To pay or not to pay?

7633377

Hi all,

i wonder if you could give me some advice?

I have just paid all my 4 credit cards off with the abbey zero card, but now due to some luck i have the money to pay the zero card off also.

Do i pay the £2500 off now or just pay the minimum £5 for the interest free period of 6 months, then pay the full amount?

I currently have the £2500 in my bank account.

Many thanks

Paul

exel1966

Just pay the minimum for the next few months. but ensure the FULL amount is repaid (or transferred to another 0% card) prior to the end of the 0% introductory period. Ring/write to them to obtain the EXACT date the offer expires.

Keep the £2500 in a decent account where you'll earn some interest. Welcome to the world of stoozing !

7633377

It sounds like this may get complicated, i have had a look at this stoozing and i feel a brain overload coming.

Thanks

YorkshireBoy

It really is simple.

Set up a minimum payment DD (it's only £5) and make a note in your diary to send the balance a week before* the end of promotion date they give you.

* Make another note to send a test payment of £1 a week before so you can check the conduit/timing.

£50+ profit for doing virtually nothing.

exel1966

7633377 wrote: »

It sounds like this may get complicated, i have had a look at this stoozing and i feel a brain overload coming.

Thanks

There's an awful lot of info to take in when starting to stooze, but start slowly and cautiously and don't do anything too optomistic til you're confident with the process.
Just break things down step by step and you'll see how effective (and profitable) it can be.
Be very disciplined and set yourself reminders for ALL payments etc.

Anon

The key is to ensure that you get the money pronto into a high interest account that is instant access (for when you need to withdraw the money to pay it off, assuming that you are not able to get another 0% deal to move the debt to when you could then keep your stoozepot earning interest). The benefit of this zero card is that it is pure profit as you don't have to pay a fee (most are now charging 3% which makes it more challenging to make a profit!).

Good luck.

Anon