Stoozing: Make Free Cash from Credit Cards article discussion

techmax76 wrote: »

Correct me if I'm wrong. I'm a bit confused about stoozing. Its my first time reading about this. In fact I have searched it from Google and it is really making money at 0% introductory rates. How does it happened?

Lots of good articles on how it all works here http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards and on the stoozing website (supported by MSE) http://www.stoozing.com/g_quickstooz.html

Have a read, any specific questions or queries come back and we'll be able to help. First step is to read the guides.

Answer to most people's first question is "yes, it does work", but with savings interest rates so low there's not massive profits to be made just now. In particular, look into slow stoozing as a relatively safe introduction to the whole thing. If you're comfortable with that then maybe read on it a bit more.

cuedini wrote: »

As the best CC companies charge 3% to Super Balance Transfer, the ones recommended to use for stoozing, is it really worth it if you're only going to make £100 off borrowing £3000, when the 3% equates to £90?

Or am I missing something?

A&L Premier Direct are offering 6% up to £ 2,500. Abbey are offering 6% up to £ 2,500.

You can apply for both of these, split the money between them, make £ 180 on £ 3,000 plus £ 50 if you apply for your A&L account through Quidco, making £ 230 before tax (£ 194 after basic rate tax on the interest).

Whether you consider that worthwhile is up to you. Scale it up with a good credit rating to the point where you're not stoozing £ 3,000 but over £ 60,000 and you can see where it becomes interesting.

cuedini wrote: »

The Virgin card is recommended as the best for these super BT's but on the Virgin website it says the following "No interest free period for balance transfers, credit card cheques, money transfers and cash advances". What does that mean?

Sorry, numpty here.

That's their standard position for non-purchases outside of promotions. There's still 0% on promotional balance transfers (with a 2.98% fee for balance transfers and 4% fee for super balance transfers).

cuedini wrote: »

I've cancelled an HSBC credit card, opened a Halifax a/c, applied for a Virgin CC and was going to open First Direct and A&L accounts plus a cashback card...is that too much activity in a short space of time?

Thanks Canny

Er....yes. All the openings and applications create searches on your credit score, thus impacting it (negatively). Just space them out and just apply for the hell of it.

m5rcc wrote: »

Er....yes. All the openings and applications create searches on your credit score, thus impacting it (negatively). Just space them out and just apply for the hell of it.

That's okay once you're up and running, but to get started, get started with a blitz. I just kept going till they all said no and got over £ 60K . Better that they see the searches than they see a large amount of available credit

Once you've got your pot established, space out ongoing applications to every few months (up to 6 works for me).

Be aware that while blitzing yields the best results IME, it cooks your credit report for a period of time.