Stoozing made simple?

Sulli

I have read a bit about this stoozing, and for me seems a logical progression from card tartery.
I think it's overly complicated though. I have a few credit cards, most on zero balance (including an egg card - which doesn't pay me if i'm in credit as far as i'm aware), and figure that I can max them out paying money into my mortgage account (either via cheque, online transfer, and if they're not available for that card, i haven't thought what to do - i'll go on anyway!).
Once i've spent, say £2500 on each card, a total of say £10k, i transfer all of them to either one 0% card for 10 months, or a few different ones, and then keep transferring till I fancy paying it off.
The reason is ay it's over complicated on the mai site, is that they advise getting an egg money card, then transferring from that - neither are needed if 1. you have existing cards, and 2. you can pay direct to the ultimate payee (for me the mortgage account).
Any thoughts?

Sulli

147 views and not one thought????? :rolleyes:

Clariman

Sulli wrote:

147 views and not one thought????? :rolleyes:

Errr, possibly because you made what you were planning to do sound rather complicated !

Tell us what you are trying to do and what you want to know and I am sure that you will get an answer.

Clariman

Sulli

Oh, OK.
Spend max on my current credit cards on paying off my mortage, where possible.
Transfer balance from all acrds then, onto a zero % offer.

YorkshireBoy

Sulli wrote:

Oh, OK.
Spend max on my current credit cards on paying off my mortage, where possible.
Transfer balance from all acrds then, onto a zero % offer.

I suspect the reason you think it's "overly complicated" is because you have only "read a bit".

Whilst you have an Egg Card (I think?), are you sure all your other cards allow transfers to a current account via cheque/SBT? If not, the minute you make the transfers, you will start to incur interest, and possibly also BT/cash fees.

Have you read all the stoozing related articles on the main site?

Have you had a look at https://www.stoozing.com?

xxchurch

I have been stoozing now for over 3 years and using the cash to offset my mortgage. As a result I've had an interest free mortgage over that period and by paying the same amount (in effect overpaying) I've managed to slice 4 years off the overall term.

The Egg card is a must have for stoozers becuase the majority of cards will not allow you to transfer funds to your current (or offest) account. So, the Egg card allows you to be in credit so you transfer the balance from your zero balance card to the Egg card (putting the Egg card in the black) then move it from the Egg card to your current account. That way you can take on any card that offers a good deal and get the funds into your current account via Egg.

WallyMan

Agreed - all stoozers should have an EGG card. We also love the anniversary offer which gives you another 5 months 0% on the anniversary of opening your account. Myself and my wife have just taken out £15k each at 0% for 5 months. Great product!