Is Stoozing Worth It?

karatedragon

Hi! I used to stooze. I had a stooze pot of some 65,000 some years ago. This was in the age of no balance transfer fees and fairly decent savings rates.

I was checking out stoozing again but there are no caps on transfer fees and fees of up to 4%!!!! The savings rate is pretty naff also. How can stoozing possibly be profitable now?

stubbsey

it can be profitable but i'd think more in terms of is it worth the effort for the money you make from it. Currently i'm running at £14000 in pot making £50 a month. I'm a relative newby to this only been doing it 7 month. To me it's worth doing because i'm learning the methods and skills and i'm earing a few quid in the process. i've used slow stooze and fast stooze methods. I'd say if you've had £65000 in a pot then its obvious your not going to make as much money now as you did by a long chalk. if you want something to play at then yeah go for it. Each to their own

dfh

well,if you have a balance transfer fee of 3% and a savings rate of 1% it is not worth it.But maybe if you had an offset mortgage it might save you money.

Karma4All

No doubt it's been covered before, but always check you can guarantee getting your money back from your mortgage provider. There was a piece on BBC R4 Money Box (12/12/2009) where NatWest decided to deny access to the draw down on their offset mortgage.

karatedragon

I do not have a mortgage. I used to stooze just for pure money. Plus the added satisfaction that I was exploiting the Credit Card companies!!!

splatt30

It's much more difficult to make money from stoozing.
Mine offsets my mortgage knocking £450 off it in the last 12 months, but with my BT coming to an end not sure if I'll find anywhere to offer enough of a credit limit to shift it to.

CannyJock

Definitely tougher stoozing times, but with the 2009 numbers crunched, with roughly half the stooze pot I had last year and savings rates not being so great, my stoozing profit is £1450 for last year. That's pretty much in line with a few others on the main stoozing site.

You need to be a bit more creative like spreading your pot over 6% current accounts (Abbey & A&L to name 2) where the high interest is capped on first £2500. And you need to look at regular savers from 4-6%. And maybe a few LTSB Vantage accounts for 4%.

The way to look on it is if you can turn a profit from stoozing in the current climate then you'll be well placed to increase that profit when things improve. Meanwhile, you're building a credit picture of successfully managing reasonably high levels of credit with no missed payments.

co123456

It's an addictive hobby which pays a few bills.

CannyJock

Bumping this so I don't need to see possible troll-post in main credit card forum

Any

stubbsey wrote: »

it can be profitable but i'd think more in terms of is it worth the effort for the money you make from it. Currently i'm running at £14000 in pot making £50 a month. I'm a relative newby to this only been doing it 7 month. To me it's worth doing because i'm learning the methods and skills and i'm earing a few quid in the process. i've used slow stooze and fast stooze methods. I'd say if you've had £65000 in a pot then its obvious your not going to make as much money now as you did by a long chalk. if you want something to play at then yeah go for it. Each to their own

I completely agree. I like playing around with money (I am an accountant, can you tell?:rotfl:) and it makes me few quid towards my annual holiday...

Though my stooze pot is not that big, only about £5k + M&S points I get for each purchase made on my M&S card totaling about £50 in the last year (yes, you guessed it - beach dress for me!!:rotfl:)

bazster

I was up to about £15k when the BT fees came in across the board. Now, I just can't see that it's worth the effort. I'd rather spend on my Amazon card and get a nice gift token occasionally.