Stoozing Beginner

Gambler

Hello all,

I have been reading up on 'stoozing' and have decided to give it a shot.

I've had an egg card since the start but for the last 12 months have been using Amex blue due to the cashback being higher.

I emailed egg asking about the anniversary offer and was told my anniversary month is January. I then immediately upped my limit from £10k to £15K.

These are the only 2 credit cards I have at present.

My partner has recently cancelled her MBNA card, which had a limit of £13K.

Today I applied for a sainsburys card for her as we normally have a monthly spend of £1500 - £2000 and have calculated that this would gain us higher savings interest than Amex cashback.

From reading the excellent articles and threads on this site and also stoozing.com I undersatnd that come January I transfer £15K from my egg account to my current account for a period of 5 months.

My question is do I need to apply for more 0% cards now or wait until nearer the Egg 5 month period comes to an end? And how likely am I to achieve a £15k limit with other cards in order to transfer the egg balance.

Also, should I apply for an Egg card for my partner and try to stooze for both of us.

Many thanks

Luffer

Hello all,
From reading the excellent articles and threads on this site and also stoozing.com I undersatnd that come January I transfer £15K from my egg account to my current account for a period of 5 months.

My question is do I need to apply for more 0% cards now or wait until nearer the Egg 5 month period comes to an end? And how likely am I to achieve a £15k limit with other cards in order to transfer the egg balance.

Also, should I apply for an Egg card for my partner and try to stooze for both of us.

Many thanks

Good question, I wish I had a definative answer.

My view is it depends if you can afford to repay the debt when the interest free period is up.

1) If you can. you can take the the £15k from egg, and apply for (say) £15k from a. n. other card, SBT both to a bank account, and earn 6 months interest on £30k. At the end of 6 months you repay £15k to both cards.

2) Alternatively, you earn 6 months interest on £15k, them BT to a.n.other card, earning another 6 months interest on £15k, totalling 12 months interest on 15k. (the same as 6 months interest on £30k but taking twice as long)

If you cant repay the debt, I.e you already have say 4k spending on the card and are paying interest, then option 2 is possibly better, as it gives you twice as long to repay the real debt of £4k whilst avoiding interest, AND earn interest on the remaining £11k.

AS for your credit worthiness with other companies, only you and the credit agencies know that

this is only my opinion and I am not a professional - HTH ::)

Stoozing for you and your partner - may double the return (or reduce the time to get the same result). The chance (choice) is yours. (But its what I intend to do! ;D

mary

My question is do I need to apply for more 0% cards now or wait until nearer the Egg 5 month period comes to an end? And how likely am I to achieve a £15k limit with other cards in order to transfer the egg balance.

Also, should I apply for an Egg card for my partner and try to stooze for both of us.

Just remember you can only do SBTs FREE during your anniversary month, not the whole 5 month period.    So in my opinion, I would apply for more cards right now, so that when they arrive you can channel them through Egg during January.

By the way, I don't think you can assume you will get £15K from any credit card automatically.    (I wish)    The CC companies seem to have a logic all of their own when it comes to deciding just how much credit they will let you have.

Yes, you can apply on behalf of your wife/husband. I apply on behalf of my husband, but it's as well to put them in the picture, just in case they get an unexpected phone call which makes them look a bit of a charlie if they don't know what's going on!

johnllew

Also, should I apply for an Egg card for my partner and try to stooze for both of us.

By all means - with two of you acquiring cards, the scope for profit is doubled. You can also transfer balances to each other.

Martinslovechild

You can apply on behalf of your wife/husband.    I apply on behalf of my husband, but it's as well to put them in the picture, just in case they get an unexpected phone call which makes them look a bit of a charlie if they don't know what's going on!

Good point.  Well said.

I remember my wife opening letters from 2 credit card companies on the same day, both saying 'Congratulations on your new xyz card'.  She looked a tad puzzled to say the least!!

Since then, i've always made sure that she's in the know, e.g. "by the way, you've just been accepted for an ABC card - they'll send you a form in the next 10 days which you've got to sign.  Once they send you the card, you'll need to ring them up and BT the full ABC credit limit from Egg, we're gonna move that on to the mortgage/car/savings account* "

*delete as applicable