Earn £270 with a 0 per cent credit card

17/07/2007

Credit cards offer balance transfers and interest free spending to attract new customers.

Savings and current accounts today are offering people low credit interest rates to draw as many people in as they can.

Head of credit cards at Moneysupermarket.com, Rob Kenley commented, "Using a Credit card with a 0% purchase offer and investing the equivalent amount of money in a savings or current account is an extreme case of banks paying us for our business,"

"The process of getting your hands on some of that cash is simple."

From recent household figures it showed that each household spends nearly £1,930 a month just on living expenses.

If you choose to put this amount of cash  into a six per cent interest savings account, a Credit card with 0% interest on initial purchases deal for three months, you could make £270 in interest,  figures were configured by Moneysupermarket.com

Mr Kenley spoke further: "This works on a similar principle to offset mortgages and for the two thirds of people who are able clear their balance every month this represents a perfectly viable way of managing their finances,"

"They can also benefit from the fact that unlike long 0% balance transfer cards, 0% purchase cards do not levy fees which means they can benefit from the full yield available on their high interest savings or current account."