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Free Money Anyone? - No Joke.

31 posts in this topic

Posted

Ok so here's a way to get some free money for little to no work.

Get a Credit Card with 0% interest for a long period:

Barclaycard Platinum with BT 18 months

Nationwide Credit Card 17 months

MBNA Platinum Visa 16 months

Virgin Money Card 16 months

Yorkshire Bank Gold 16 months

(more than one is good)

Lets just say you got approved for all of them and and got 50k, you would invest the

money... now if you are not an investor then you could just put in a standard savings

account, even with just 2.5% interest you have still made a 4 figure sum in the time

it takes to pay off them cards. Before the 0% is over you just pay the card off.

After figuring out the ways of using interest rates and 0% deals to my advantage

i'd like to do it but im in a different country and my credit rating is not established

yet, so damn... i can't do this and i can't get uk credit cards when out the country :/

A good investor could pull 15/20% + easy peasy and with risks, maybe 50% +

p.s I expect 10% of any profits for this :D

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Posted

hmmm dont they charge for cash withdrawals and its only purchases that the interest free period applies...

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Posted

50k ??? on a new card you'd be lucky to get 3k

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Posted

hmmm dont they charge for cash withdrawals and its only purchases that the interest free period applies...

You can apply for a crisis loan.

50k ??? on a new card you'd be lucky to get 3k

Precisely.

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Posted

Some of them do cash. I know this cos last year I applied for a card to make a balance transfer but it turned out both my card and the card I was applying for were MBNA and they cannot transfer if from the same supply so the guy told me the only way it could be done is as a cash advance and then it would be up to me as to whether I actually paid it off or not. They transferred 2k straight into my bank account!!

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Posted

This wont work - although it did for many before the millenium more precisely the 80s - 90s

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Posted

50k ??? on a new card you'd be lucky to get 3k

I think he means £50k in total:whistling:

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Posted

Adle i wasn't saying anyone would get 50k i used all 5 cards as an example...

Greyphantom, the money can be spent on anything from a credit card

Glassback, how can it not work?

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Posted

I don't get how this'll work either, you'd have to juggle all the repayments - they still expect to be paid monthly even if the sum you're lending is interest free.

Essentially your investments would have to be paying off immeadiately.

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Posted

You would pay off the minimum payment each month which will be bugger all (they want you in for the long run) and then you pay back the full amount owed the day before the 0% deal finishes... so you have made money from the interest on the money, but pay it back in full and have not paid anything for the privilege of investing their money for 16/18 months and making a profit

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Posted

Im sure you still have to make a minimum payment or they would charge you a fee??

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Posted

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

2.5% interest apr £50.000 on credit cards would have to make repayments of atleast £1000 per month over 28 years lol so in the meantime cant by a house , would make around £35000 in interest at a base rate of 2.5% apr if in a savings account , would only work if A you had a spare grand a month and B if you spent £25000 on a buy to let property and £25000 on buying your own property then by the end of the 28/9 years you would have 2 house`s , or you get the £50000 and disappear out the country and start a new life in spain ? lol

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Posted

Its called stoozing, hardly a new idea but not really possible these days. Few years ago worked well mind you.

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Posted

damn i thought the title was free monkey.

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Posted

damn i thought the title was free monkey.

You can buy a monkey with all the free money you get! LMAO

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Posted

I think he means £50k in total:whistling:

so say 2.5k per card...

erm thats 20 cards, yea can see that happening

:whistling::whistling::whistling::whistling:

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Posted

so say 2.5k per card...

erm thats 20 cards, yea can see that happening

:whistling::whistling::whistling::whistling:

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

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Posted

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

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Posted

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.

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Posted

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 .

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Posted

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. :)

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Posted

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!

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Posted

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

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Posted

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 :)

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Posted

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

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