new stoozing project beginers question

dano_3

Hi all,

I have just begun my stoozing project, I have applied for a newcastle BS savings account, an egg money card (SBT) and a Lloyds platinum CC.

egg (AFAIK) offers 0% interest for 9 months with a max BT charge of £50.
Lloyds (again AFAIK) offers 0% for 9 months with no BT charge

So all I have to do is move the money from the 2 cards into my savings account, this will result in (approx)



Total Interest Earnt £414.28 (£531.13 gross)
Total Tax Owed £95.60
Total Balance Transfer Fees £50.00
Total Interest Paid £0.00
Total CC Balance £12,972.00
Total Savings Balance £13,336.28
Total Leftover £364.28




Should I move money out of egg into the savings account and then again from lloyds into egg and onto the savings account ? or the lloyds card to egg first ?

Have I forgotten anything ? or made any glarring ommisions ?

Your help will be greatly appreciated.

dan

michael19_2

I would do Lloyds to Egg first so its a case of just transferring the lot from Egg to your Savings account.

Have you been told the credit limits on the cards as £13k is a lot between two recently opened cards ?

dano_3

Thanks for the quick response :-)

The egg one is definatly 7 and a half k but I should be able to get it increased. Im still waiting to hear about the Lloyds one. Id be surprised if it wasnt the same again.

Is their some egg loop hole / catch I need to be aware of ?

dano

michael19_2

Are you paying the Egg card minimum payment from another source or from the stoozed amount as this will make your figures above incorrect assuming you are stoozing £13k as the first payment will be around £250

biblejohn

I did the same thing last year and made about 250quid profit. I got egg with 7500 and mint with 5000. Paid the minimum of each each month then as the outstanding balance went down on the cards, id draw back out on them, putting that money in the high interest account.

michael19_2

biblejohn wrote:

as the outstanding balance went down on the cards, id draw back out on them, putting that money in the high interest account.

Didnt doing the above incur balance transfer fees.....? thus losing you money ( i may be wrong...lol )

grumbler

stoozing requires more thoroughness ...

dano wrote:

...I have applied for ... an egg money card (SBT)
egg (AFAIK) offers 0% interest for 9 months with a max BT charge of £50.

Egg Money does not offer 0% ...

YorkshireBoy

dano wrote:

Is their some egg loop hole / catch I need to be aware of ?

Assuming you applied for the Egg Card, and not Egg Money as in your first post, then don't be tempted to make any purchases on the card. The 0% on these is only 6 months so you'll pay interest on these from month 7 until you clear your entire balance.

uk086242

michael19 wrote:

Are you paying the Egg card minimum payment from another source or from the stoozed amount as this will make your figures above incorrect assuming you are stoozing £13k as the first payment will be around £250

I have done the numbers as well, and unless you are willing to 'ride' this money for a while (many BT's to future 0% cards), you dont seem to make much money (maybe my expectations were WAY to high before the spreadsheet I created put it in black and white). :mad:

Question for the veteran stoozers - was there a time when you DID NOT have to make a minimum (2 / 2.5%) monthly payment during the 0% period? Thats what kills this in my opinion

YorkshireBoy

uk086242 wrote:

Question for the veteran stoozers - was there a time when you DID NOT have to make a minimum (2 / 2.5%) monthly payment during the 0% period? Thats what kills this in my opinion

There still is. MBNA (and MBNA branded cards) are only £5/month.

dano_3

Hi all,

thanks for the massive response. I cant believe how much traffic this forum must be getting. You are correct I have applied for the egg card rather than egg money. I think my brain has been infiltrated by the advert (gota love those hampsters :-))

Im in no way intending to spend on any of these cards, but thanks for the warning YorkshireBoy.

Im surprised to hear you say that the returns are not what you expected uk086242. I pay 2% in payments (not interest) and make 4.9% in interest. Even If I make the minimum payments from the stoozpot I still make a load of free money for very little work. I reackon I can easily have 4 cards rotating with a stoozpot of about 30K. This should (using very rough in my head maths) make about £1500 pa.