Is Stoozing dead? 22 August 2009 at 1:48AM in Stoozing: free cash from credit cards 18 replies 2.8K views

uncommonadvice

Does anyone still do stoozing or has the Credit Crunch knocked it for 6?

HairY

I'm stoozing on a £2k interest free student overdraft at 6%

CannyJock

uncommonadvice wrote: »

Does anyone still do stoozing or has the Credit Crunch knocked it for 6?

Still very doable, but you need to be a bit more creative to maintain your profits. Did you miss the Virgin 9 month 0% with 0% fee promo a couple of weeks ago? Hard not to make a profit on that one

splatt30

Stoozing £10500 against my offset mortgage, ~ £500 profit over 16 months

Hels50

I got the 9 month Virgin 0% with no charge for BT. I asked them to do a transfer into my mortgage account but they said they couldn't do that and the money had to go into a credit card account. So I gave them my Egg Money card number and they are doing a BT to that for just under £6,000. My plan was to transfer it to my offset mortgage account (1.99% tax free) or alternatively to an Egg Savings account earning 3.25% (taxable). But now I'm worried as it's not clear to me whether Egg Money will charge me as they apparently charge 'up to' 3% for a 'money transfer'. Does anyone know whether it makes any difference if the account is in credit? I've emailed Egg and am awaiting their response. If they do charge, I'll make a loss!

jamesd

Egg Money don't charge for withdrawing credit balances to your own bank current account. They also don't charge for transferring an in credit balance to an Egg savings account and you can go from there to another account.

mary

I'm doing just that, transfer from Virgin to Egg Money to Egg Savings to Lloyds Vantage @ 4%. Have done this a few times before. No charge from Egg.

wizk1

I actively use my egg card for spending. And I've just done my first stooze (Sounds delightful). Could someone put my mind to rest? This is an example...

I've just transferred £4000 from the Virgin Money card to Egg, so I'm now £4000 in credit. I've started the transfer from Egg to my current account, which would effectively reduce my balance from £4000 to zero in 7 days time. In the meantime, I would probably be buying things with the Egg card.

So if I spend £100 between now and the day the BT money leaves my Egg card (bringing my balance to £100 in debit), would I then be charged a fee by Egg as I've drawn cash from my Egg credit?

mary

I believe so, because effectively you will then be borrowing the "cash" from them for your £100 shopping trolley. In the meantime, do what I do and spend on another card until it has cleared. Egg do take their time. I have just got a delayed reply from them they will transfer the money in the course of the next 3-4 days!

YorkshireBoy

wizk1 wrote: »

So if I spend £100 between now and the day the BT money leaves my Egg card (bringing my balance to £100 in debit), would I then be charged a fee by Egg as I've drawn cash from my Egg credit?

Yes, although whether they'll charge the 3% on £100 or £4,000 I'm not sure.

You need to be very careful on two fronts when muling through Egg Money:

1. Make sure you've accounted for all card payments made recently and that have not yet appeared on your recent transactions list, and

2. Stop using the card until you see the BT or BACS transfer (depending on the method you've used) posted to your account.

wizk1

Thanks Mary. Trouble is, I like to spend on my Egg card as I earn cashback, but I guess I could credit my Egg account with my debit card to keep the balance positive.