Is it worth the hassle?

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  • fireblade28
    fireblade28 Posts: 147 Forumite
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    Oki doke. I forgot about monthly savers as my bank closed mine. I like using it against the mortgage thats smart. I think I will stick to matched betting and my stocks and shares as my returns seem to be better for me. But it makes sense.
  • Tragen
    Tragen Posts: 277 Forumite
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    I still dont understand, unless people really are doing this for 1-3% interest... what about the typical money transfer fee of 3-4%?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Tragen wrote: »
    I still dont understand, unless people really are doing this for 1-3% interest... what about the typical money transfer fee of 3-4%?
    There are no fewer than 9 fee-free 0% BT cards currently available. All you need is a mule card, ie a route to the stooz pot.
  • Tragen
    Tragen Posts: 277 Forumite
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    I was stupidly looking at https://www.uswitch.com/credit-cards/money-transfer-credit-card/

    oops.
  • splatt30
    splatt30 Posts: 339 Forumite
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    edited 8 October 2016 at 9:00AM
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    I'm not sure i agree it's hard work. I had to stop stoozing for a while to secure new mortgage for house move but am back on it. Currently have 3 0% on spending credit cards with a total £25k limit. 2 are full, one getting there. All money I'd have spent anyway and normally paid in full every month. Instead the money is sat in 5% accounts earning me interest for between 20 and 28 months. Might balance transfer when they run out, might just clear them. Either way, it's not exactly hard work, just my normal spending.
  • MABLE
    MABLE Posts: 4,080 Forumite
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    fireblade28 wrote: »
    MABLE wrote: »

    True but its the only way its worth doing. If you don't risk you never make any decent money same applies for the stock market.

    I know all about risk and can tell you many a story from the 60's when investing in Australian shares was in vogue.
  • Gunther_Golf
    Gunther_Golf Posts: 65 Forumite
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    OP

    There are people on these boards that would skin a cat for a fiver.

    Making £200 is manna from heaven for these creatures! :)
  • hugo15
    hugo15 Posts: 118 Forumite
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    I've decided to take a punt and buy premium bonds with the money on the credit card. Will just cash them in when the card needs repaying. At worst I'll make nothing and I might win something.
  • phillw
    phillw Posts: 5,594 Forumite
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    fireblade28 wrote: »
    I have been thinking of doing it but for £200 there really isn't any point at all. Im happy to work the extra day

    Stoozing is more of a life style than work. If you're happy to work an extra day when you can make the same money just by spending on your credit card plus a couple of hours setup is up to you.

    If you earned £200 an hour then it might not be worthwhile, but then you wouldn't even be here.

    It's fun to earn interest on money that banks have effectively lent to you for free. I'm working towards making as much from banks as I pay interest on my mortgage.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    edited 4 December 2016 at 12:21PM
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    fireblade28 wrote: »
    Is it worth the hassle? I might be wrong but say you borrow 10k from cards, as the interest rates are so low you might make 2% or so. So for all the work you may only make £200 which is just over a days work?

    I don't get it.

    i suppose it's a case of every little helps. I have just one 0% 30 month card with a balance. But instead of paying gradually so it's paid off before the due 0% expiry I put the money in a Virgin Money eSaver regular savings account at 2.25% AER including bonus. The card will still be paid off on time.

    I don't purposely stooze though in the sense that I get a card just so I can take money from it to invest elsewhere.
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