Cashback v 0% interest free

PokerPortal

pcyam wrote:

Just to make sure that I've read this correctly, Stoozing, to start it off, I need to take out a 0% interest free card for eg 9mnths and just use it in shops and then once the term has finished transfer it to a different provider, is this correct??

Make sure that you do not use a card you use for stoozing in shops or any other purchases! Once you have used it for a balance transfer just lock it away and pay the balance of by direct debit (minimum payment only).

You will get charged interest if you use the card for purchases and you will have to pay of the cheaper debt on the card first before you can pay of the balance you pay interest on.

cornerclose

What I do, which may not be totally coventional stoozing, is use my cashback card for purchases then instead of paying the cashback card in full I do a monthly transfer to a 0% BT card (Yorkshire Building Society and Amazon cards both allow more than one BT over several months - there are others). When that is full or the 0% ends I add it to my stooze pot by transferring to a longer term 0% BT card. That way you get the full benefit of both.

HGLTsuperstar

And dont you get stung for a 2% BT fee each month?

Chadsman

bunking_off wrote:

Capital One

Is that their Circle Rebate Card?
:smileyhea

bunking_off

Chadsman wrote:

Is that their Circle Rebate Card?
:smileyhea

No, it's a platinum...as I say I don't think it's a standard deal, just got a letter through one day offering me the rate. Should probably have kept quiet because if they get loads of people ringing them to query could jeopardise my deal....

michaels

YorkshireBoy wrote:

Note: If you could get a £12K limit on a card (required to finance the above project - unless you get interim credit limit increases), then you'd do better to 'fast-stooz' this and make £435 over the same period.

Thanks for doing the sums - I am a bit lazy aren't I...
However some cards were offering 0% on BT and purchases for 12 months (not sure if there are any still out there) but with an uncapped 2% fee - hence the slow stooze route might be a better bet than the 'traditional' stooze?

cornerclose

HGLTsuperstar wrote:

And dont you get stung for a 2% BT fee each month?

I haven't so far, although I'm not too sure that YBS don't now charge a BT fee for new customers. Last time I looked at the list Amazon didn't.

pcyam

Again, thanks for the advice, in terms of fast track stoozing, I find it difficult as all the credit cards that I seem to read upon are 0% for x amount of months but they incurr a 2% (max £50 charge), so I was thinking about doing the slow stooze of taking out a 0% purchase card for x amount of months, and setting up a Direct debit to pay the min each month, and then either pay off the whole amount (which isnt really stoozing) OR if i find a card wich has BT 0% and also no charge for transfering start having a pot.

Does this make sense??