At the time of writing, 2 credit cards (MBNA and VIRGIN) offer 0% on credit card cheques (CCC's) paid into personal accounts for an introductory period. This provides an easy way to make money over a period of 9/12/15 months depending on the offer.
Apply for a 0% on CCC card, and once accepted pay a credit card cheque to yourself for the maximum you can (most will only allow upto 80% of the credit limit). Put this money into a high interest account for the length of the 0% introductory period. Only use this money to pay off your mininmum amount every month. Once the introductory period is about to end, pay off the balance in full. The credit card will then have a zero balance, and you will have all the lovely interest earned over the past months sat in your account!
Please make sure you check the agreement for the cheque handling fee, normally 2-3% of the value of the cheque, to ensure that this cost does not outweigh your interest rate on savings. Also introductory offers change, so please check all agreements before you sign anything.
Apply for a 0% on CCC card, and once accepted pay a credit card cheque to yourself for the maximum you can (most will only allow upto 80% of the credit limit). Put this money into a high interest account for the length of the 0% introductory period. Only use this money to pay off your mininmum amount every month. Once the introductory period is about to end, pay off the balance in full. The credit card will then have a zero balance, and you will have all the lovely interest earned over the past months sat in your account!
Please make sure you check the agreement for the cheque handling fee, normally 2-3% of the value of the cheque, to ensure that this cost does not outweigh your interest rate on savings. Also introductory offers change, so please check all agreements before you sign anything.
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