Credit Card/Mortgage Advice - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Credit Card/Mortgage Advice

£0.00 @
Advice needed please.... I have a credit card with MBNA, who are offering 0% interest on money transfers until June 2010, they are charging 4% as a handling fee. I am tempted to take £3000 and p… Read More
Baz123 Avatar
7y, 7m agoPosted 7 years, 7 months ago
Advice needed please....

I have a credit card with MBNA, who are offering 0% interest on money transfers until June 2010, they are charging 4% as a handling fee.

I am tempted to take £3000 and pay it straight off my mortgage which is currently at a rate of 4.99%...

So by my calculations I take the money from MBNA at a cost of £3120, I intend to pay the £3120 in June 2010 so will pay no further interest on that.

My question, is this a good idea, has anyone else done something similar to this?

Thanks in Advance
Baz123 Avatar
7y, 7m agoPosted 7 years, 7 months ago
Options

All Comments

(4) Jump to unreadPost a comment
Comments/page:
banned#1
its a little like borrowing from peter to pay paul the only sure way you win is if you can deffo pay the credit card bill before the interest kicks in
#2
so thats 1 percent per year over 9 months thats about £20
#3
I don't think your allowed to do it either - the mortgage company won't accept a payment from a credit card so you'd have to withdraw the £3K as a cash withdrawal which won't come under the interest free option.

If you do find a way round that then it's still not worth the effort\risk for what your saving IMO.
#4
worto03
I don't think your allowed to do it either - the mortgage company won't accept a payment from a credit card so you'd have to withdraw the £3K as a cash withdrawal which won't come under the interest free option.

If you do find a way round that then it's still not worth the effort\risk for what your saving IMO.


From what I gather, they transfer the money to an account you designate, you can then transfer it to the mortgage, but as you guys say, it is probabaly not worth it.....Thanks for all your help everyone

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!