Are stoozing days over?

violetb_2

Hi there,

I think I may have missed the stoozing bandwagon. I am now in a position to give it a go, but everywhere I look there are fees for balance transfer which would make the time spent on the whole exercise just not cost effective (am using the principle that an hour of my time costs what others pay for it when I am working.)

Are cc companies now wise to the stooze or is it still possible? I'd like to know what others think?

Bokken_2

No stoozing isn't over and as long as you apply those stoozing principles to every type of money/card/ loan/purchase that you make you will be able to stooze something from it.
It just depends on how cunning and thorough you want to be.You choose the level of stoozing you are comfortable with and with it the level of success.
Good luck.

grumbler

violetb wrote:

.. everywhere I look there are fees for balance transfer ...

Balance Transfers > See a full list of Credit Cards which
offer 0% BTs without charging
http://www.stoozing.com/0fees.htm

Not many, but still there are some ...
e

violetb_2

Thanks for that Grumbler (can't see a thanks button to make it official!) I must have missed that link.

Time to start working out if I am stoozer material!!

V

Clariman

violetb,

You might find this article about the current state of stoozing interesting. It was written 2 or 3 weeks ago. Since then, there have been further changes in the market, inlcuding the introduction of a 12 month card from GE Capital.

Clariman

violetb_2

Thanks Clariman, it was indeed interesting. I think what the latest moves by the cc's shows us is that stoozing will become harder for those dabbling - like me, but for those with the time and alertness it could still be done. Off to check the GE card for now.

V

Milarky

I think that it is winding down gradually - it just has to, although I do take Clariman's comments that, for their own reasons, some companies have taken back fees after rolling them out and may do so again.

The Stoozing table of fee free cards is shrivelling up at the moment, however. Just nine left cards to go for!

Just occurred to me that new products - like the PO and Paypal are going for market share from empty so their current fee free offering is likely to reflect that stance and they still be around in (say) 6 or 9 months time to garner custom. (They will bring in fees much later if they do, in other words.)

Have a look at the state of capped fee cards too as these (on larger balances) are almost as good as no fees - the stoozing 'second division'. Provided that these remain available stoozers should continue to apply for credit. (Remember that any borrowing over the cap is equivalent to the same borrowing on a fee fee card!)

violetb_2

If I do decide to stooze, how does paying a balance by cheque or electronically to a savings account work out? Don't they know it's not to pay off a bill or don't they care?

Joe_Bloggs

You would need to do a 'super balence transfer' perhaps using a 'mule' card that permited short term positive balances.
Start off slowly if these terms are confusing. I used to be a stoozer but gave it up to get a good mortgage. I'm about to start slow stoozing now.
Step one is to get a 0% purchase card. Wharever you spend on the card, deposit the same amount in a high interest saver account. At the end of the O% period you will have benefitted from the interest earned on the money in your savings accounts. You also have a balance that could be moved to a 0% balance transfer card, if there are any left. You could also just pay your savings back to the card company keeping the interest for yourself.
It takes control to do this properly. If you lack will power or are forgetful then you will lose the benefits, mess up your credit record and get into debt.
J_B.

violetb_2

Thanks all.

In the last few posts you have all made stoozing a lot clearer for me and I can see the way forward is probably the slow stooze - plus I love the sound of it!! Off to find myself a good deal.

MiserlyMartin

Just recently I've had to pay off one card because I was turned down for a Post Office card. And I applied for one of those Charity Cards and was turned down for that too (over a month later!

I only am borrowing about £8000 on 2 cards and I've closed some my other 'day to day cards' too. Finding it tough here. I was doing 12k on 3 cards. Its getting harder.