Please tell me if ive got this wrong

curlyj

I have tried to be very clever and read all the threads about stoozing before i go ahead; So have i got this right for the Super Balance Transfer option:

I get my Virgin card to transfer £7000 into my current account (recently got Abbey Zero card offering £11,000 limit- so this bit ok). Put this into Kaupthing Edge at 6.55% for the 12 month 0% time limit on the card, according to the calculator that should give me around £366 earned interest but the Virgin card has a 2.98% one off transfer fee - would that be around £210 to take off the £366 profit?

If this is a one off fee what is the monthly payment about and how much would it be ?
Would really appreciate someone checking this as i dont want to go off half cocked!
Another thing was the Tesco credit card, thought i would do the weekly shopping on this and do the same with the `simply spend ` method but although on Martins bit it says Tesco card has 13 months 0% on things bought at Tescos, on its website it says it only has 6 months 0% on any purchases??
Many thanks
Curly

Clariman

If a basic rate tax payer, you would make about £150 out of that card and savings account. There are a couple of calculators around. The one on this site does not take into account the Balance Transfer fee (a huge omission IMHO). The one on the official stoozing website does take BT fees into account.

If this is a one off fee what is the monthly payment about and how much would it be ?

Even though it is interest fee, you still need to make the normal minimum monthly payments. IIRC it is £25 per month for the Virgin cards, plus BT fee in first month.

Martins bit it says Tesco card has 13 months 0% on things bought at Tescos, on its website it says it only has 6 months 0% on any purchases??

Either MSE has a special deal with Tesco or the information is wrong. 6 months is certainly the standard Tesco 0% BT offer.

Clariman

Clariman

I've just checked the Tesco link on MSE. It doesn't have any special promotion for MSE users. Having checked the Ts & Cs further, it is clear that the guide is wrong. The offer is 6 months 0% on purchases, rather than the 12 months which the guide says. However, the Ts & Cs do show that 12 months 0% is available on expensive items from Tesco Direct

Use your Tesco Credit Card to buy selected items through Tesco Direct and get 0% interest with no minimum repayments for 6 or 12 months.

• 0% for 12 months on selected items at Tesco Direct for £500 and above
• 0% for 6 months on selected items at Tesco Direct below £500

Looks like MSE researchers need to read the Ts & Cs more carefully

Clariman

YorkshireBoy

curlyj wrote: »

recently got Abbey Zero card offering £11,000 limit

What are your plans for this card, and the very good limit they've given you?

curlyj

YorkshireBoy wrote: »

What are your plans for this card, and the very good limit they've given you?

Not quite sure, I took it out because of the 0% load when I used it in America.
I have got £2000 balance on it but ive put that in Kaupthing Edge until the 3 months 0% runs out, thats how i got reading about stoozing in the first place.
What do you suggest?

YorkshireBoy

Well, the best place for £11K from Abbey Zero would have been a BT from Egg Money (and a £230+ profit), but that has passed you by now because to get 0% on the BT you'd have had to BT within the first 30 days.

I think I'd keep the card open, retain the limit, slow-stooz it for the remainder of the intro period, pay it off, and then see what deals were available...although repeat deals on this particular card (being as it is only 3/4 months old) are a bit of an unknown quantity as yet.

In the meantime, you might want to consider getting the Egg Money card (assuming you don't have it already?).

Doomcow

so, does the balance transfer fee and minimum monthly repayments come off the total borrowed?

(zomg i sound like a noob)