I'm bamboozled! Interest rates when stoozing?

tillysquibs

Hi there,
I've read the pages on stoozing and understand the main concept of borrowing money and investing it in a high interest account.

I used the stoozing calculator and got a bit confused on the part that said credit card interest rate.
If for example I opened a virgin card (as suggested) and was given a £3000 credit limit and then wrote a cheque to myself into a high interest bank account. What would I actually pay the credit card company? It says the card is 0% Super balance transfer and a one off 2.98% fee. What does this mean? Does it mean I will still pay interest monthly? Will I still have to pay a minimum amount each month?
What should I type into the stoozing calculator to get an idea of what i'll make in a year?
I hope this message makes sense to someone and isn't just a load of waffle!
Thanks in advance.
Amy:money:
p.s I love Martin

NickX

tillysquibs wrote: »

What would I actually pay the credit card company? It says the card is 0% Super balance transfer and a one off 2.98% fee. What does this mean? Does it mean I will still pay interest monthly? Will I still have to pay a minimum amount each month?
What should I type into the stoozing calculator to get an idea of what i'll make in a year?

Your interest rate is 0% as long as you repay the debt in full before the promotion expiry date.

You will pay back the amount that you have borrowed plus 2.98% Balance Transfer fee.

You will not pay interest monthly, but you will have to pay a minimum amount each month. In the case of Virgin this is usually fixed at a low rate of betwen £5 and £25 after the first month. The first month is higher because you pay the Balance Transfer fee back as part of that payment.