Panorama BBC1 10:15pm Tonight

oops_a_daisy

MinnieSpender wrote:

I have to fess up here. Once I've paid off my lowest CC debt (only £500 to go!) I've going to get it out of cold storage and start using it again but only because I've a lot more savvy as a result of this site. I'll be using for the weekly shop, putting the amount spent into my esavings account from my current account and then paying it in full when the bill comes in. One way to make a bit of interest to throw at remaining debts (all 20p a year of it, no doubt!).

I do that with an egg money card and get cash back for everything I spend on it too. Full balance is taken by Direct Debit every month and I have built up £30.00 in cash back in a few months plus the interest while my money is sat in my bank waiting to pay it off

kenshaz

The credit card companies have a name for lenders who keep on taking on debt and pay the minimum payment ,they call them revolvers,they make profit for the banks and they target them,read some of the posters on this site who defend banks,believe me they are the enemy,this site is a special place that gives it straight,thank goodness I found out about Martin

kickingkay

reehsetin wrote:

i like hsbc - they refused to up my limit!:p! now i know im going to stay with them

they seem to be very focus on Royal bank of scotland

sorry to burst your bubble HSBC repeatly upped my limit even when i rang them and pleaded they froze my card so i couldnt gamble on in they then upped it 5000 dont get me wrong i gambled i owe i pay but to a gambler that really is like putting a free play in the fruit machine! i now owe them over 10k
so be wary of all lenders! remember they aer banks not your friend and family they are here to MAKE MONEY not gve it away

oops_a_daisy

viru.doshi wrote:

Yep he does, I scan read it in a few seconds so probably didn't understand it but sounded like you use credit cards to put money into accounts that generate interest for you that you keep and then pay off the credit card debt.

stoozing is where you obtain money on a 0% credit card and put the money into a high rate savings account and build up interst on money that isnt yours ( so to speak ) you then pay the minimum payments on the credit cars and keep moving the credit card balance to 0% whenever the time limit runs out.

jessicamb

kickingkay wrote:

sorry to burst your bubble HSBC repeatly upped my limit even when i rang them and pleaded they froze my card so i couldnt gamble on in they then upped it 5000 dont get me wrong i gambled i owe i pay but to a gambler that really is like putting a free play in the fruit machine! i now owe them over 10k
so be wary of all lenders! remember they aer banks not your friend and family they are here to MAKE MONEY not gve it away

Mines HSBC too. I didnt spend on it for months, had a zero balance and then would buy something for a couple of hundred quid and wham bam heres another 2k on your limit.

MinnieSpender

oops_a_daisy wrote:

I do that with an egg money card and get cash back for everything I spend on it too. Full balance is taken by Direct Debit every month and I have built up £30.00 in cash back in a few months plus the interest while my money is sat in my bank waiting to pay it off

Great idea! Thanks!

viru.doshi

Thanks oops a daisy, i was right-ish i guess lol. Seems like too much effort for something that would probably return a small amount. Unless you use a lot of money, in which case, it could all go wrong and get very expensive!

reehsetin

kickingkay wrote:

sorry to burst your bubble HSBC repeatly upped my limit even when i rang them and pleaded they froze my card so i couldnt gamble on in they then upped it 5000 dont get me wrong i gambled i owe i pay but to a gambler that really is like putting a free play in the fruit machine! i now owe them over 10k
so be wary of all lenders! remember they aer banks not your friend and family they are here to MAKE MONEY not gve it away

dont worry im not so nieve as to think they are the same with everyone - put it this way they try and up my limit without my say the card will be canceled

oops_a_daisy

yes must admit I am not going to go there sounds like too much hard work to me but some people do it for tens of thousands though and can make quite a bit of money

MinnieSpender

I think I'll concentrate on the matter in hand for now. Not exactly sure I'd even get another credit card at the moment either!