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    • comdw
    • By comdw 22nd Aug 07, 9:05 AM
    • 241 Posts
    • 32 Thanks
    comdw
    • #2
    • 22nd Aug 07, 9:05 AM
    • #2
    • 22nd Aug 07, 9:05 AM
    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.
    • Lugh_Chronain
    • By Lugh_Chronain 22nd Aug 07, 11:59 AM
    • 6,774 Posts
    • 15,138 Thanks
    Lugh_Chronain
    • #3
    • 22nd Aug 07, 11:59 AM
    • #3
    • 22nd Aug 07, 11:59 AM
    Amount Stoozed: is that your present balance on your bill?

    Credit Card Interest Rate: if you card is 0% for x amount of should you enter it here?

    How long for?: is that how long you’ve had the card for or how long the 0% interest offer is for?

    Pre Tax: is before tax is deducted so if you’re with A&L for example it should be 6.5% correct.
    Last edited by Lugh_Chronain; 22-08-2007 at 12:01 PM.
  • Former MSE Dan
    • #4
    • 22nd Aug 07, 4:04 PM
    • #4
    • 22nd Aug 07, 4:04 PM
    1) Correct - easiest to think of this as the amount of stoozed debt you currently have in savings accounts

    2) + 3) The How Long is the period over which you want to work out your profits. So, if you have a 0% card for 9 months, you either enter 0% and 9 months, or if you intend toswitch to other 0% cards once the first one runs out, enter however long you intend to keep stoozing for in the "How Long?" box.

    4) Correct, enter the interest rate at which the account is advertised - we take of the correct amount of tax for you
    • Lugh_Chronain
    • By Lugh_Chronain 22nd Aug 07, 6:21 PM
    • 6,774 Posts
    • 15,138 Thanks
    Lugh_Chronain
    • #5
    • 22nd Aug 07, 6:21 PM
    • #5
    • 22nd Aug 07, 6:21 PM
    Just to verify, if my present amount of stoozed money is say £500, after use of only three months, Savings Account Pre-Tax Interest Rate is as mentioned 6.5% and my Credit Card Interest Rate is 0% for 12 months would that mean I've saved £26. This is just an example by the way.

    Or would it be better to wait till the end of the 0% offer to get a real idea of how much I've saved. :confused:
  • hatty95
    • #6
    • 22nd Aug 07, 8:36 PM
    Has anyone tried this?
    • #6
    • 22nd Aug 07, 8:36 PM
    Has anyone had a go at this yet? Are you sure that you can transfer money from your egg card to your current account? I tried to apply for the card but it just looked like you could transfer money into your egg current account.....
  • Ben1982
    • #7
    • 22nd Aug 07, 9:23 PM
    • #7
    • 22nd Aug 07, 9:23 PM
    Has anyone had a go at this yet? Are you sure that you can transfer money from your egg card to your current account? I tried to apply for the card but it just looked like you could transfer money into your egg current account.....
    Originally posted by hatty95
    Needs to be Egg Money, but yes you can, I called up today to transfer my +ve balance to my current account, no issues, they said it takes up to 7 working days. 2nd time I've done it this year
  • Former MSE Dan
    • #8
    • 23rd Aug 07, 11:15 AM
    • #8
    • 23rd Aug 07, 11:15 AM
    Just to verify, if my present amount of stoozed money is say £500, after use of only three months, Savings Account Pre-Tax Interest Rate is as mentioned 6.5% and my Credit Card Interest Rate is 0% for 12 months would that mean I've saved £26. This is just an example by the way.

    Or would it be better to wait till the end of the 0% offer to get a real idea of how much I've saved. :confused:
    Originally posted by Lugh_Chronain
    Yep, if you are a basic rate tax payer, you are using it correctly
    • Milarky
    • By Milarky 23rd Aug 07, 11:41 AM
    • 6,256 Posts
    • 2,202 Thanks
    Milarky
    • #9
    • 23rd Aug 07, 11:41 AM
    • #9
    • 23rd Aug 07, 11:41 AM
    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.
    Originally posted by comdw
    Correct. As it stands it is unrealistic. The minimum payments have to come from somewhere and they aren't even mentioned. You can't regard cash in a stoozing account as untouched for the period of the promotional rate whether you actually withdraw any or not to make these payments. Therefore any stoozing calculator has to make allowance for them (even if the user is not being told it has) The easiest way might be to have a drop down of common minimum payments (2%, 3%, 5%) - in fact to allow the user to select any repayment rate above 2%.

    But the fee is the bigger of these problems in general and so the option to specify a fee is really a must. (I suggest 'amount' rather than 'percentage' because that makes the user think about fee in more concrete terms and does not require added complication in calculating the fee amount from other information given)

    These changes would make the user 'responsible' for considering the need to make payments and the need to cater for any fee. Can't expect 100 percent accuracy but can get a lot closer to the reality by doing these two things.
    .....under construction....
    • Lugh_Chronain
    • By Lugh_Chronain 23rd Aug 07, 5:18 PM
    • 6,774 Posts
    • 15,138 Thanks
    Lugh_Chronain
    Thanks Dan, just thought I'd double check.
    • YorkshireBoy
    • By YorkshireBoy 23rd Aug 07, 8:03 PM
    • 29,527 Posts
    • 17,326 Thanks
    YorkshireBoy
    Users should also be aware that, in practice, you'll never get 9 months interest out of a 9 month deal. Personally, I always knock off a month to allow for start up and pay off delays (just in case you can't get another card and you have to make two transfers (and including a weekend) to repay the card.

    This is particularly important now that BT fees have become more prevalent. For example, it's quite possible (on shorter deals) that the first 6 months 'profit' will be used to repay the BT fee, leaving only the remaining 3 months as pure profit for the stoozer. Now if you lose a month of this, as you may well do under the circumstances I've detailed above, that's 33% of your 'true' net profit lost.
    • danthemoneysavingman
    • By danthemoneysavingman 24th Aug 07, 1:09 PM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    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?
  • LALALA
    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
    • By noh 24th Aug 07, 2:59 PM
    • 5,133 Posts
    • 3,452 Thanks
    noh
    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.
    Originally posted by comdw
    Agreed. You could use this one instead http://www.whatsthecost.com/stoozing.aspx

    Nigel
    • danthemoneysavingman
    • By danthemoneysavingman 25th Aug 07, 8:10 AM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    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?
    Originally posted by LALALA
    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.
    • archery
    • By archery 25th Aug 07, 3:40 PM
    • 233 Posts
    • 516 Thanks
    archery
    do i have the correct egg card
    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
  • beaglehaslanded
    more benefits of stoozing
    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.
    • danthemoneysavingman
    • By danthemoneysavingman 28th Aug 07, 10:23 AM
    • 1,214 Posts
    • 513 Thanks
    danthemoneysavingman
    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
    Originally posted by archery
    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
  • dinkylou
    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?
    Originally posted by LALALA
    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
    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.
    Originally posted by dinkylou
    .... 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
    Last edited by ajaxgeezer; 28-08-2007 at 2:22 PM.
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