Interest Free credit on credit card, No Balance tranfer fee applies

    Hi All,

    This is my first post and hope any mistakes will be ignored.

    Its not a deal but I found a loop hole in the system to have interes free credit on any credit cards financed by GE Money.

    GE Money is probably the only finance company which takes payment on the credit cards by credit cards. Rest of the companies don't as they say "credit can't be paid by credit"

    So if you have any Store card or Credit card financed by GE Money i.e. Debenhams, House of Fraser, All Arcadia stores etc and you are paying intrest on it. Apply for the PayPal credit card which comes with 6 months interest free purchases alternatively you can apply for any other credit card financed by GE Money which comes with interest free purchases for certain period. ring their customer services and pay your existing GE Money credit/store card with new GE Money credit card on the phone.Make sure you dont pay on automated service, you speak to someone.

    That payment on your new card will come as a purchase and purchases will be free for certain period depending on your new card. So technically you will be transfering a balance onto your new GE Money credit card but won't be paying any fee(2.5%/3%) for it.

    I recently did it and it worked. but please make sure you ask the customer services to confirm the above, also ask them to put everything they say in the memo on your account so you can dispute any charges in future.

    I think its brilliant idea at this time of the year. Shop on your GE Money store/credit cards and then pay later with your new GE Money card to enjoy free interest free period.

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