Stoozing: Make Free Cash from Credit Cards article discussion

Bokkens · 1 September 2007 at 2:32PM

Q1 Yes. go for the longest 0% offer with the lowest fee.
Q2 Finding a new card isn't a hassel as such but by the time the administration has been completed you have recieved your PIN and access codes and online ID numbers etc the six month 0% period is nearly down to 4 and a half months so going for the higher 0% period is a better bet even if it is slightly erroded by admin.
Q3 £3000 is okay but why stop there?
I would start off with a ammount you are comfortable with and work from there a lot will depend on the credit available to you and the limits given.
The overall objective is to keep the funds in your savings accounts(stooz pot) so it earns as much as possible.
If you keep taking it out to pay off a balance on a credit card that is coming to the end of a 0% period you are going to lose interest.Prepare another card before then end of the 0% period.
So the new card pays off the original card while the funds from the original card stay in the savings accounts.
once you can do this just multiply it up several times and you'll soon have £10,000 earning cash.
Good luck.

metalfury · 2 September 2007 at 2:21PM

Thanks Bokkens, That's exactly what I wanted to know.

I'll have a look around but if the only 0%/no transfer fees i can find run for less that 6 months I'll probably go for the longer period and lose a little on the transfer fee.

If I could get 10k on a new card that would be great, previous cards have always only had 3k - but then I always pay those cards off each month so I've not needed the extra allowance.

I suppose if the limits on the cards are capped I could always get two 3K cards running simultaneously and sit 6k in my stooze pot?

Looking forward to getting stuck it, thanks for your advice :-)

R

pabby061203 · 3 September 2007 at 4:22PM

HI,

Never did this before but looking to give it a go. Just applied for the Egg Money Card and so far so good. So I need another card - a 0% one, yes?

So, I pay off a non existent balance (say 2k) on the egg money card, putting it in credit. I then transfer the 2k to a high interest account. Is this the correct process? I then start to gain interest and pay off the minimum on the 0% card?

My other question is(probably a daft one but like I say I am a newbie), why Egg Money? Could I not transfer a balance from the 0% card straight to a high interest account, missing out the Egg Money card step.

Thanks,

metalfury · 3 September 2007 at 5:28PM

not quite pabby061203.

You balance transfer the 2K to your new 0% card, this puts +2K on your egg money which you then transfer to a savings account to reap the interest. Leaving -2K on your 0%, 0 on your Egg money and +2K in your savings. Ensuring you pay of the minimum payment on the 0% card each month.

Egg allows positive balances and doesn't charge you to move those balances out.

Liney_2 · 3 September 2007 at 6:16PM

Wow, decided to have a go at this 'stoozing' lark, using the Sainsbury's Card online - the most simple application and instant approval too, will probably use my banks mini-cash ISA offreing - never had an ISA before - does your money get invested or is it just like a savings account? I am always wary of investing and prefer to play safe.

metalfury · 3 September 2007 at 6:40PM

It's just like a savings account:
http://www.moneysavingexpert.com/savings/best-cash-isa

It's very safe!

PoorDave · 19 September 2007 at 12:52PM

pabby061203 wrote: »

HI,

My other question is(probably a daft one but like I say I am a newbie), why Egg Money? Could I not transfer a balance from the 0% card straight to a high interest account, missing out the Egg Money card step.

Thanks,

Most cards don't allow you to do this. Egg money (and a few others) does. Some cards also give you credit card cheques, which you can pay straight into your chosen account, but be really careful that cheques are at 0% interest too if you try this.

SwingsNroundabouts · 24 September 2007 at 7:47PM

Stoozing is something I've been thinking of trying for awhile now - I'm going to give it a go, and report back! Thinking of trying Fast Stoozing and Slow Stoozing, should I do them both at the same time though?

Any thoughts?

Jo

fuglyjowls · 26 September 2007 at 3:33PM

Okay another (probably) stupid question. I have decided to try stoozing and have applied successfully for my Egg Money card and a 0% card. I have a credit limit on the 0% card of (e.g.) £2,500 - can I do a balance transfer to my Egg Money account of the whole £2,500 or is there a limit to how much of your credit limit you can use? Also do I have to do it as a balance transfer or can I just do it as a payment to my Egg Money card?

Thanks for any advice.

!!!!!!

metalfury · 26 September 2007 at 4:48PM

It depends on your 0% card - usually its 90-95% of your credit limit you're allowed to balance transfer. They'll advise you when you call to do the BT.

Stoozing: Make Free Cash from Credit Cards article discussion

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free