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    • danthemoneysavingman
    • By danthemoneysavingman 5th Nov 07, 12:29 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    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 [sic] £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
    Originally posted by chugalongzoe
    You seem to not have understood stoozing properly?
    The balance transfer is from egg money to barclaycard, so the bcard limit is the relevant one, the egg limit is not relevant as you wont be borrowing from them. You would transfer 3K to Bcard, hence your egg money would be 3K in credit. you then move this 3K to a svings account, e.g. ICICI at 6.41% today. hope this helps
    • Poppycat
    • By Poppycat 5th Nov 07, 3:53 PM
    • 12,624 Posts
    • 9,522 Thanks
    Poppycat
    Post above by james79 is Reported

  • mrwoof
    Free cash from Alliance and Leicester
    Open a current account and a Premier Direct Saver account with A+L. They will automatically send you a credit card as well as a debit card. Phone them up and borrow up to 95% of your credit limit in cash, interest free for 10 months. The cash is credited to a current account of your choice. Fee is 2.5% of the amount borrowed. Put the cash in the Direct saver account earning 6.3%. All you have to do now is pay back the minimum for 9 months and the full balance in month 10. It works out to 4.3% interest earned, if you speak nicely to them they will often increase your credit limit first.
    • YorkshireBoy
    • By YorkshireBoy 7th Nov 07, 11:58 PM
    • 29,397 Posts
    • 17,173 Thanks
    YorkshireBoy
    They will automatically send you a credit card...
    Originally posted by mrwoof
    'Subject to status', of course!
    interest free for 10 months...Fee is 2.5%
    Is this 'bundled' card different from their stand-alone product (12 months, 3% fee)?
    • nightwatchman
    • By nightwatchman 10th Nov 07, 3:50 AM
    • 216 Posts
    • 662 Thanks
    nightwatchman
    mrwoof

    I recently open an A&L acc. so as to use the 12% regular saver. At the time I decline the offer of the credit card. Do you think that if I call them the offer will still be there?

    quote from mrwoof
    borrow up to 95% of your credit limit in cash, interest free for 10 months. The cash is credited to a current account of your choice.

    Are you sure? No SBT?
    • JimmyTheWig
    • By JimmyTheWig 14th Nov 07, 5:06 PM
    • 11,509 Posts
    • 11,164 Thanks
    JimmyTheWig
    I've just applied for a NatWest credit card to stooze with.
    Picked up a leaflet in one of their branches last week as it offered 0% for 13 months with a 2% fee. Thought that sounded good.
    Was surprised to see the offer not on this web site. But then was even more surprised to see the offer not on the NatWest website! On their web site they quote 2.5% fee.
    I phoned them up (0800 200 400 - better than the 0870 number quoted for questions on the leaflet!) and the guy agreed I could have it for 2%. Applied there and then on the phone.

    As to why the website has 2.5% I don't know.

    Jim
  • MaSaTa171114
    Hi and Hope i Can learn a little bit on these pages!!
    Last edited by MaSaTa171114; 28-11-2007 at 12:01 AM.
  • MaSaTa171114
    Hi I think that what you are suggesting would be ok Providing you stay in your credit limit with MBNA. Also if they send you offers of 0% with cheques to transfer balances etc to top up your current account,then you could transfer it to the hisave for the 0% period.
  • PoorLittleKelly
    I wanna start doin this!
    Been thinking about the idea of this for ages, finally checked out all the advice on the site today. Even though everything is so well explained I still feel scared to make that first jump into doing it.... I am not afraid of doing it the hard way (ie not the simple way) and I am very organised so forgetting deadlines wouldnt be a problem, but where do I start? I currently have no debts, I own an HSBC credit card and a Barclaycard although I have no debt on them. Would these cards be ok to use? I dont remember what they offer me! Also, on average how much can i expect to make from doing this say once a year?
    By the way, a MASSIVE thanks to everyone who leaves such helpful posts, its so nice to read from people who actually have an active interest in improving their lives and then still find the time to help others! x
    • danthemoneysavingman
    • By danthemoneysavingman 30th Nov 07, 3:13 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    Been thinking about the idea of this for ages, finally checked out all the advice on the site today. Even though everything is so well explained I still feel scared to make that first jump into doing it.... I am not afraid of doing it the hard way (ie not the simple way) and I am very organised so forgetting deadlines wouldnt be a problem, but where do I start? I currently have no debts, I own an HSBC credit card and a Barclaycard although I have no debt on them. Would these cards be ok to use? I dont remember what they offer me! Also, on average how much can i expect to make from doing this say once a year?
    By the way, a MASSIVE thanks to everyone who leaves such helpful posts, its so nice to read from people who actually have an active interest in improving their lives and then still find the time to help others! x
    Originally posted by PoorLittleKelly
    Hi.
    I assume by "not the simple way" you mean by using balance transfer to stooze.
    You would need to find out if either of your current card issuers can offer you a 0% balance transfer deal. Then compare it to the best available deals elsewhere - see articles on this site, or search forums. You will need an Egg Money card to transfer balance from (unless you opt for Virgin/MBNA where you can just transfer the available limit to your current account).
    Then follow the instructions carefully!

    If you're not with me at this point then I suggest you re-read the instructions a bit more!

    Good luck.
    DtMSM
    • dee100
    • By dee100 1st Dec 07, 2:10 PM
    • 28 Posts
    • 2 Thanks
    dee100
    new Halifax card or HSBC??
    Hi, I am going to get my 1st stoozing card. Halifax, 15 mths interest free, but has 3% t/fer fee. I presume this is the fee I will be charged when I t/fer to another card at end of 15 mths?
    HSBC, 12 mths interest free, don't know their t/fee.
    Which is best?
    I got a Nationwide credit card 3 mths ago for holiday cash withdrawals. Is this too early to apply for another card?
    • YorkshireBoy
    • By YorkshireBoy 1st Dec 07, 4:02 PM
    • 29,397 Posts
    • 17,173 Thanks
    YorkshireBoy
    Hi, I am going to get my 1st stoozing card. Halifax, 15 mths interest free, but has 3% t/fer fee. I presume this is the fee I will be charged when I t/fer to another card at end of 15 mths?
    Originally posted by dee100
    No. It's the fee Halifax charge for transferring debt you have elsewhere to their card now. However, you wouldn't want to use the BT facility on this particular card because it offers only 6 months 0% and charges a 3% fee for the privilege. This card should only be used for purchases, unless you plan to clear the entire balance before the first 6 months is up...after which you could resume the 0% on purchase slow stooz.
    HSBC, 12 mths interest free, don't know their t/fee.
    It's 2.5%, but you're not comparing like for like, at least not for BT's, because the HSBC card is 4.9% APR (until 2012) on BT's.

    Since you appear to be confusing slow stoozing with fast stoozing (and don't understand what a BT fee is), I suggest you re-read some of Martin's credit card articles for the basics.
    Which is best?
    For slow (simply spend) stoozing, the Halifax is best. It has a longer introductory period and has lower minimum payments (2% vs 3% on the HSBC card).
    I got a Nationwide credit card 3 mths ago for holiday cash withdrawals.
    Never, ever, ever, withdraw cash on a credit card - not even Nationwide's. Use the credit card for purchases, and a Nationwide debit card (linked to their FlexAccount) for your cash withdrawals.
    Is this too early to apply for another card?
    I wouldn't have thought so.
    Last edited by YorkshireBoy; 01-12-2007 at 4:05 PM.
    • dee100
    • By dee100 2nd Dec 07, 2:29 AM
    • 28 Posts
    • 2 Thanks
    dee100
    Thanks Yorkshire Boy!
    Awsome advice! I shall get the Halifax card on mon. At the end of the 15 months, I will work out where to tranfer the balance to. Thank you Yorkshire Boy!
  • glenT
    Stoozing to pay off the mortgage
    I was thinking, if we take this to the extreme, could I get enough on 0% to pay off my mortgage £35k, when my current deal expires next Aug'. I normally get a 2 yr deal, costing me about £300 -400 in fees + the 6 -7 % interest. I could stooze until the 0% deals dry up, at which point I can apply for a new mortage as normal. By such a time, the base rate my have dropped, so avoiding this period of high rates.

    The only risk I see, is that all the debt / credit cards will affect my credit score, so if I do need to apply for a mortgage I either get shafted (no change there) with a high rate or can't get one at all.

    I'm not an expert at credit scoring, so don't know the likelyhood of this happening. Anyone advise ??

    Any thoughts on my theory ? If I can be bothered I might see if I can work out how much I can save. over 2 yrs and 22 yrs
  • glenT
    Stoozing to pay off the mortgage
    I was thinking, if we take this to the extreme, could I get enough on 0% to pay off my mortgage £35k, when my current deal expires next Aug'. I normally get a 2 yr deal, costing me about £300 -400 in fees + the 6 -7 % interest. I could stooze until the 0% deals dry up, at which point I can apply for a new mortage as normal. By such a time, the base rate my have dropped, so avoiding this period of high rates.

    The only risk I see, is that all the debt / credit cards will affect my credit score, so if I do need to apply for a mortgage I either get shafted (no change there) with a high rate or can't get one at all.

    I'm not an expert at credit scoring, so don't know the likelyhood of this happening. Anyone advise ??

    Any thoughts on my theory ? If I can be bothered I might see if I can work out how much I can save. over 2 yrs and 22 yrs
  • HoneyPie
    Hi Guys,

    I am looking for a little advice.. I am thinking of stoozing on the virgin credit card to let some money sit in my offset mortgage, the interest rate is 6.7%... I figure with a BT fee of 2.98% it seems worth it over the 15 months...

    However - I have already got a 0% credit card - with debt on it... got another 9 months before that runs out.. So because I applied for a card 3 months ago I am worried about applying for another one - and whether that would seriously affect my credit rating.... Do you think it will?, I am planning on paying off the debt before the 0% runs out on my existing card - so shouldn't need another one in the future for debt..

    What does everyone think? As ever any advice will be appreciated..

    HoneyPie
    • danthemoneysavingman
    • By danthemoneysavingman 7th Dec 07, 2:56 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    Hi
    Help
    I’m dilettante
    How can I post my question?
    Originally posted by GARYFIRST
    Which definition do you mean?
    1. showing frivolous or superficial interest; amateurish; "his dilettantish efforts at painting"
    or
    2. dabbler: an amateur who engages in an activity without serious intentions and who pretends to have knowledge

    either way, you have posted your question already!:rolleyes:
    • danthemoneysavingman
    • By danthemoneysavingman 7th Dec 07, 3:02 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    I was thinking, if we take this to the extreme, could I get enough on 0% to pay off my mortgage £35k, when my current deal expires next Aug'. I normally get a 2 yr deal, costing me about £300 -400 in fees + the 6 -7 % interest. I could stooze until the 0% deals dry up, at which point I can apply for a new mortage as normal. By such a time, the base rate my have dropped, so avoiding this period of high rates.

    The only risk I see, is that all the debt / credit cards will affect my credit score, so if I do need to apply for a mortgage I either get shafted (no change there) with a high rate or can't get one at all.

    I'm not an expert at credit scoring, so don't know the likelyhood of this happening. Anyone advise ??

    Any thoughts on my theory ? If I can be bothered I might see if I can work out how much I can save. over 2 yrs and 22 yrs
    Originally posted by glenT
    i don't rate your chances of building up a pot of such size in the current market - but praps others have different experience?

    its not a bad idea but I don't reckon you could pull it off.

    too many CC apps close together will kill your bureau score resulting in a situation something like you suggest yourself.

    any futher thoughts anyone?

    good luck either way
    DtMSM
    • danthemoneysavingman
    • By danthemoneysavingman 7th Dec 07, 3:39 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    Hi Guys,

    I am looking for a little advice.. I am thinking of stoozing on the virgin credit card to let some money sit in my offset mortgage, the interest rate is 6.7%... I figure with a BT fee of 2.98% it seems worth it over the 15 months...

    However - I have already got a 0% credit card - with debt on it... got another 9 months before that runs out.. So because I applied for a card 3 months ago I am worried about applying for another one - and whether that would seriously affect my credit rating.... Do you think it will?, I am planning on paying off the debt before the 0% runs out on my existing card - so shouldn't need another one in the future for debt..

    What does everyone think? As ever any advice will be appreciated..

    HoneyPie
    Originally posted by HoneyPie
    If you don't think you'll be needing to apply for credit for some time after this, any impact to your 'credit rating' after 6 months have passed will be negligible.
    Hope this helps!
    • MushyPeas
    • By MushyPeas 8th Dec 07, 8:53 AM
    • 2,994 Posts
    • 7,353 Thanks
    MushyPeas
    Double checking my maths
    Hiya

    I've done a slow stooze on an MBNA credit card (0% purchases) and that offer runs out in January. I'm looking at transferring the £4K onto another 0% card so I can keep stoozing.

    I've read Martin's article and have used the calculator, but want to double check my figures with someone if that's ok?

    Current 0% card: MBNA £4K
    Savings account 5.75 AER (yep I know it's not the best rate, next on my list to arrange!)
    Barclaycard 0% 14 months 2.5% transfer fee

    Using the stoozing calculator I put in the following figures:

    £4K 0% interest
    5.75% for 14 months
    Stoozing profit = £215.48

    Then I calculated 2.5% of £4k = £100

    Therefore profit is £215.48 - £100 = £115.48

    Erm, are my figures correct?

    Thanks in advance of a clever person's reply
    Previous debt: £14K Debt free: Sept '03 Mortgage OP savings £42.92 Started dating OH Mar '12, married Oct '12, Walnut born Dec ' 12
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