Too many credit cards? aka "The Credit Card thread"

danlightbulb said:
It builds up the pot instantly rather than it taking me 2 years.

I cant see what would stop me? If Halifax let me do a 0% fee money transfer and the balance then sits on my account, and then I BT it away a couple days later to another bank what's to stop me?

if they don't like it they could close my account but I cant see how they could prevent the BT as its just paying off my card debt.
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Sounds good - let me know if it works.

Edit: how much did they give you?
 
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dlockers said:
Sounds good - let me know if it works.

Edit: how much did they give you?
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They let me up my limit to £10k (I perhaps could have gone higher I don't know). Took £9k as a money transfer. Ive never got a CC with a higher limit than 10k so its about the max I can do in one hit.
 
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danlightbulb said:
They let me up my limit to £10k (I perhaps could have gone higher I don't know). Took £9k as a money transfer. Ive never got a CC with a higher limit than 10k so its about the max I can do in one hit.
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If this works you are onto a nice little idea. Instant cashflow should it be required and a bit of a return.
 
dlockers said:
If this works you are onto a nice little idea. Instant cashflow should it be required and a bit of a return.
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Money transfer was always a thing in Stoozing in the 00's. Its just that the offers went dead for many years and of course when interest rates fell it wasn't worth the fees. But I remember back in the day an account that let you 'off ramp' from credit cards into your normal bank account was highly sought after.
 
One assumes you can also paypal gift the money from an interest free card to a family/friend and then get them to send you the cash? I don't see how they'd stop you doing this either.

You're not withdrawing cash from an ATM so whilst the result is the same, the method would just look like a paypal payment of some kind.

I've not tried this myself mind you.
 
Yeah I've never risked PayPal Gift. I accidentally paid PP Gift using AMEX and nothing happened, but I imagine fair use will kick in at some point.
 
Diddums said:
I'm constantly doing balance transfers and I'm yet to see it affect my score.
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Only my actual debt balance affects my score. Not the number of cards.
I sort of stick to 2 applications in any 6 month period. But I don't keep tabs on it.
 
Diddums said:
I'm constantly doing balance transfers and I'm yet to see it affect my score.
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It's not the balance transfer I'm worried about, it's the cash transfer that @danlightbulb has taken out. Although a quick cursory Google suggests it's treated differently to a cash withdrawal, so minimal /no impact to credit score and might be just me worrying too much.
 
If you are putting in £300 a month in to a cash ISA anyway, a cash transfer makes sense as you can start the compounding on the £10k early.

Say a 0% cash transfer of £10,000 for 17 months at a 3.3% fee (£330) and a 2.25% minimum payment each month and put in to a cash ISA interest rate of 4.9%.

As long as the cash ISA stayed at 4.9% you'd make £708~ on interest but deducting the fee paid previously your true profit after 17 months (510 days) would be £378~. You'd have to take £7k out of your ISA to clear the cash transfer balance before the 0% interest period runs out - or stooze it again.

Naughty naughty me would stick it in a stocks & shares ISA though :D. Risky....not financial advice!
 
Mysterae_ said:
If you are putting in £300 a month in to a cash ISA anyway, a cash transfer makes sense as you can start the compounding on the £10k early.

Say a 0% cash transfer of £10,000 for 17 months at a 3.3% fee (£330) and a 2.25% minimum payment each month and put in to a cash ISA interest rate of 4.9%.

As long as the cash ISA stayed at 4.9% you'd make £708~ on interest but deducting the fee paid previously your true profit after 17 months (510 days) would be £378~. You'd have to take £7k out of your ISA to clear the cash transfer balance before the 0% interest period runs out - or stooze it again.

Naughty naughty me would stick it in a stocks & shares ISA though :D. Risky....not financial advice!
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Offt. That is high risk.
I have half my BT in etfs and half in cash account. Else I'll probably lose it
 
robfosters said:
I don’t get that, I thought any new hard search and new credit account dips your score
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Credit score is a make belief thing. Each lender will assess on their own criteria. Bear in mind they want you to default to a certain extent, or carry a decent balance, otherwise they make no money.
 
What's the best in terms of general rewards/cashback on credit cards?

I use Chase for the 1% cashback but would like to use a CC if could get equivalent without fees.
 
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