Stoozing - can you help?

Wee_Bargain_Hunter

Never done this before & not quite sure if it will work.
I have a credit card with a nil balance & a limit of £2300 which I'm told may be increased by £1000 if I ask (no credit check apparently, was told they just check the code on my account).
They have sent me a credit card cheque for spending on anything including a balance xfer. This is for 0% until 31st December 08. There is a fee of 3%. I've checked the stoozing calculator & I would be out of pocket if I stoozed this using my ISA (5%). Is the timeframe just too short?

Is there any way I can make money with this cheque or should I just bin it?

Thanks

NickX

Wee_Bargain_Hunter wrote: »

This is for 0% until 31st December 08. There is a fee of 3%. I've checked the stoozing calculator & I would be out of pocket if I stoozed this using my ISA (5%). Is the timeframe just too short?

Is there any way I can make money with this cheque or should I just bin it?

Thanks

No can do I'm afraid.

Its less than 6 months until 31st December 2008, so the 3% fee equates to an APR of over 6%, so this deal just isn't profitable.

Only thing you can do is ask them to waive the fee and\or extend the term of the offer.

Wee_Bargain_Hunter

NickX wrote: »

No can do I'm afraid.

Only thing you can do is ask them to waive the fee and\or extend the term of the offer.

Hadn't though of doing that. Will banks consider this easily? Or is it a long shot?

latecomer

Well if you dont ask, you definitely wont get it so its worth a try

SiuLoong

latecomer wrote: »

Well if you dont ask, you definitely wont get it so its worth a try

Agreed, obviously run any deal offered though the calculator but unlikely to be profitable if less than 12 months with a 3% fee, 6 month deals only work if fee free. Use the 'getting a repeat deal' guide on stoozing.com as most of the tips apply. Know the deals out there you 'could use instead' such as Abbey Zero 6 months fee free and get them to match it. Run potential deals through the calculator before you call so you immediately know if they are good enough when they are offered.