Making Money Through Your Credit Cards

How would you like to make £250 a year or more from your credit cards? Yes, that's right…you can MAKE money through your credit cards as well spend money on them! You could save for a holiday, buy that digital camera you've always wanted or simply offset the money you make against your mortgage. The possibilities are endless!

All you have to do is find 0% balance transfers and draw the maximum amount of credit on those cards. The funds from credit cards are then placed in a high interest savings account where interest is accumulated.

Before the 0% deal on these credit cards expires, users can repay the balances in full, so preventing interest charges at the standard APR from coming into effect. If users want to extend their money making run they can of course search for new cards offering 0% balance transfers and then repeat the process.

Depending upon how many you're willing and able to open, you could end up making a substantial amount of money on credit cards in this way.

And there's more!

Not only can credit cards make you money, they can also help you pay off your mortgage quicker. Some provide the facility for credit on 0% balance transfers to be placed into offset accounts to which a mortgage is linked.

Offset accounts set your savings against your mortgage loan, so reducing the amount of interest accrued. The more savings you have, the less interest you pay on your mortgage, and so ultimately the quicker you will pay off your mortgage.

0% credit card deals that allow you to draw funds into an offset account could end up knocking several years off the term of your mortgage. Some astute users have card drawings totalling £50,000 or more offset against their mortgages!

Is this a legal use of credit cards?

Making money through credit cards and offsetting funds against mortgages is 100% legal. Thousands of users across the UK have been making money through their credit cards in this way ever since 0% balance transfer deals were introduced.

Credit cards companies though are beginning to plug the gaps in their policies, thereby limiting opportunities for users to take advantage of 0% balance transfer deals in this manner.

Several companies now do not allow direct credit transfers from their cards to current or savings accounts. Some card companies are also introducing charges for performing balance transfers, even if the transferred amount itself remains interest free for the introductory period.

Despite companies wising up to the practices of astute users though, there are still good opportunities in the credit card market to profit. After all, if directors of well known finance-related companies can do it, then why can't you?