Is it possible to card tart with ten credit cards?

With all these 0 % offers for first 8 months surely if you go to the max say 锟?0000 on ten cards put the 锟?00000 in a high interest bank account of perhaps 6% you will obviously earn 6 grand over a year changing over companys ,but is it legal???

Is it possible to card tart with ten credit cards?bad credit loan

This technique was in the media last year as one method of paying your mortgage with other peoples money.

There is (was) only one card (I think it was C %26amp; G) that would let you move money out of the card into an account to earn interest.

If I remember the technique was to:

1. Open a C %26amp; G card

2. Take out another interest free card and transfer the maximum allowed to the C %26amp; G card. This is legal and will be interest free, BUT, you will still have to make the minimum monthly payments.

3. Move the sum to a high interest account.

4. At the end of the interest free period, you MUST pay back the outstanding sum on the card.

5. Take out another interst free card and repeat the procedure.

Downside:

1. You must not NOT spend anything else on the cards or you will be clobbered for interest immediately on that sum.

2. More than likely that the banks have shut this little loophole down.

3. Everytime you take out a new credit card - you take a hit on your credit rating.

I know one person who did use this trick and was quite surprised that the card companies actually allowed him to open a card and immediately transfer thousands of pounds off it.

Is it possible to card tart with ten credit cards?

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One more thing, moving money from one card to another in this way is not a %26#039;cash advance%26#039; as you are not actually withdrawing the money Report It

|||It%26#039;s legal, but I don%26#039;t think you%26#039;d get the 0% for a cash advance. You%26#039;d get it for purchases, since the company collects a premium from the merchant.|||Its legal...but more difficult than that. If you notice, almost all the cards offer the 0% on purchases. Almost all of them have a much higher interest rate on cash advances. They also usually have a cash advance fee in addition to the higher rate. However, I have been able to finance large purchases that I could have paid cash for by doing just what you are suggesting. I had a vehicle that I had enough money to pay cash for. Instead, I kept the money in an account, financed the vehicle, then paid off the vehicle with convenience checks from credit cards with 0% intro rates. I kept switching cards when the rate would go up. I ended up paying off the total in a few years without ever paying much in interest.|||Not sure,

But this may help

go on to:-

moneysupermarket.com

This site will list the best loans/credit cards available

Get a 0% credit card. Tell the credit card company when you setup the account that you want to do a balance transfer. Give them your current account details.

If you can get 30k put it into Premium Bonds. You are guarteed a win every month and you only need a couple of days notice to take your money out. Also you could win the million.

This should help you out for a bit