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Anyone aware if credit car companies still do this?
I had one a few years back that let me transfer the money to my current account as opposed to paying a card off.
I know people used to use these cards for "stoozing".
Barclaycard do although the transfer fee is higher so not strictly interest free.
Be surprised if you can find one interest free without s transfer fee anymore.
MBNA have a card that does fee free SBTs but it charges an APR of 6.9% or more. So you need a second card lined up that does free card-to-card BTs. Then do bank >> MBNA, then MBNA >> 0% BT Card
I don't think there is any that do this free. Egg money used to be the card of choice but sadly it got dropped.
Used to be a full on stoozer at one time, £50k plus in my offset account!
Still have ways of getting cash but it's through my busines.
What's stoozing?
What's stoozing?
Switching balances about to make the most of interest free cards.
http://en.m.wikipedia.org/wiki/Stoozing
I have an offset mortgage.
Apply for a card - get a free balance transfer to a card that allowed a positve balance (egg money) - transfer cash to offset account - pay min balance - pay card off when deal ends - wait a month and do it again.
Multiply that by 10 cards and it's a lot of free credit.
It pretty much ended when they started charging balance transfer fees.
I don't think there is any that do this free
Oh but there are:
[url= http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/ ]MBNA[/url] fee-free SBTs but 6.5% APR
[url= http://www.tescobank.com/creditcards/lowfee/index.html ]Tesco[/url] fee-free BTs and 0% APR
Not sure if the mbna will allow a positive balance to be accepted, could be interesting if it does, mbna used to be great for repeat deals and shifting credit limits around.
I've just closed a tesco card and cant re-apply for 3 mths!
When Egg pulled the money card, a lot of people tried and failed on other cards to put a positive balance on them, the tranfer was rejected but the BT charge was applicable.
I don't have much problem getting the cash at the minute as I supply kitchens, customer pays me by cheque/cash, I pay the supplier with a card then transfer the balance to an empty card. Stick the money in my offset mortgage.