New Balance Transfer Discussion Area

sallyjane_3

I am new to this, not having transferred balances before and my Question is this; Once I transfer my balance to another card, can I keep and use the original card ? Sallyjane

Galstonian

Yes, the balance transfer is just the new card making a payment on your behalf to the old one then charging you for it.

Marigold123

I would like to share some information concerning Super Balance Transfers from non-SBT credit cards via an Egg card.

The basic concept will be familiar to those tarts who have been making use of the SBT facility to stash the spare cash in a savings account to earn extra interest - However, I have come across a variation on the technique which I think might be worth mentioning.

Egg are the only credit card I have come across who offer a FEE-FREE balance transfer OUTSIDE their 0% period, (perhaps it's something to do with their rolling anniversary 0% deal?)

This means that if you have an Egg card, you can use it as a relay station between a non-SBT credit card and your savings/current account, whether you have a current 0% offer on your Egg card or not, with no fee to pay, (from Egg at least).

Request a balance transfer from your new card to Egg; when the transfer has gone through, your Egg card will be in credit - a strange state for a credit card, but it will survive the shock, and you can then do a super balance transfer from Egg to your bank/savings account. Although it is unusual, there is no reason why a credit card should not be in credit. This is allowed - I checked with Egg!

So, having an Egg card allows you to continue to do Super Balance Transfers at no extra cost, and hopefully maintain a steady stream of interest from someone else's cash.

Reaper

This trick is a fundamental stoozing tool. It would make stoozing much more troublesome if Egg ever stopped it.

One minor detail...

Marigold123 wrote:

Although it is unusual, there is no reason why a credit card should not be in credit. This is allowed - I checked with Egg!

Just to split hairs although this is allowed by Egg it is not allowed by the card you are sending the money from. If you look at their T&C you will see the BT is for "paying off a debt". It is a technicality and in practice not one anyone has ever fallen foul of, but if you prefer to stick by the rules do the BT from your Egg card first creating a debt, then pay it off the next day from the other card. You will pay the odd day's interest but that won't amount to much.

Not that I do this, I happily put it in credit for large sums, but I just thought I should tell you the "correct" way of doing it.

Marigold123

Reaper wrote:

This trick is a fundamental stoozing tool. It would make stoozing much more troublesome if Egg ever stopped it.

Up till now I have been doing SBTs via my Virgin card, but that's due to be paid back soon, so I was investigating ways I could carry on without incurring transfer fees. I'm rather proud I discovered it all by my little self!

Reaper wrote:

Just to split hairs although this is allowed by Egg it is not allowed by the card you are sending the money from. If you look at their T&C you will see the BT is for "paying off a debt". It is a technicality and in practice not one anyone has ever fallen foul of, but if you prefer to stick by the rules do the BT from your Egg card first creating a debt, then pay it off the next day from the other card. You will pay the odd day's interest but that won't amount to much.

Not that I do this, I happily put it in credit for large sums, but I just thought I should tell you the "correct" way of doing it.

Thanks for putting me right on that. Perhaps this is why Martin hasn't highlighted it in his articles more specifically.

As you say, it's a technicality, but one which both Virgin and Egg seem happy to ignore when making SBTs to my bank account. They more or less said, 'we don't care what you do with the money'. I think the attitude of the other card companies is probably the same when making BTs, but forewarned is forearmed, so cheers!

(In my own mind I shall think of it as paying off a debt I haven't got yet, but which I plan to incur very shortly! )

allycat_3

I keep seeing the term "stoozing" on this site. Could someone PLEASE explain what this is and how it works? I feel as if I am missing out on something quite important.
Many thanks
allycat

Reaper

"Stoozing" is borrowing money from credit cards offering 0% interest and putting it in a high interest savings account to make money.

See Martin's REVENGE! Make Free Cash from Credit Cards article for a quick introdution.

Gotabiscuit

And have a look here:

https://www.stoozing.com

Reaper

Gotabiscuit wrote:

And have a look here:

https://www.stoozing.com

There is nothing on it! Doubtless they will put the content back up eventualy though.

Marigold123

The link's working OK for me, now.