Moneysupermarket: Clever credit card trick could gain you £270 a year

16 July 2007
Credit card customers could stash away more than £8.5billion by making the best use of 0% on purchase periods offered by lenders.

According to, if UK consumers use their credit cards to buy goods, using the 0% purchase periods of nine and 12 months now being offered, they can put the equivalent amount of money in a saving accounts and reap the rewards - around £270 a year.

"Using a credit card with a zero per cent 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, “says Rob Kenley, head of credit cards at

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

Moneysupermarket estimates that the average UK household spends £5,790 per quarter - £1,930 per month - on goods and services, such as transport, recreation, culture, food, drink and clothing.

Based on an average credit limit of £6,000 the average UK household can spend £1,930 a month for three months on one of the new 0 per cent purchase cards, invest the same amount monthly in a six per cent plus savings or current account over the same period and gain £270 over a year.

“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, “continued Kenley.

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

Find out more about 0 Per Cent Credit Cards