Stoozing - is there any point with low it rates?

dave_ave

Is there much point in stoozing at the moment, unless it's to pay off exisiting debt?

Interest rates are low and BT fees are at the same level?

I stoozed quite a bit 4/5 years ago and made some money doing it, but I just feel it's a waste of time now?

Anyone agree?

HappyMJ

I agree. Great 5 years ago with no BT fees but now there isn't as much in it any more so I've given up and gone for the long term BT rates.

YorkshireBoy

I agree it's not as profitable as it once was, but I'm still working with a £37K stooz pot...

£10K A&L overdraft (50p/day capped at £5 per month)
£19K MBNA 12 month repeat (2% fee)
£5K Santander Zero 12 month deal (fee-free)
£3K slow stooz on Halifax

...some of which offsets a 3.75% mortgage and the rest sits in LTSB Vantage accounts making 4% AER gross.

All in all I'll probably make/save circa £1,300 this financial year.

jamesd

It depends what you're doing with the money. 0% for purchase cards are still easily profitable. Balance transfer cards are harder to make money with, particularly if using taxable savings accounts. Still possible for many with savings or mortgages, though. Easier with investments if that's acceptable for your risk tolerance and if you're able to handle possibly having to subsidise the repayment from income if the investments end up down instead of up.