0% credit cards

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Has anyone paid off their credit card by transferring it?Can you do it indefinitely until it is paid off?

My Mum has done it. She transferred her balance to an egg card which had 0% for 6 months but after the 6 months you are meant to go to another one for the next 6.

Capital one are doing 0% for 2 years at the moment

Yes for as long as the 0% interest rates are available.

I am trying to re organise our finances and think I will do this as at the moment a fair bit goes on interest.Thanks I can't see the capital one thing though apart from for 6 months

Yes, we have three 0% credit cards - 1 of them an exisiting credit card offered 0% transfer so took the money and it is bank earning interest. Another 2 - have about 10K of the money to pay them off as well but again in bank until the crunch time comes.

You do need to be disciplined though. As it is tempting having all that money in the bank. Also you need tp apply well in advance for the next stooz card as they can take ages to come through.

What do you mean took the money?

Transferred £10,000 to our bank account where it sits in its own little savings pot earning interest until it needs to be paid back in 6 months time when we keep the interest of £250ish.

There is a whole art called "stoozing" - people stooz £50,000/£100,000 and offset the money against the mortgage. Have a look at motley fool website discussion boards - they have loads of info on it. You have to be careful as some lenders will charge you a fee for balance transfers and other won't let you transfer money to a bank account - Egg do.

We used to have about 50K stoozed but had to stop as I gave up my job and we moved house so needed to clear our credit up.

www.fool.com - have a look they have loads of info and links to interest free credit cards.

I used to surf my debt from one 0% card to another for years till ds was born, at which point I became a SAHM and didn't have the income to apply for another card.

Wish I was as sophisticated about it as kaz though

I paid for a £15K people carrier this way. It was so much cheaper then a loan

Just be aware on this one. Some of the banks are now chargeing up to 2% to balance transfer. This means on a £1000 transfer it will cost you £20. LOOK AT THE SMALL PRINT

NH - I play the 0% balance transfer game every 6 months! Have been doing it now for 3 years.