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  1. #16
    almost there but almost knackered
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by young-pup View Post
    I think he means £50k in total
    so say 2.5k per card...

    erm thats 20 cards, yea can see that happening


  2. #17
    Banned
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by adlewar View Post
    so say 2.5k per card...

    erm thats 20 cards, yea can see that happening

    It was merely an example, and fyi cards can be 10k

  3. #18
    Yeaaaah Buddy!
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    Re: Free Money Anyone? - No Joke.

    Ok if you've got loads of money lying around to make the minimum payments, but then again why not just invest that money?

  4. #19
    Golden Oldie
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    Re: Free Money Anyone? - No Joke.

    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.

  5. #20
    Mr Olympia
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    Re: Free Money Anyone? - No Joke.

    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 .

  6. #21
    Gym Addict
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    Re: Free Money Anyone? - No Joke.

    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.

  7. #22
    Banned
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by Hardc0re View Post
    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.
    And you can swap £5 of club card for £15 of pizza express vouchers! And cinema tickets!

  8. #23
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by uhan View Post
    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 .
    I don't have any debts / cards but if i did how would it be fraud? If someone was american and bought stuff in japan with a credit card, how would it be fraud? It would be no different from him buying stuff from his local shopping centre? Or have i missed something

  9. #24
    Mr Olympia
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by Raptor View Post
    I don't have any debts / cards but if i did how would it be fraud? If someone was american and bought stuff in japan with a credit card, how would it be fraud? It would be no different from him buying stuff from his local shopping centre? Or have i missed something
    you missed something .... lets say i have access to card details yet if i get things sent to my place i get found out but if somebody in another country made the purchase and gave me half for passing on details then its win win

  10. #25
    Leaning out...
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    Re: Free Money Anyone? - No Joke.

    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

  11. #26
    'Train as heavy as possible, as often as possible, as fresh as possible'
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    Re: Free Money Anyone? - No Joke.

    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...

  12. #27
    Looking Freaky
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    Re: Free Money Anyone? - No Joke.

    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!

  13. #28
    Gym Addict
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    Re: Free Money Anyone? - No Joke.

    the time and effort for a few hundred quid could be used much better

  14. #29
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    Re: Free Money Anyone? - No Joke.

    I cant see Raptor on the next season of Hussle anytime soon

  15. #30
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    Re: Free Money Anyone? - No Joke.

    Quote Originally Posted by ardsam View Post
    the time and effort for a few hundred quid could be used much better
    Its only a few 100 quid with a small limit card and then relying on high interest banks an investment vehicle
    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

    Quote Originally Posted by CoffeeFiend View Post
    I cant see Raptor on the next season of Hussle anytime soon
    Fact is though, the banks are not going to give 50k on cards in this climate even with immaculate credit rating
    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

 

 
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