Stoozing HELP

chapers

Hi there

I have a credit card (0% deal runs out in Aug 2011) which I have maxed to the agreed limit of £5000. I have been carrying out my daily spending on this card (Barclaycard) since early last year whilst putting unused wages into my Cash ISA and now a normal savings account.

I am in a predicament as to what to do following the payment of interest into my Cash ISA. I want to continue stoozing in this manner but as the 0% deal is up in August 2011 would it be worth paying off all of the outstanding debt on the credit card with the savings and interest I have gained over the year, close the account and then move to a new 0% provider. Or would a balance transfer best suit me. I'm a bit nervy about the latter option as I have not identified many providers who offer long periods of 0% on purchases as well as 0% balance transfers.

Your help is much appreciated.

Regards
Rob

jd87

Balance transfer the "debt" you have already built up, AND get a new 0% purchases card for new savings, surely? - Two different cards.

splatt30

Best bet would be 2 seperate cards, one for the BT of the debt you already have and one to continue the slow stooze. But you need to seperate the application so maybe apply for a new 0% on purchase card now (? M&S).

When it gets nearer to August check using the stoozing calculator if it's worth doing a transfer. The fee will be about 3% so you need to be earning more than that in interest just to break even. BT stoozing is really not very profitable at the moment. Be warned that the applications might not be accepted and be prepared that you may just have to pay it off. I had a stooze pot of £30K until recently offsetting my mortgage but got nervous about potentialy being turned down for new cards so have had to start paying bits off