New Barclaycard - time to Stooze!

easterbunni

Hi all.

I recently came into a sum of money which is enough to pay off my current credit card debt, and leave me with a few hundred spare

I thought that I would give applying for the 'Barclaycard 0% BT 2.9% fee for 17 months with £20 off if you transfer more than £3k before 31st Jan a go', see what would happen, just being curious an' all. They accepted me!

I also applied for a new Lloyds classic current account with the aim to add Vantage and Stooze off any spare cash.

Now the cynical me thought that they would probably give me a limit of less than the £3k, or perhaps enough to cover my £4.5k on CCs if they were feeling kind

Got through the post both sets of details for Lloyds and BC yesterday, and to my surprise, BC have given me a limit of £9600 :eek::eek::eek::eek::eek:

Now, if I just transfer over the £4.5k balance, I'm potentially losing out on five grand of Stooze cash.:rotfl:

Here's a few details:
£5000 cash to go in Lloyds Vantage
£3200 limit on an "old" Egg money account @ 12.9% maxed out
£3900 limit on a Mint card - LoB @ 6.9% on £1300 balance

We now have our budget sorted, and will no longer be relying on CCs to cover us till payday, although the plan is to use the Egg Money for all purchases for the 1% cashback and pay in full each month.

My question is this - should I just leave it as I'm being greedy, or should I use that extra transferring potential to my benefit? And what would be the best way to go about it? Also where would be the best place to put the additional dollar?

Or is it too much hassle for the few quid I might make out of it

Cheers all

izools

Use your Egg Money card as a 'Mule' between BC and the LTSB Vantage account.

You can send money from Barclaycard to Egg as a balance transfer putting Egg Money in credit then money transfer the credit balance out into the Vantage account fee free to enable you to earn interest on that balance.

YorkshireBoy

A £5K stooz for 16 months* will make you around £36 after basic rate tax.

If LTSB pull the Vantage account, or cut the interest rate significantly, you could actually make a loss! For example**, if they drop it to 3% the week after next you'll lose £9.

Is it worth the risk?


* Allowing for start up/shutdown delays.

** Plug your numbers into this calculator.