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  • metalfury
    6 months at 0%
    Hi Guys,

    Just joining the stoozing gang. I've got my egg money card on the way which was really straightforward as I have an existing egg saving account, I've also got my application in for the sainsbury saving account and I already have an ISA. My first question relates to the choice of 0% cards

    Do people generally think it is best to go for the shorter 0% deals without any balance transfer fee, or is it just easier to go for the 12+ month options and lose a little with the BTF?

    I know the period of 0% is significantly shorter, but is the only other disadvantage down to the admin of having to find another card every six months?

    As a further enquiry, what is a realistic amount to have balance transfered on the new card? - the example given in the article is 3K; for a first time stoozer would I get away with transfering more or should I wait a while?

    Thanks in advance for your help :-)

    RoB
  • Bokkens
    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.
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.
  • metalfury
    Thanks Bokkins
    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
    Newbie Question
    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
    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
    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.
    Remember its nice to be nice and its good to share!

    Those that mind don't matter, and those that matter don't mind!

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

    It's very safe!
  • PoorDave
    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,
    Originally posted by pabby061203
    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.
    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery
  • SwingsNroundabouts
    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
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  • fuglyjowls
    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.

    Fugly:confused:
    Nice to save.
  • metalfury
    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.
  • ruddocg
    re: Daft question I know but just want to be clear.......
    on how this all works before I take the plunge into Stoozing.........

    The way I see it:
    1) I get an Egg Money Card
    2) I get a 0% (fee free) balance Credit Card
    3) I transfer as much balance as I can from Credit Card to Egg Card - lets say £3,000
    4) Transfer the money on the Egg Card to highest Interest savings/ ISA I can find.... anyone any thoughts on which would be best Bank Savings or ISA (I currently don't have an ISA)
    5) As the Credit card is 0% I don't pay any interest on the £3,000 for length of 0% period - lets say 12 months
    6) I do however need to repay the minimum amount back each month on the balance of the credit card - lets say 2% per month ie. £60 which comes off the balance I owe so I repay some of the balance back.
    7) Once the 0% period is up I either repay the balance ie. £3,000 minus whatever minimum repayment I have made - approx £600 for the 12 months so pay back £2,400 from the savings account which should have rose to approx £3,115 with the interest or I get another 0% card and transfer the balance to that card and just keep the money in high interest account.

    Does that sound about right.... does the amount gained seem right. The main bit I was unsure about was point 6 the need to pay back some of the outstanding balance.

    Thanks

    Ruddocg
  • metalfury
    That seems about right.

    Check out http://www.stoozing.com/ for some comparison tables and a calculator to check your figures.

    I've gone for a sainsburys account (6.25% I think)
  • skaff
    Hi all

    I have just paid off all my cards (finally!!) and was about to cut them up (Egg, sainsburys, barclaycard and HSBC). They don't have any 0% but they do have over 20k of credit limit. The LAST thing i want to do is run them up again but is there any way i can utilise what i have? I am very confident i can manage them correctly in paying off the totals without incurring any interest but is buying everyting on them and paying it off 6-7 weeks later really going to add pennies to my coffers. Stoozing isn't an option on these is it? Any ideas you all have would be gratefully received.....Or do i get the scissors now!!

    Thanks in advance
    • Landprofits
    • By Landprofits 19th Oct 07, 8:10 PM
    • 281 Posts
    • 78 Thanks
    Landprofits
    But what about credit score?
    Ok ok, I know that this will probably be the biggest concern and a regularly asked question but.......

    Does stoozing adversley affect your credit score/rating?

    I have a good credit score, I have no debt, and am interested in stoozing as it's free money.

    However, I will be applying for a mortgage as soon as I can, so is stoozing a good choice for me or not

    Matt
  • Bokkens
    Stoozing has not affected my credit rating/score.
    If you are about to apply for a mortgage it is generally accepted that stoozing should be halted and then continued once the mortgage and other expenses are taken care of.
    I would concentrate on the mortgage first and come back to stoozing in six months.
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.
    • YorkshireBoy
    • By YorkshireBoy 19th Oct 07, 8:42 PM
    • 29,541 Posts
    • 17,355 Thanks
    YorkshireBoy
    Does stoozing adversley affect your credit score/rating?
    Originally posted by Landprofits
    In a word, yes! In slightly more words, check out www.stoozing.com/risks.htm

    I will be applying for a mortgage as soon as I can, so is stoozing a good choice for me or not
    All lenders have their own mechanisms for assessing affordability. By way of a practical example, Yorkshire Building Society will subtract 36% (approx 12 x 3% minimum payments) of your credit card debt from your salary before applying their lending multiple.
    • YorkshireBoy
    • By YorkshireBoy 19th Oct 07, 8:44 PM
    • 29,541 Posts
    • 17,355 Thanks
    YorkshireBoy
    Stoozing has not affected my credit rating/score.
    Originally posted by Bokkens
    Then you're not trying hard enough!
    • Landprofits
    • By Landprofits 19th Oct 07, 9:45 PM
    • 281 Posts
    • 78 Thanks
    Landprofits
    Thanks guys, ok so, my next question is.....what sort of returns are commonly made from stoozing?
  • chugalongzoe
    Hi all, well I have finally joined the stoozing club and I hope it works. I just have one question to ask you all. I have applied for my Egg Money card which has been approved and also a Barclay card. If my egg card has been approved and they say my lending is £2000 and Barclay say they will borrow me £3000 can I still do a balance transfer of £3000 from my barclay card to my egg card or can I only transfer the limit of £2000 thats on my egg card?

    Yours help would be much appreciated.


    Zoe
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