting taking it out as cash