Should I become a stoozer?

SisterSeph

I owe a fair bit on my overdraft but it's interest-free up to £1000 as it's a graduate account. However, the interest-free part is probably due to decrease to £750 in the next few months. Given that I have this debt, is it wise for me to start stoozing? Is stoozing even still a good idea?

gem4

Its getting harder to find the fee free balance transfers now. If you're only thinking of a couple of thousand then the transfer fee will go against any money you might make, and if you're not on the ball with the repayments you might get charged interest which will cancel out the rest of the benefits. In addition, the credit limits are very low at the moment. I would concentrate on getting rid of the debt first then saving as much as you can in a high interest account. That's just my opinion of course.

Bisoy

I have to agree with the previous poster. You have to tackle your debt first before considering stoozing. Although fees free cards are no longer abundant but the idea isn't dead yet. In fact I'll carry on until I've run out of options.

tomstickland

I've been slow stoozing and this is a good way of moving debt to 0%. I don't have any debt though. I apply for a card with, say, 6 months on purchases and then do all my shopping on that card until it's up to the credit limit (takes 3-4 months). I then start on the next card. This way I'm keeping around £4K on 0% cards over the year. Around £200 of profit on that in a 5% ISA.