Ok if you've got loads of money lying around to make the minimum payments, but then again why not just invest that money?
The only way you could do this now , would be to take out a credit card that offered an interest free period of say 12 months, use that card for all your normal household spending and then systematically transfer the money you would have otherwise spent to a high interest savings account (there are a few about), then at the end of the period pay off the card with the money saved, leaving you with the interest accrued
However :- a) don't be tempted to use the card for anything other than budgeted expenditure , b) you would still have to make the minimum repayments, c) given the low rate of interest offered on most savings accounts , the returns are going to be modest. d) given the relatively short interest free period , it would not be wise to put the 'savings' on the Stock Market for a better return unless you really knew what you were doing....
And remember the card issuing companies look carefully at your credit records etc so the chances of you be able to take out multiple cards at the same time are remote.
would be a very different situation if a guy in the uk had access to enough card details to be able to buy things in another country like idk spain ? but that would be fraud .
Could always just use a card that gives you points. And use that card for everyday transactions and just pay it off daily by using digital banking. Gives you points for everyday things. Sounds like less risk IMO.
Did a similar thing at Uni, got every student account i could (intrest free overdrafts) Maxed them out in a 3 year Isa, payed them all back when i left uni, only made about £500 over 3 years but nothing to be sneezed at
Yeah thing is minimum payments on these cards would end up being almost as much as the interest accrued so unless you had a business proposition lined up I don't see the point...
Don't forget your investment charges which is around 3% if you're going with an IFA (making 5/6% interest with mine at the moment). In which case investments can go down as well as up. Depending on who you went with you'd be covered for 90% of it. Though you could still end up owing a **** load of money you don't have. Or just transfer the balances on to other interest free credit cards if there are any left you haven't used!
the time and effort for a few hundred quid could be used much better
I cant see Raptor on the next season of Hussle anytime soon
which is gonna be 2.5% a year max at the min, if you know how to invest its different.. i could tell you where
to put the money and achieve 2.5% maybe even tomorrow, a week at the latest
so would have to be applied for maybe one every quarter but the more you get and don't miss payments the
better your credit rating would get, so in theory if you did this with 10 cards your credit rating would go through
the roof as you'd have an extra 10 approved on time payments on your name each month