About to start stoozing

dennyboy

Hi All
Been sifting through the stoozing forums now my eyes are hurting!! I am now ready to become a stoozer. Can anyone confirm if this sounds ok. About to apply for a mint card (Platinum 15K limit hopefully). Once I get the card I then intend to pay 14,950 by one of their cheques into my Savings account which I have just opened with Sainsburys Internet 4.75% gross (wifes name no tax to pay as give a R85 in) I will be charged a fee of 49 pounds for this by mint. I can then earn the interest from that.
Any problems in doing it this way?
Also my egg card is nearly a year old, just applied for a 15K limit got it,(no balance on this card at the mo) when this is at 0% anniversay period I will then stash another 15K in the saving. Sound ok?
If so i'm ready to roll
Thanks
Den

michael19_2

I know with Egg you can only transfer 95% of your credit limit - £14250 and I would imagine (but not possitive) that it will be the same with Mint.

dennyboy

Thanks Michael, I didn't know that, I will also check this out with Mint when I get my card from them. Still make a good profit off 14250 though, so not so bad! :beer: Trying to stooze at least 35K into a savings account this year.

lipidicman

I dont know about mint cheques but usually these attract high rates of interest. As I say I haven't seen mint's terms, but I thought it better than letting you maybe make a big mistake!

dennyboy

Thanks Lipid, but checked this out and it states on their site........ Cheques 0% fixed until 1st November 2006 and for special offer cheques debited to the account during January 2007, 0% fixed until 1st July 2007. I will double check before I do it, but pretty sure from what that says it will be 0%. http://www.mint.co.uk/credit_cards02.asp?id=CREDIT_CARDS/SUMMARY_BOX
Hope so anyway, it is a big sum, usualy credit card companies charge for cheques thats why I double checked this, seems to be free. Just the 49 pounds transfer charge.

dennyboy

Just phoned Mint (twice) to check, got 2 different stories. First one said I can transfer via cheque at 0% max charge 49 pounds. The second operator said I can only transfer 50 % of available balance via cheques will incur a 2% fee with no maximum. Looks a bit risky via the cheque root they don't seem to be giving a straight answer! Might just use my eggcard as a mule when the anniversay offer becomes available. and then do a straight balance transfer, Nothings black and white on this one! If anyone knows the best mule cards right now, maybe they could let us know. Thanks

YorkshireBoy

dennyboy wrote:

Just phoned Mint (twice) to check, got 2 different stories. First one said I can transfer via cheque at 0% max charge 49 pounds. The second operator said I can only transfer 50 % of available balance via cheques will incur a 2% fee with no maximum.

In making this reply, I'm referring to the 'old' Mint T&C's. You should check your own to see if they're still the same on the new offer.

Apologies if you already know, but Mint is part of RBS. Take a look at the Mint & RBS/Natwest T&Cs online, and look in the definitions for how each company defines 'advance limit'. You'll see that RBS include 'cheques' but Mint do not!

Sometimes the CSA's are unaware of the subtle differences between each cards T&C's and, as a result, give out incorrect information.

This topic has also been discussed on the stoozing website here...

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1133444233

See the next-to-last post for the 'old' definitions so you know what you're looking for on the provider websites.


As always, do your own research.

dennyboy

Thanks York, I will have to investigate further on this, but I am now pretty sure the second CSA was incorrect, he just had this official trusting tone to his voice! I am pretty sure it is 0% max 49 pounds transfer fee. I have just looked again at the new T&C and it says in black and white

Charges For each balance transfer and cheque transaction debited to the account during the introductory period or during January 2007, we will charge you 2% of the transaction amount (minimum £5, maximum £49).

Just think these people are not use to dealing with stoozers everyday! :rotfl:

[Deleted User]

dennyboy wrote:

Also my egg card is nearly a year old, just applied for a 15K limit got it,(no balance on this card at the mo) when this is at 0% anniversay period I will then stash another 15K in the saving. Sound ok?
If so i'm ready to roll
Thanks
Den

Do you know if there'll be a fee on the egg BT during the anniversary period - partly a warning for you and info for me! Regards.

dennyboy

According to Martin, no there is no fee for transfer and also no interest 0%
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1085355871,12390,

Quote:
Egg* allows fee-free 0% balance transfers for five months once a year on the anniversary of the card opening (see Egg Loophole).

I have checked this out quickly and it looks right, although I will triple check to make sure, check my T&C and also give them a call and ask the CSA at Egg (Also get the name date time etc of who I spoke to, in case of difficulties) once they say all is well then I will go ahead.

michael19_2

The best way to check about your Anniversary Offer is to give them a secure message in your account section that way if anything goes pear shaped you have it in writing from them.