What do you do when you run out of cards?

I don't know how many are available, but...

I have the Tesco card - that's almost maxed at 2.25k, which lasts 12 month.

I took out an AA card which has a limit of 2.8k which lasts 10months.

You keep going, you keep getting cards & either keep maxing or the time expires. Some you get, some you get refused for

& before long you've had them all.

What do you do then? Can you re-apply for some or are you out of luck?

I don't know how many there are, so i don't know how likely it is you can use them all, but i just wondered.
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Replies

  • When you run out of cards it's time to start paying them off.
    There's no sense crying over every mistake.
    You just keep on trying till you run out of cake.
  • I meant beyond the obvious (which i wouldn't have had to ask on here for).

    What's your next option, or isn't there one? Do you have to wait until more of these 0% cards become available? (as stated, i don't know how likely it is to run through them all, so this could be possible or very unlikely).
  • TixyTixy Forumite
    31.5K Posts
    Most lenders require you to have closed your account for 6months before they will let you reapply as a new customer. Though your account does need to have been properly closed rather than just paid off.

    But eventually you will run out of lenders who will allow you to have new cards. Or will have too high debts or credit available that new lenders/previous won't accept you for applications.

    Rather than relying on be able to continuosly get new cards you do need a plan to start repaying your debts.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Thanks for the feedback.

    Although the question isn't about me repaying my debts. I could repay it all today, but that'd defeat the purpose of stoozing. I'll also never spend more than i can pay back as i'm not one of those people tempted to do so.

    Right before the 0% offer ends, the balance will be repaid in full, each & every time.

    The question was rather, this (repaid) happens to one, then another, then another & before you know it you've gone through them all. What then.

    I wasn't wanting to discuss repayment as this isn't a concern - it'll get done.




    Not wanting to come across as "being funny", but that's the problem with communicating via text & not verbally (the above will be taken the wrong way by some people & not others).
  • danothydanothy Forumite
    2.2K Posts
    Part of the Furniture Combo Breaker
    Once you've come to the end of 0% credit available to you you just need to pay it off, there's no "next" as such, the whole thing is a finite exercise.

    Keeping half the canaries in the air at any one time is fine (if you know what you are doing, and by not spending more than you have it would appear that you do) but it's not a permanent solution.

    Nothing stopping you from starting the whole thing again as a new customer after some respite though.

    Good luck keeping it going as long as possible.

    PS:
    i'll give u a loan at 0% if u need more money, its the same thing

    I'll take some of that 0% action if you're dishing out free money ...
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
  • I can only assume that some people balance transfering are able to get nice credit allowances.

    I thought (before my recent thread) that if you had an allowance of £2k, and you were transfering £1k to it, then that company took over as far as the £1k goes, but you'd still have £2k (to spend).

    I then had it explained that if you did this, your allowance would drop to only £1k.

    My max allownce is £2.8k. My last was £2.25k. If i transferred £2.25k then i'd not be left with much at all. £550 would get spent within a few months, so balance transfering wouldn't help me.

    Which means i'd have to pay off a card in full at the end of the course & not BT, eventually working my way through the cards.
  • When you run out of cards it's time to start paying them off.

    Look this is the stoozing board, not the Debt Free Wanabee Board.

    The whole point of stoozing is to maximize debt and not pay it off, so the Credit Card Provider's funds earn you a nice bit of interest in your savings accounts.

    I've been carrying a stoozing debt since the late 90s and I have no intention of completely clearing the debt unless it becomes completely unprofitable.

    To the OP, it is trickier than it used to be, rejections are more likely and limits are lower, but you just keep faith. I've been rejected by one provider, then handed a £9k limit by another. Perseverance is the key, just keep at it. Remember if no repeat deals are forthcoming from a particular provider, close that card down, check when you can re-apply and give it another bash further down the road. You'll get something sorted, I'm sure.

    Good Luck and have a Merry stoozing Christmas ;)
  • edited 22 December 2010 at 2:28PM
    danothydanothy Forumite
    2.2K Posts
    Part of the Furniture Combo Breaker
    edited 22 December 2010 at 2:28PM
    NickX wrote: »
    Look this is the stoozing board, not the Debt Free Wanabee Board.

    The whole point of stoozing is to maximize debt and not pay it off, so the Credit Card Provider's funds earn you a nice bit of interest in your savings accounts.

    I disagree slightly as this appears to be the slow stooze method, I feel it's about maximising the offset between when you would spend ordinarily and when you pay off the debt accrued in place of that outlay. Maximising the debt when it's a (free) cash advance makes sense, but not when the money your earning interest on is your normal income.

    Since the introduction of BT fees and the lowering of limits it has suddenly becomes less equitable to perpetuate the debt, and as has been said by the OP, if you can find a good transfer deal the amount left to continue stoozing is reduced, although I would say take it if it's free of a BT fee as it will at least offset the existing debt further even if you can't add to it.

    If the options for perpetuating the debt are depleted either by hitting the limit of what will be lent to you or through the cost of shifting that debt around to keep it interest free outweighing the benefits of the savings (exacerbated by the low savings rates currently being offered) then the time has come to pay it off and start again when you can as a 'new customer' to get a better deal.
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
  • NickXNickX Forumite
    3K Posts
    danothy wrote: »
    Maximising the debt when it's a (free) cash advance makes sense, but not when the money your earning interest on is your normal income.

    Stoozing is never about earning interest on your normal income. It is about earning interest on the Credit Card Provider's funds.
    danothy wrote: »
    Since the introduction of BT fees and the lowering of limits it has suddenly becomes less equitable to perpetuate the debt

    True
    danothy wrote: »
    I would say take it if it's free of a BT fee as it will at least offset the existing debt further even if you can't add to it.

    Just because there is a Balance Transfer Fee doesn't immediately make a stooze unprofitable. You need to do the maths and decide if you deem it worthwhile.
    danothy wrote: »
    the time has come to pay it off and start again when you can as a 'new customer' to get a better deal.

    If you are not going to remain in profit, then the time has come to return the Card Provider's funds to them. Agreed.

    To become a "new customer" again you need to be aware of each providers rules on re-applying for a product. Some allow instant re-application after closure, others can make you wait up to 12 months. This table provides some information on this:

    http://www.stoozing.com/cards.php
  • MeadowsMeadows Forumite
    4.5K Posts
    Mortgage-free Glee! Hung up my suit! Xmas Saver!
    K_P83 wrote: »
    I don't know how many are available, but... I have the Tesco card - that's almost maxed at 2.25k, which lasts 12 month.
    I took out an AA card which has a limit of 2.8k which lasts 10months.
    You keep going, you keep getting cards & either keep maxing or the time expires. Some you get, some you get refused for
    & before long you've had them all.
    What do you do then? Can you re-apply for some or are you out of luck?
    I don't know how many there are, so i don't know how likely it is you can use them all, but i just wondered.


    Stop spending!!!!!
    Everything has its beauty but not everyone sees it.
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