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Originally Posted by gary_580
I'd be interested in peoples views on this. I'd be particulary interested in the view of Paul M.
The idea is you get interest free cash from credit cards, bank it, make interest and then pay the cash back when the interest free offer expires.
Surely if you do this enough all at the same time your credit rating will plummet and potentially your mortgage lender could insist on you paying off your mortgage or reposession starts?
http://www.moneysavingexpert.com/cgi...76883546,34894 |
This quote from that page sums it up for me:
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Using this system correctly generates substantial gains.* Someone with an £8,000 credit limit rotating debts to keep it 0% over a year, would earn over £300.* Yet thereââ‚ƚ¬Ã¢â€žÂ¢s no need to stop there, providing you take proportions, or until the credit card companies finally get wise, you can continue to do this system for years - many have
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You need an 8 grand credit limit to get profits of around £300. You really need quite a credit limit to make substantial amounts of money. Not worth the hassle in my opinion. Specifically if it can affect your credit rating.