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Should I Stooze

I have a PO credit card with 4 months left at 0%. It has about £4k on it from an initial balance transfer & my credit limit is £5700.

1) Should I just use the card for spending (is this what a "slow stooze" is?)?

Or.

2) Should I get an Egg money card (already have a dormant egg card) and balance transfer the remaining credit to it, then into my offset mortgage current account?

Replies

  • mattbassmattbass Forumite
    356 Posts
    Part of the Furniture Combo Breaker
    By the time you got the egg money and sorted the bt your 4 months would be 3 and it would hardly be worth the effort. Unless you intended to carry on stoozing after this period which is looking very difficult to be profitable in current conditions.
    .
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    When this card was launched, I thought I'd read in the (paper copy application) T&C's/features that you were only allowed one BT - and this must be requested at the time of application/activation.

    Is that not still the case? If it is, then 'slow-stoozing' is your only option.

    Having said that, once you reach the 'three months remaining' point in your 0% introductory period, then using a 1% cashback card (such as Egg Money) will be more profitable* than 0% on purchases.


    * DYOR - this is just my (calculated) opinion.
  • manicmanic Forumite
    698 Posts
    Part of the Furniture 500 Posts Combo Breaker
    Forumite
    Thanks for the replys, i will consider both of your comments.

    I will check with the PO about the BT.

    I was going to continue stoozing anyway, so is it worth getting Egg Money now? It may be quicker for me, as I am an existing Egg Card holder.
  • Moggles_2Moggles_2 Forumite
    6.1K Posts
    When this card was launched, I thought I'd read in the (paper copy application) T&C's/features that you were only allowed one BT - and this must be requested at the time of application/activation.

    Not so. I'm pleased to tell you - because I signed up for the Post Office card last month - you can request a fee-free 0% balance transfer at any time during the entire 6 month promotional period.

    What's more, every time you make a monthly payment, you can request another BT right up to your credit limit. This doesn't cost you a penny. Unlike most of its competitors, Bank of Ireland do not insist on a margin for fees etc. on the Post Office card!
    People who don't know their rights, don't actually have those rights.
  • humferhumfer Forumite
    1.8K Posts
    As its 6 months 0% for purchases and transfers then you could carry on doing your usual spend on it, and then roughly 6 weeks before the 0% period ends apply to another card to balance transfer the whole lot over. Maybe try M&S if your want no fees. Or maybe if you want a longer interest free period (can make life a little easier) try a capped fee card such as RBS or Natwest
  • surely if s/he is BTing from the PO card to Egg Money, any handling fee would be charged by Egg Money, not by the PO card ??
  • iggypop37 wrote:
    surely if s/he is BTing from the PO card to Egg Money, any handling fee would be charged by Egg Money, not by the PO card ??
    It is late and I have returned from the pub, but I think my head is clear enough to disagree with that. To route money from the PO card to Egg Money, you call the PO and ask them to do a BT from Egg to the PO card. Remember the money travels in the opposite direction to the BT because the BT is transferring a negative balance.

    Clariman
    Co-author/owner of the official stoozing website https://www.stoozing.com and Creator of the SOA & Snowball calculators.
  • Clariman wrote:
    It is late and I have returned from the pub, but I think my head is clear enough to disagree with that. To route money from the PO card to Egg Money, you call the PO and ask them to do a BT from Egg to the PO card. Remember the money travels in the opposite direction to the BT because the BT is transferring a negative balance.

    Clariman

    Spot the person who can give up MSE "any time i want".

    Obviously, the post is still correct, which is the frustrating part :)

    :beer:
    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery
  • WyndhamWyndham Forumite
    2.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    PoorDave wrote:
    Spot the person who can give up MSE "any time i want".

    Obviously, the post is still correct, which is the frustrating part :)

    :beer:

    We can ALL give up any time we want :)

    Just.... not quite yet....

    Just one more post!!!!
  • manicmanic Forumite
    698 Posts
    Part of the Furniture 500 Posts Combo Breaker
    Forumite
    I've applied for Egg Money. It took 5 mins & I will have my card within 7 to 10 days.

    Will it be worth doing an BT to the PO card at all for the 3 months? Would the fact that I have an offset mortgage have any benefit?
This discussion has been closed.
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