Stoozing: Make Free Cash from Credit Cards article discussion

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  • A quick suggestion...
    current longest deal is 0% for 13 months.
    Go with Yorkshireboy and knock a month off.
    At zero%, you should enter the card interest rate as 2% (the balance transfer fee) to reflect the real "stoozed" return.
    Simple eh?
    Let me Google that for you...
  • Hi,

    I've probably got a fair bit of activity on my credit file at the moment as I'm changing my mortgage and have recently opened a couple of new bank accounts (Nationwide Flex for holiday spends, and Bank of Scotland Hi Interest account - all as recommended by Martin :-) )

    In order to avoid another search this month I was wondering if it is entirely necessary to have Egg Money? Can you do the balance transfer to a credit card that issues cheques? I have an exisitng MBNA card that regularly sends me cheques. It has a zero balance, but if I requested a balance transfer from the 0% card to MBNA could I then use the MBNA credit card cheque to transfer the surplus to my ICICI HiSave account (via my current a/c as HiSave is internet only)?

    Anyone have any experience with this?
  • noh
    noh Posts: 5,794
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    comdw wrote: »
    The calculator could do with a 'balance transfer fee' box as so many 0% deals have a transfer fee which reduces the amount you earn stoozing by quite a bit.
    Agreed. You could use this one instead http://www.whatsthecost.com/stoozing.aspx

    Nigel
  • LALALA wrote: »
    In order to avoid another search this month I was wondering if it is entirely necessary to have Egg Money? Can you do the balance transfer to a credit card that issues cheques? I have an exisitng MBNA card that regularly sends me cheques. It has a zero balance, but if I requested a balance transfer from the 0% card to MBNA could I then use the MBNA credit card cheque to transfer the surplus to my ICICI HiSave account (via my current a/c as HiSave is internet only)?

    Anyone have any experience with this?
    Using cheques is the same as a cash withdrawal, I believe, hence you would get charged the associated rate - usually higher, with no interest-free period. I wouldn't advise it. Why not wait if you're keen to stooze? You don't really want multiple searches on your bureau record in a short period of time.
    Let me Google that for you...
  • archery
    archery Posts: 238
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    Was about to start try and make some money by stoozing....i already have an egg card with no debt onit and use egg money. do i have the correct egg card to start opening up other cards and doing balance transfers to it and then earn interest.....am trying to make about £500 over 12 months from this

    many thanks



    apprentice stoozer
    Practising Scrooge and stingy old miser.
  • Something which hasnt been mentioned is by using banking tricks on banks themselves not only makes money but saves money.
    I always use my £3000 (£3600 next April) cash ISA allowance to save tax free.
    On only a modest wage and with other bills I used to pay £250 per month standing order into my ISA. By stoozing that means I save that amount each month as the credit card company funds my ISA. Double whammy...for them.. is it all goes in April 5th to gain maximum 12 months interest instead of monthly installments by me.
    Im far too mathematically backward to calculate the overall benefits but I do know Im £250 better off a month and I have satisfaction of getting one over on them for the damage they caused my family some years ago.
    Immoral is too tame for how I feel about banks.
  • archery wrote: »
    Was about to start try and make some money by stoozing....i already have an egg card with no debt onit and use egg money. do i have the correct egg card to start opening up other cards and doing balance transfers to it and then earn interest.....am trying to make about £500 over 12 months from this
    If the card is the green Egg Visa then no you don't have the right one.
    If it is the "Egg Money card", then yes.
    There is "egg money", and "egg money manager" - clearly different things.

    Be sure before you leap in!

    Good luck
    Dan
    Let me Google that for you...
  • dinkylou
    dinkylou Posts: 727 Forumite
    LALALA wrote: »
    Hi,

    I've probably got a fair bit of activity on my credit file at the moment as I'm changing my mortgage and have recently opened a couple of new bank accounts (Nationwide Flex for holiday spends, and Bank of Scotland Hi Interest account - all as recommended by Martin :-) )

    In order to avoid another search this month I was wondering if it is entirely necessary to have Egg Money? Can you do the balance transfer to a credit card that issues cheques? I have an exisitng MBNA card that regularly sends me cheques. It has a zero balance, but if I requested a balance transfer from the 0% card to MBNA could I then use the MBNA credit card cheque to transfer the surplus to my ICICI HiSave account (via my current a/c as HiSave is internet only)?

    Anyone have any experience with this?

    Hi,

    I would phone up MBNA or have a look at your last offer letter or statement as I have had offers from time to time about getting a 0% rate on cheques for a certain period. It would have to be as part of an offer as normally they are treated as cash and therefore v high interest, but it is worth try.
  • ajaxgeezer
    ajaxgeezer Posts: 2,476 Forumite
    dinkylou wrote: »
    Hi,

    I would phone up MBNA or have a look at your last offer letter or statement as I have had offers from time to time about getting a 0% rate on cheques for a certain period. It would have to be as part of an offer as normally they are treated as cash and therefore v high interest, but it is worth try.

    .... with MBNA you are even better off. MBNA will transfer money into your current account, meaning you can pay off the other card and put the rest in ICICI.

    They are usually quite keen to supply new debt in this way to folks on a 0% basis (but with a BT fee) as I found to my benefit last week. A 2% fee is a small price to pay to reduce the balance on a BTL... it becomes 6.74% net in my case :)
  • 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
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