CC Cheques...new to stoozing

sashacat

I am being sent some cheques by Morgan Stanley, my usual credit card. I want to write myself a cheque for £7000 (credit limit is £7500 and I have no debt on it as I pay it off each month) and pay the cheque into a high interest savings account.
As far as I can work out ( and please be patient as I have never done anything like this before) I would then owe MS £7000.
I have a new Halifax card with a limit of £12900 and 0% on balance transfers for 6 months.
Do I just ring up MS and pay the £7000 off over the phone ...or what do I actually do to transfer the balace from the MS to the Halifax card.
I am one of those silly people who, until I found this site thought I was doing well because I had a cash back card which I paid off by cheque each month.
Please help

exel1966

Check the T&C's very carefully. I think you might find that by using the cheque it will not be counted as a purchase, but a cash advance which will be liable to immediate interest charges.

What you need to do is a super balance transfer via a 'mule' card.

I would advise reading the stoozing board very carefully prior to doing this or by looking at https://www.stoozing.com/full.htm

sashacat

I was going to write a Morgan Stanley cheque to myself...then I would owe the money on my Morgan Stanley card. I was then going to balance transfer this credit card debt onto my new Halifax card...will this not work?
If I write a morgan stanley cheque to myself (ie pay a MS cheque into my savings account) won't this then count as a debt to transfer...or am I being thick or naive?

YorkshireBoy

A similar question was posted recently.

The upshot (as I remember) was that the MS cheques attracted a 2% uncapped fee, and were interest bearing from day 1 because they were classed as a cash advance.

Add in a 6 month Halifax deal with a £50 fee, and this stoozing strategy is a complete non-starter I'm afraid.

sashacat

oh, I see...I would have to pay MS 2% of whatever I wrote the cheque for...I didn't realise that, thanks for warning me. I now have a new Halifax card with 0% for 12 months and I can't work out a way to stooze on it as I have no cc debt

sashacat

thanks for the info excel..I have just read the stoozing site and applied for and got an egg card with a limit of £9500. Sorry to be so thick but do I ring them up when I receive the card and ask to balance transfer £5000 say, from my savings account..or is into my savings account...thanks for all the help...I feel so useless

YorkshireBoy

sashacat wrote:

I feel so useless

This is because you haven't done enough background reading before taking the plunge.

Have you read...

Martin's 'Revenge' and 'Super BTs' articles?
https://www.stoozing.com/full.htm

If you ask Egg to send £9,500 to your savings account, do you think they'll do it?

To answer your question...When your Egg card is up and running you will "transfer a balance (ie ficticious overdraft) from your current account to the Egg Card".

sashacat

thanks again Yorkshireboy...I have read all the articles...i think I am just nervous and can't really believe I can do it or that it will work for me, but I have spent the last month reading and re reading all the stoozing stuff I can find on here. I think it just sounds too good to be true. Anyway I do appreciate all your advice and patience and as soon as my egg card is up and running I will phone them up and transfer the ficticious overdraft.