http://news.bbc.co.uk/1/hi/business/3969661.stm

That would mess some people up...

 

In the early days of credit card transfers they used to take off between 1 and 2 percent of the amount transferred - was a much better game .

This was always the long term strategy for the banks - get people to run up huge bills at interest free for a couple of years (When rates were low) - Then when the rates are high and the average mug owes 5-10k hit them with 25% PER ANNUM.

Sharks .

 

Credit card APR never used to interest me because I pay off the balance each month, but the 0% offers have been tempting just because I can keep the money in a savings account and make some money

 

I think it will indeed mess some people up. However some people have profited very nicely from it. One woman has made ~85K from Card tarting. Esentially the cc companies gave her 85K !

 

I'd like to see how she managed that. She must have managed some pretty major balance transfers to have accrued £85k in interest. (like £1.7M for 1 year @ 5% )

 

So with balance transfers would they just write a cheque to you, or would they insist on seeing a previous card balance and pay the other CC company directly?

 

My mum has saved £££££s on interest on her mortgage by having a very large lump on a load of 0% cards. This wont be a problem for her as she will just put it all back onto her flexible mortgage.

Dave

 

Easiest way is to setup a 0% deal with a new CC co, then take a cash advance (be wary on the fees) & then transfer the balance to the 0% the same/next day that you draw down the funds.
(Barclaycard don't charge a cash advance fee if you take it as a "loan" & transfer into a Barclays account)

Money for nothing........ as long as you can repay the day 0% deals end !!!!!!!!

P.S Watch that the new 0% lender doesn't insist on a minimum monthly spend.

D