A couple of years ago, I came up with a plan to make a little extra cash. The plan was to use up the credit limit on a card on things that I would be buying anyway, and then place the amount in an ISA or savings account for the duration of the interest free period. I did this on three cards, and managed to make around £200 in interest in the duration, alongside quite a large amount of loyalty points for the companies that the cards were provided by. It didn't take me any extra time at all - just however long it took me to apply for the card - and I could then pay the full amount off when I needed to with the money that I had saved, leaving just the interest that had build up in my account. By making regular repayments on these cards, I also managed to build up a perfect credit score, which I am hoping to use to my advantage in the coming months because I will be applying for a mortgage soon. Have you ever had any kind of similar experiences that have worked well for you in the long term?
This strategy sound really interesting. It sounds like you did this with new cards to get the interest free period? Did you stagger your start points for the cards or get them all at once? It sounds like something if you aren't in any debt to begin with, and make sure the money actually goes into the interest earning account, it could really be worth the hassle.
