Stoozing drought

Phoenix79_2

As i'm new to the site I keep hearing alot about how the good deals are thin on the ground now. What sort of 0% deals were people getting in the past? I'm just curious...

Gordon_the_Moron

Why are people so worried about balance transfers, put your wages in a savings account, spend on the card (only use your current account for withdrawing cash - and avoid it wherever possible) when the 0% offer runs out, pay off the balance in full and then start again. No need to ever do a balance transfer.

YorkshireBoy

Gordon_the_Moron wrote:

Why are people so worried about balance transfers, put your wages in a savings account, spend on the card (only use your current account for withdrawing cash - and avoid it wherever possible) when the 0% offer runs out, pay off the balance in full and then start again. No need to ever do a balance transfer.

Whilst slow stoozing will make you some money, it won't make you anywhere near what you'll make by fast stoozing using balance transfers.

For example, someone using a 0% on purchases card (eg M&S) with a £12K limit and spending £1K a month will have an average stooz pot savings account balance of £6K over a year (ignoring 3% minimum payments). This will generate around £240 in interest after tax.

Compare this with the £2-3K* and more per year possible using the fast stoozing techniques with balance transfers, and you'll see why people continue to seek out no-fee/capped fee deals.


* One stoozer on The Motley Fool even bought a brand new Ford Focus C-Max with the £12K proceeds from 4 years of fast stoozing!

pcyam

i've got card and its due 23 dec 2006, thanks to MSE's N&P BS do BT no fee, and according to Martin applying 6months before hand is a good time to start applying. But if I get accepted say tomorrow I can activate account later on for it to start or does the introduction period start as soon as they accept me, sorry but its my first BT.

Gordon_the_Moron

YorkshireBoy wrote:

Whilst slow stoozing will make you some money, it won't make you anywhere near what you'll make by fast stoozing using balance transfers.

For example, someone using a 0% on purchases card (eg M&S) with a £12K limit and spending £1K a month will have an average stooz pot savings account balance of £6K over a year (ignoring 3% minimum payments). This will generate around £240 in interest after tax.

Compare this with the £2-3K* and more per year possible using the fast stoozing techniques with balance transfers, and you'll see why people continue to seek out no-fee/capped fee deals.


* One stoozer on The Motley Fool even bought a brand new Ford Focus C-Max with the £12K proceeds from 4 years of fast stoozing!

If you offer to do other people's shopping for them like I do then collect the cash you can 'slow' stooze extremely fast. I spent 3 months wages in a month on one card and banked the cash.

bagby

Fuzzy wrote:

Hi

Thanks to the stoozing website, I have just applied on-line and been accepted by the Norwich and Peterborough BS, for their 6 month 0% on the BT with no fee. Fastest acceptance ever, a slight pain having only 6 months on this occasion, but these cards are getting rarer now, and I got a good credit limit too.

Will probably need one more card after this to clear the "debt" (the money which has been saved into an ISA), and then I think that's my lot, gets a bit tricky keeping on top of all the dates, and trying to find a fee free BT.

Just ordered one for my hubby - acceptance came within four days - a good find - thanks
Just cant wait to find out how much I can balance transfer.

YorkshireBoy

bagby wrote:

Just cant wait to find out how much I can balance transfer.

You don't have to wait.

At the bottom of page 4 (of 8) of your acceptance paperwork is a "For bank use only. Please do not mark below this line" section. Your credit limit is given at the left hand side of the footer, and just before your application reference number.

Bisoy

Just been back from holiday and just wonder what other stoozers think. Joint stooze money at present has dwindled to 14K. There are 2 fees free cards available N&P and Stroud and Swindon being the former would benefit my wife and the latter hopefully suits me as my last coop card has been closed more than 12 months. We've been itchy to apply these 2 cards but just managed to get the PO card and my wife virgin card.

Are we OK to apply each card on same date or would spread it a few days?
Many thanks.

jamescredmond

stoozing drought?
consider this: m and s more card. take 100% iof limit in sterling traveller's cheques (1% fee), place amount in high interest account (if bank doesn't levy any charge for this). on £10k this should net over £300.

can anyone see problems with this?

Phoenix79_2

jamescredmond wrote:

stoozing drought?
consider this: m and s more card. take 100% iof limit in sterling traveller's cheques (1% fee), place amount in high interest account (if bank doesn't levy any charge for this). on £10k this should net over £300.

can anyone see problems with this?

Can you do that with the &more card? So if i applied for one i could pay the travellers cheques into my account?