Free Cash From Credit Cards Discussion Area

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• I am interested in this! I do not currently have any o/s loans or credit cards. However, how many 'hits' can your credit rating have - i have heard that the limit is 6 in 6 months. I will be looking into getting a mortgage later on this year / next yr, so don't want to endanger that at all.
  I have only had 2 hits in the last twelve months; one for an egg card and one for a new mobile phone contract.
  Please advise!
• I heard about this on Five Live breakfast recently. This guy had made thousands doing this, the only problem it seemed to me was keeping track of all his credit cards and when the offers expired.
  Anyway i'm in. Just applied for Mint. Have to wait for an answer though.
  I take it you just call them up and ask for a credit card cheque? Could find no mention on their site.
  Mmm free money.
• Also, I applied for it via Martin's link. Thanks Martin.
• Slightly peeved that 5 live breakfast got someone else to do this. DO you know who they used - this is my baby!
  As for credit scoring - there is no answer. I've put some wee notes in the article - but truth is - there's no rule about hit numbers. If you read my article on credit scoring in the Guides section and read the regular Q&As about this - you will find more info
  Martin
• Hi Martin,
  This was just joe public. He was just a guy who did it, he just told his story and said he spent about an hour a week checking all the cards he had running. Didn't go into detail or mention specific cards.
  He probably heard about it from you for all i know.
  GRITTS
• Cheers GH - and checking an hour a week! What's that all about....
  Personally it doesn't take anywhere near that - a good note or two in the diary and a shufty once a month at best
• Martin,
  I'm being a bit 'tongue in cheek' here but ...
  Aren't you in danger of pulling down the temple [of easy deals] just by the sheer amount of publicity you give it?
  Yet the number of these deals is probably increasing, rather than decreasing. [BTW does anyone do research into availabilty apart from us 'tarts'?]
  I long-ago decided I would ride this for as long as I could - having no 'real' debts and expecting to get rejected for new cards at some stage. Yet, apart from certain brands, I've had no real problems at all.
  There has to be a 'credit-crunch' at some stage, surely? If for no other reason than credit cards co.s have been just so lax 'till now. what's your thinking on when these deals will either be withdrawn or rate-tarts will start to be picked out?
  M
• A quick word of warning for Credit Card borrowing Newbies....
  Please don’t forget that whilst the money is ‘borrowed’ at 0%, you DO still have to keep up the minimum monthly repayments irrespective of whether interest has been added. !So if you borrow Ј8,000 you will have to pay back approximately Ј170 per month (normally 2.5-3%). !Failing to make these payments will lead to charges and negate the purpose of this money saving tip. !In my case, I simply organised for the minimum repayment to be taken automatically each month from my savings account (where the borrowed money was held) and then did not concern myself again until the end of the 0% period. !Obviously this does affect your returns as your borrowed monies reduce (unsure as to whether Martin has factored this into his example calculations).
  !
  Further if your thinking of placing the money in a savings account that you cannot easily withdraw from, please make sure you have the capital spare elsewhere to keep up the minimum repayments.
• MBNA cards (and most or all cards run by MBNA) require a Ј5 minimum repayment, ideal for rate tarts.
• Once the 6-9 month period of 0% interest has expired (and you have paid off the balance), does it help your credit rating to cancel the credit card, or does it make no difference?
• Yeah, I thought it was a misprint at first!
  I've had other percentages too, between 2 and 5 is "normal".
  As for cancelling cards this is discussed at length in other threads. The answer is "maybe". If you use the Search facility you can look for old threads quite easily.
• Martin, I've a problem. I was accepted for the Mint card but when I mentioned to the lady on the Internet Applications line !(0845 300 0059 )about Super balance transfers she said that Mint did not do this. 'If you wrote a cheque to your current account it would be treated as a cash withdrawal and is charged accordingly'.
  She was positive the type of thing is not possible with Mint?!??!
  I know she was on the 'applications line' but surely she would at least know about what a Super balance transfer was??
  **Follow up**
  I called the actual card helpline. I think we are talking 'Convenience Cheques'. Now I believe this is possible!
• I dont have any dept (exept mortgage) and no credit cards.Do I apply for one card,ask them to put cash (up to the limit) into my bank acc. and then wait the 0% interest period before applying for the next one to transfer it into ???
• I dont have any dept(exept mortgage)or credit cards.
  Do I apply for one card and ask them to put cash into my bank acc. and then wait 0% interest period before applying for another one to make the B.T ???
• I'm in pretty much the same position as Chris Lee. But my understanding is that when you apply for a new credit card, your initial credit limit is very low. Are you able to negotiate this with the company?
  I have recently apply (via the links) for the Am Ex Blue card to get the cash back, but still waiting to hear about that one.
• Just looked at the MBNA and Abbey card t's & c's. Minimum monthly payment is in both cases:
  "By the payment due date shown on your statement each month, you must pay:
  2.25% of the balance shown on the statement (as long as this is at least Ј5); or
  the charges for Payment Protection Cover, plus interest charged on the statement and fees, plus Ј5; or
  the balance on the statement if this is less than Ј5;
  whichever is the least."
  So, by my reckoning, if you put 8k into your account for 6 months, you have to pay Ј180 per month. The interest gained on 8k in 6months at 4%p.a is only about Ј160. I'm no accountant, but I can't see a gain there. Could someone explain?
• I'm no accountant, but I can't see a gain there. Could someone explain?
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  Yes, the minimum payment is not an interest charge it is actually a payment.
  So in your example at the end you would not owe Ј8K you would owe Ј7820 (because you've paid Ј180).
  Therefore the Ј160 is all gain (apart from any income tax you may have to pay on savings if you don't have a flexible mortgage).
• Just to emphasise Lisyloo's point above:
  At the end of 6months you would have paid in minimum payments 6*Ј180 (Using GaryF figures). !Therefore, you would now only owe (assuming you borrowed Ј8,000) Ј6,920.
  The interest of Ј160 would be profit.