Is it worth the hassle?

fireblade28
fireblade28 Posts: 147 Forumite
in Stoozing: free cash from credit cards
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.
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Comments

  • Chandy
    Chandy Posts: 278 Forumite
    Whether it's worth it or not is very much a personal choice.
  • Nebulous2
    Nebulous2 Posts: 5,105 Forumite
    First Anniversary Name Dropper First Post
    Some people regard it as a hobby. They do it because they can. Others make much more than £200. For some people £200 is considerably more than a days work. Some people have outgoings and incomings relatively balanced and finding some extra money allows a treat they wouldn't normally have, a meal out for instance.

    So you pay your money and make your choice as the saying goes. What isn't worth it to you may well be worth it to others. Stoozing will only ever be a minority pursuit, otherwise the banks couldn't afford to let us do it!
  • fireblade28
    fireblade28 Posts: 147 Forumite
    Chandy wrote: »
    Whether it's worth it or not is very much a personal choice.

    Thats true. The money is so little though anything wrong with my calculation?

    Maybe if you used the funds for P2P lending you would make more?

    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
  • noh
    noh Posts: 5,797 Forumite
    Name Dropper First Post First Anniversary
    I use my present stoozing pot of around £38k for P2P lending.

    At >10% it is worth it but it is a high risk strategy. I will let you know how it went in a couple of years time!
  • MallyGirl
    MallyGirl Posts: 6,611 Senior Ambassador
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    I use mine to offset against my 3.9% mortgage. Prior to the recent tax on interest changes there weren't many places to get 3.9% net interest as a high rate tax payer
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • MABLE
    MABLE Posts: 4,080 Forumite
    First Anniversary First Post
    fireblade28 wrote: »
    Thats true. The money is so little though anything wrong with my calculation?

    Maybe if you used the funds for P2P lending you would make more?

    And possibly lose more.
  • fireblade28
    fireblade28 Posts: 147 Forumite
    MABLE wrote: »
    fireblade28 wrote: »
    Thats true. The money is so little though anything wrong with my calculation?

    Maybe if you used the funds for P2P lending you would make more?

    And possibly lose more.

    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.
  • nic_c
    nic_c Posts: 2,928 Forumite
    Name Dropper First Post First Anniversary
    It's £200 that will take you a lot less than a days work to set up. Think of all those people on ebay selling stuff for 99p with free postage. By the time they take off p&p costs, ebay costs, and the cost of the item they will have pennies, for which they have to pack it up and post it. Even if they do dozens a day, seems a lot of effort for not much. £200 for an hour or two's work seems not so bad :)
  • redux
    redux Posts: 22,976 Forumite
    Name Dropper First Anniversary First Post
    £10,000 spread across 3 bank accounts with monthly savers alongside, and £1000 a month added, could be earning 4 to 5%.
  • TheShape
    TheShape Posts: 1,779 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    I'm running short of savings/income to keep topping up my 5 and 6 percent regular savers and current accounts that i've opened. Without starting a little bit of stoozing i'll miss out on some fairly decent rates. might as well put the cash in them now and pay off the credit card next year when the rates offered are likely to have/have dropped.
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