Tip

A question about : Tip

Hi all,

Last month I got the Santander 123 Credit Card no-fee Balance Transfer for 23 months.

I then messaged Barclaycard via t'internet banking site and asked them to confirm in writing that if my Barclaycard Credit Card Account (currently with zero balance) goes into positive balance as a result of a balance transfer from another provider, then they would refund the money into my bank account. To my surprise, they confirmed exactly that.

So, back to Santander. I transferred the max that I could, Ј5.5k, to my Barclaycard, putting it into positive balance by Ј5.5k

Once it was safely in my Barclaycard Credit Card Account, I messaged Barclaycard again (continuing same secure message thread) confirming my Bank Account details and requesting payment. They sent it overnight that day, then I split it between two 5% current accounts.

So that's Ј5.5k now earning interest for free. Even with the second year's Ј20 Santander CC card fee, 20% tax on interest and the 1% monthly repayment nibbling away, it will still net about Ј375 over the 23 months.

Hope this is of help...

Happy Stoozing - but please remember MSE's guidance & warning, i.e. that Stoozing is ONLY for those who are debt-free & financially savvy. It requires discipline, and is absolutely NOT a way to spend more than you would have - it's a money-making recipe. So don't overspend and never breach the card's credit limit. etc etc.

Best answers:

• reckon they will catch on if you do it multiple times.. on a side note, if you are happy to do that then why stop there, why not open a 0% cardwith Halifax and or tesco, shorter period but still may be worth it. also when the 1% and nibbled away you could potentially just do another balance transfer to top it up... (not sure on the santander t&c's)
• Was the bank account you requested the funds to be transferred to a Barclays one?