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Thread: My new credit card w0w 7000 credit card limit intrest free.

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    My new credit card w0w 7000 credit card limit intrest free.

    Just applied for an interest free credit card from Barclays, they have just given me 7000k credit interest free for 14 months. Now to find a savings account.

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Quote Originally Posted by petercook7 View Post
    7000k credit interest free for 14 months. Now to find a savings account.
    With £7M, you might want to look at bonds
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Or set up your own payday loans company!

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    I'd imagine there's a fee involved for transfers/non purchases!

    Still could well still be profitable.

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    Formerly known as Andehh Andeh13's Avatar
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    I really really want a new car, and after 6 months of saving I am half way there. I am looking at being able to buy it (out right) mid-end of the Summer. Or I could get tow credit cards with that sort of limit and buy the car tomorrow.....and not have to worry about paying them off for years+

    Am I the only one who finds it genuinely worrying that you can get so much instant cash and then not have to worry about it for so long?

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Quote Originally Posted by TheAnimus View Post
    With £7M, you might want to look at bonds
    Just spoke with them they are fixing it, lol should be 7K. anyway now to find a way to get the money into a savings account.

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    I think you might find a 2.5% transfer fee applies. Plus they reserve the right to withdraw it at any time.

    So you are probably going to be doing a lot of work for very little money, unless your going to take risk with how you invest the £7k.

    I would not ever recommend taking risk when investing borrowed money.
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Put it all on black!

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    You DO realise that you have to pay a fee to withdraw funds from a credit card? You can't just say, "Oh, I'll have all 7k as cash and pay you back 7k in 14 months."

    b0redom (awaiting the inevitable "All corporations are evil thread." )

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Just put all your shopping, fuel, bills, etc. on it and put the money you would have spent on those in the savings account. You'll get to £7k surprisingly fast (especially if you've yet to do most of your Christmas shopping like me)!

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Quote Originally Posted by b0redom View Post
    You DO realise that you have to pay a fee to withdraw funds from a credit card? You can't just say, "Oh, I'll have all 7k as cash and pay you back 7k in 14 months."

    b0redom (awaiting the inevitable "All corporations are evil thread." )
    Yer, I know that would never take cash from a credit card unless its was life or death.

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Strangely I wouldn't hold out earning too much in interest in savings accounts either.

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Quote Originally Posted by TheAnimus View Post
    I think you might find a 2.5% transfer fee applies. Plus they reserve the right to withdraw it at any time.
    Barclays are 2.1% IIRC

    It's also balance transfers, so transferring the balance to another credit card with an outstanding balance. Very rarely they let you transfer to a non credit card (but it's usually in the T+C and sometimes the most you can do is settle the account)

    It used to be good doing it to the old Egg Money cards as they let you overpay (so you could put the card in positive), withdraw the cash (0 charge as the account was in credit) then stick as much as possible in a cash ISA, but the near transfer fee it instantly wipes out any change of benefit paying more, you could even leave it in the account as the interest rate in credit wasn't bad

    Based on a 7k limit you could transfer £5760 (due to the 2.1% charge (£121) you would have to pay back £5881) which would mean you could put 5760 into a cash isa (maxing it out in one go)
    that £5760 at the current best interest rate (3.1% but with 60 day notice) you would earn £178.56 in interest so all that limiting
    of your available credit you have earned at most..... £57

    Hardly see that even being worth it

    As a 0% spending card again it's not worth putting the money in an ISA as it ruins the limit come if you save/withdraw/save again in the same year
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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Pulling the cash out and into an isa would be a cash advance and thus not interest free (in fact they usually have an eye-wateringly high interest rate). You'd have to spend your way to 7k and put the money you would normally spend into an account. Seems a lot of faff for around £150 over 14 months.

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    Quote Originally Posted by Jake_UK View Post
    Just put all your shopping, fuel, bills, etc. on it and put the money you would have spent on those in the savings account. You'll get to £7k surprisingly fast (especially if you've yet to do most of your Christmas shopping like me)!
    Best advice in the thread IMO. As long as you're sensible, it's by far the best approach.

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    Re: My new credit card w0w 7000 credit card limit intrest free.

    I just got my credit card limit extended to £7k. No reason, just nice to have it in case I decide to buy a new Dacia Sandero or something.

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