If you are debt free and not absent minded and would like to earn cash for nothing, then read on, if you are not all of the above then I would advise you to look away now and spend the time you have saved by not reading this, into ways or reducing your debts instead.

Read carefully to make money..........

The ones who are all of the above should read on now and make some free cash. This can now be done due to credit card Company’s greed in trying to bring in as much custom as possible by bringing down interest rates to tempt us into getting into debt on their cards. Now with over fifty offering 0% interest deals it’s made for taking advantage of, but you have to be very disciplined to do so and like I’ve said you cant be absent minded.

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You will have heard a balance transfer where you shift your existing debt to a card that is offering you one of its special 0% deals OK! Well this plan has been given the name a “Super Balance Transfer” which will probably mean the next one will be called a “MEGA Balance Transfer” if you get my drift. Well a (SBT) works by applying for a credit card with a period of 0%, that will let you balance transfer the limit of your new card straight into a bank account.

What to do next.......

Once you have been accepted for a card, you then transfer the money straight into a high savings bank account at hopefully 4% or over, so now you have cash that the company’s have basically gave you to look after for them for a period of 6-9 months or more and you will make a tidy bit of profit in savings while your at it, but remember to keep a note of when the 0% period started so that you don’t run over time and get hit with a big interest bill, also you have to remember to pay your minimum monthly payments as this will incur penalties and what ever you do don’t take out a payment protection insurance as it is not needed, because if you run into trouble and find that you wont be able to make the monthly repayments, you simply dip into your savings to pay off the card.

Be wise and do not go overboard......

Some of the best cards that offer the facilities to do a (SBT) are the Abby, Alliance & Leicester, Egg, MBNA and Virgin who are all roughly offering you 9 months of earning interest in your savings account, some of these cards are now taking a fee to use this facility as they try to combat it from costing them cash. You could rotate this system from card to card, but a word of warning; if you value your credit rating then this can affect it as the credit card issuers see you as being un-loyal.