Credit card 0% interest question

[Neverends1]

Hi all,

Quick question.
I have a credit card with Lloyd's. The 0% interest ends next month.

I have money put aside, so i want to pay it off before the 0% interest ends. However, ideally I want that money in my savings.

Ideally once I've paid off the credit card before the 0% interest is up, id ideally like to borrow that money again to put backnin savings and then continue to pay off my credit card. Is this possible? Im assuming not. However I have paid off my lloyds card before and then borrowed again.

I have always paid on time, no missed payments.

I know using savings to pay it off and then borrowing to pay the money back seems ridiculous. Please could we ignore this fact for now as I just want to find out if it is possible.

Thank you.

Are you asking if you can withdraw the money as cash? If so then yes, however you will pay a much higher interest rate on the amount so it would be foolish. Paying it off and then withdrawing the same amount in cash would also be a red flag for money laundering

No, this is not a good idea. A money transfer usually has a high percentage interest rate and a 3/4% fee.
If you're worried about using your savings, you'd be much better off finding another card that is offering 0% on balance transfers. You can swap the balance to them and then instead of paying into your savings you can put that money to paying it off monthly.

Makes more sense to get another 0% card to transfer the balance. Make sure you pay enough each month to pay it off before the end of the 0% period, and don’t spend any more money on the card!!

Just transfer to another 0% card.

Most balance transfers charge a transfer fee of a few %. What reason do you want the money in savings? If it's to earn interest are you sure you are making a profit? If it's the reassurance of having an amount in savings, what circumstances would you need that amount in cash rather than being able to put the 'emergency costs' onto a credit card at that point?

Have a look for a new balance transfer offer with low or no fee on Moneysavingexpert.com.

I've been doing this for about 20 years to profit from the interest and rarely have to pay a fee, sometimes 1% but usually free. It's called Stoozing and lots of people do it.