Stoozing or Life of Balance Transfer?

neatheyc

Hi all,

Was wondering if you could offer me some advice. For the past year or so, I've been stoozing my credit card debts, swapping from one card to the next when the 0% BT months were up.

My latest card is due to be up in September so I'm trying to find a good 0% BT card now. I applied for the Mastercard Harley one the other week but was turned down for some reason, indicating my credit score is pants (I don't know why as its been years since I missed a payment and have only missed about 3 in about 10 years).

I was wondering, before I apply for another 0% BT card and risk getting even more bad credit, would it be a better idea to go for a low rate 'Life of balance' card? I see Sainsburys have one with a rate of 5.95%, but how does that work out?

I mean, if I have a balance of £3000, am I charged 5.95% of that each month (£178.50), which would be nearly twice the amount I'm paying off each month?! or is that the yearly rate? so £178.50 divided by 12, which is about £15 a month, which I could live with.

Or have I completely missed the plot and my bad maths has just shone through?!

grumbler

http://www.stoozing.com/stooz_intro.htm:

Stoozing is a way of making money by exploiting credit cards which have an introductory period during which no interest is charged.

You cannot make money from 5.95% credit card unless you get 6%+ net on your savings :rolleyes: . If you make money from CCs 5.95% LOB is not an option for you. What you are talking about is not stoozing.

5.95% is the annual rate. Corresponding monthly rate is 0.483%.

neatheyc

Thanks Grumbler. I thought Stoozing was just using 0% BT cards to transfer debts and pay them off with no interest charge. I wasn't using it to make money.