Revenge! Make free cash from credit cards/MoneySavingExpert.com Discussion

bolo

thing is i am moving house and i have recently got a M&S cashback card so i don't know if my credit rating can take another hit for a new credit card.

Thanks for the advice

Bokken_2

bolo wrote:

thing is i am moving house and i have recently got a M&S cashback card so i don't know if my credit rating can take another hit for a new credit card.

Thanks for the advice

It is good that you are aware of this point but to put your mind a rest try a Experian free 30 day credit check and have a look at your file.
If you are stoozing you may wanna consider stopping for a while if your going to be applying for a mortgage.
It all depends on your individual circumstances so the only way is to read up on all the articles and apply the advice to your circumstances.
Generally speaking if you are making all payments and regularly settling cards you should be able to apply for several cards a year.

HGLTsuperstar

Just wanted to say stoozing is addictive, you get one card so you want another and another. I have set myself a 4month "no more applications" period and will keep to it but it is easy to be tempted but "just one more"

neilloffhagen

I've been looking at the EGG Money card and wonder if the following is worth while:

Have my salary paid directly into the Egg Money card account and then use the Egg card for ALL purchases during the month?

The object of this is that most of the big banks only pay a very low intrerest on any money in their accounts, whereas with the Egg card you get 4% interest on any money in credit.

Only question is getting cash out, as I know they charge you for cash withdrawals. But what happens when you go into a shop that allows the cash back facility. I've only ever done that with a switch card in the past and know you don't get extra charges for that. But if it's a type of credit card do they then charge you the extra for making a cash back payment at a supermarket?

Very new to all this stuff, but have just managed to clear all credit cards down to zero balances. Want to keep it that way, if possible, but earn money as much as possible without too much swtiching between accounts.

Thanks

Neil.

Bokken_2

neilloffhagen wrote:

.

But what happens when you go into a shop that allows the cash back facility. I've only ever done that with a switch card in the past and know you don't get extra charges for that. But if it's a type of credit card do they then charge you the extra for making a cash back payment at a supermarket?

, but earn money as much as possible without too much swtiching between accounts.

Thanks

Neil.

You cannot get casback on a credit card at the supermarket.
You can only do this with a debit card .
Some credit cards give you cashback at the end of the years on a percentage of what you have spent during the year.
You will not "earn" much unless you switch your money through several accounts /credit cards and into a saving account/ISA of some sort.
Look at the stoozing and credit card shuffle links at the top of the page in yellow.

YorkshireBoy

neilloffhagen wrote:

Only question is getting cash out, as I know they charge you for cash withdrawals.

Egg Money doesn't charge you a fee for cash withdrawals, whether from a positive or negative balance.

However, if your cash withdrawal results in a negative balance you will incur interest (on that negative balance) from the date of the withdrawal until repaid in full.

neilloffhagen

Thanks for pointing those things out. I'll have to rethink my options, just didn't want to do much card switching.

Neil.

InMyDreams

neilloffhagen wrote:

Have my salary paid directly into the Egg Money card account and then use the Egg card for ALL purchases during the month?

The object of this is that most of the big banks only pay a very low intrerest on any money in their accounts, whereas with the Egg card you get 4% interest on any money in credit.

If this is your object, then wouldn't an A&L premier current account be more what you're looking for? 5% interest for any balance up to 2.5K. If you're going to have more than that in any period during the month, cyphon it off into the linked saving account and 5.15%. You can transfer instantly between the two. There are also hefty sign-up incentives and referal money to be had. At least there was when I opened one.

IMD

YorkshireBoy

InMyDreams wrote:

5% interest for any balance up to 2.5K... linked saving account and 5.15%.

I know this is the stoozing board, but just to point out...

1. The 5% is only payable for the first 12 months, and

2. The 5.15% you refer to is now 4.25%.

stphnstevey

DO ALL SBT CARDS NOW CHARGE A BT FEE? :money:

If so, (and please tell me if there are some that don't) doesn't this now make stoozing a lot of effort for not alot of gain?

Don't get me wrong, I'm all for taking advantage of an 0% interest rate for 12 months. It's what you do after that, that doesn't seem worthwhile.

If your paying 2% minimum to BT, that knocks the best Savings account rate down from about 5% to 3%. Then take off tax and also the fact that most BT's are only 9 months (rather than 12), leaves very little interest for alot of faf.

PS - Anybody got any sensible ways of utilising the 0% interest rates on purchases to get to the maximum credit limit quickly? I find most of my big spends I either can't pay with a credit card or get charged a fee.