How can you stooze and earn interest if their is a balance transfer fee?

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skyepark
skyepark Posts: 419 Forumite
in Stoozing: free cash from credit cards
Im finding the maths a bit hard as all cards have a balance transfer fee.

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  • mrs_T
    mrs_T Posts: 1,017 Forumite
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    http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards#santander123

    Tesco has no fee.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    skyepark wrote: »
    ...all cards have a balance transfer fee.
    I'm currently stoozing fee-free deals on Santander, Sainsbury's, Lloyds, Tesco, & Halifax.

    Fee-free deals are also available with Post Office & Bank of Scotland.

    http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees
  • Kendall80
    Kendall80 Posts: 965 Forumite
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    Remember the fee is one-off not annual.


    For instance, i've just this week transferred 10k onto a barclaycard 28 months 0% w/ 1.35% fee.


    I think i worked that out as 0.58% a year. Therefore using this CC any account in which you earn greater interest than 0.58% = a successful stooze. The more the better obviously. In my case the money is in 5% current accounts at the moment.
  • plunt
    plunt Posts: 525 Forumite
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    Also you don't truly earn the income on the full balance due to the minimum repayments
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    Kendall80 wrote: »
    Remember the fee is one-off not annual.


    For instance, i've just this week transferred 10k onto a barclaycard 28 months 0% w/ 1.35% fee.


    I think i worked that out as 0.58% a year. Therefore using this CC any account in which you earn greater interest than 0.58% = a successful stooze. The more the better obviously. In my case the money is in 5% current accounts at the moment.



    Don't forget the tax
  • Kendall80
    Kendall80 Posts: 965 Forumite
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    ceredigion wrote: »
    Don't forget the tax


    Indeed, however all the best current account deals are paying out much higher returns than 0.58% after tax. My lowest is I believe Santander which is 3% taxed down to 2.4% net basic - still a healthy +1.82% in this particular example. It all adds up.
  • Coveredinbees!!!!
    Coveredinbees!!!! Posts: 3,927 Forumite
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    I got my credit card balances offset against my mortgage so saving me paying interest rather than earning interest. Well worth looking in to.
    Nothing to see here, move along.
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