Chase credit card

[Whistle]

Anyone use the Case credit card with 0% for up to 15 months?

Correct me if I am wrong but it looks like you just have to pay the minimum back each month?

They have offered me a credit limit of £12.5k so I was thinking of running up this debt over the next 15 months while keeping the funds in my chase savings account that still pays 4.25% interest with the bonus.

Pay the minimum each month and pay off the whole amount up just before the 0% ends.

Is this how it works and if so I might apply for one for my wife and have up to £25k almost interest free for 15 months while getting paid 4.25% for the pleasure.

Sounds to good to be true.

[Blue M5 Comp]

I have been with Chase nearly 3 years had no issue and I have the credit card and it has been fine i do not pay it off every month but I will pay it off by june when interest free deal goes
I am getting the 4.25 % deal until Sept then i will review the situation because 2.25 % interest is pants

[AdamC28]

Yes, this is quite normal and many take advantage of the interest free money.
Have a read up on "Stoozing".

[KTF]

I have a Chase credit card and do exactly that.

May the minimum each month and plan to pay it off at the end of the 0% period. You set up a DD and it takes the min payment from the Chase account each month.

[CSR Performance]

I'm doing exactly this. Last years holuday funded almost exclusively by the Chase credit card. Holiday funds sat in the boosted Chase saver at around 4% (off the top of my head) and then the monthly direct debit just takes the minimum payment.

When the 0% rate finishes on the credit card I'll just pay it off.

[KTF]

If you want to go one better then HSBC has 20 months at 0% on purchases.

Santander also do 0% on purchases for 15 months.

There are a few options if your credit history is good and you can afford to pay it off in full at the end.

[paulw123]

Yes it's called stoozing. I've been doing it for many many years. I usually have two cards on the go at a time.
I then put the money outstanding on the cards in as high interest bank account as I can and keep the interest. Must have been hundreds over the years.
I do think Chase is a great bank and still use their debit card for food and fuel for the cashback but their savings rate interest has been pants for ages now since the last offer ended. I'm hoping they will start another one soon though

[Hustle_]

Credit cards are a pretty cynical business aren't they, as they're betting on your inability to manage them. They want you to spend too much to the extent that you can pay the balance at the end and then sleepwalk into paying the extortionate interest.

If you're the sort who can truly resist spending more money because the facility exists, and can set aside the funds to pay it off at the end, then yes- it is free money.

But even if you do cock it up, you can balance transfer onto another card. The balance transfer fee is still less than the interest you will have earned on the money.

P.S. just coming up to the end of my first one with NatWest. 19 months 0%. I didn't stooze very hard, my average balance was less than £3k of an available £8k- but nonetheless, the credit facility cost me nothing and I earned a little over £180 interest. Will do it again.

Edited by Hustle_ on Tuesday 3rd February 11:50