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Is this a simple way to get a interest free cash advance, or am I missing something?
If I take out a ~20 month 0% credit card, link it to paypal, and then send my partner a load of money as Friends and Family/gift - paypal won't charge any fees, and I guess the credit card wouldn't see it as anything other than a normal paypal transaction so also no fees there.
Seems to good to be true? I could do with a loan of £10-20k for a few months and this seems fairly attractive!
Not missing anything. I do that.
Link card to PayPal account, send money, f&f, to my other PayPal account which is linked to bank, withdraw money.
I've used it for maxing out three credit cards and using the 0% period to buy around £15k of premium bonds.
Sell bonds at end of 0% offer, pay off cards, keep winnings. Made £200 so far.
Interesting. Just checked and although my current cc has a £10k limit, it seems these 0% cards offer much less - just £1200. Maybe that can be negotiated up when you apply.
Your scheme sounds cunning but £200 on £15k doesn't seem a great return. I guess it's £200 for nothing really, but you could live dangerously and stick it in S&S ISA which might get 8+% 😉
Yes, they tend to put the limit up once you're out of the interest free bit.
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As you say, not a great return but it is £200 for spending an hour or so filling in a couple of forms, easy money.
Could have made loads more had I stick it all in Bitcoin but I wanted to be sure of being able to pay it back at the right time. There's always the (very slim) chance of a massive payout too.
Might also be worth doing for anyone who has an offset mortgage?
it seems these 0% cards offer much less – just £1200. Maybe that can be negotiated up when you apply
Best I got was £6,500 from Barclaycard. Maybe depends on your circumstances. I earn pretty much exactly the average wage, have a mortgage of three times gross salary and no other debts. This was also given to me in the pre-plague times, which may be a factor. Marks and Spencer only gave me £3k though
I *think* PayPal charge a fee if the funding source is a credit card, even for friends and family.
I *think* PayPal charge a fee if the funding source is a credit card, even for friends and family.
Don't think they do. I've used f+f to send money using a credit card and not been charged a fee.
They don’t for me
Wowsers - I didn't know that 🙂
That makes taking cash off a credit card almost too easy. 😬
All free. I do this all the time as well.
Means I can make bike related purchases via a credit card to private sellers.
Bit of an update on this rivetting discussion! I was slightly alarmed how quickly I had secured £48k in 0% credit, and transferred to my current account. Five credit cards all with instant approval, and account access within a few days. Paypal applied a ~£2k limit per transaction, but I was able to systematically empty all five credit cards through paypal with no fees. You could really get yourself into trouble!
The cards are all due to be paid off around summer next year, but I've just recieved the mortgage as we were concerned interest rates going up might put us in a spot of bother in 12 months time. So now have £50k in the current account, extension work paid for, and 12 months before the cards need paying off. Where best to stick £50k for 12 months with zero risk? The S&S ISA is pretty tempting as it's at such a low... 😉
£50k limit on premium bonds and that is as close to zero risk as you can get.
Expected return of about £500/year on that, could could more. Could be nothing, but you won't lose your stake.