Should i add stoozing to my current savings?

Ralphy101

Ok guys here goes!

Planning on making a purchase on an engagement ring to the sum of £1200.00.

I was thinking if she's going to be getting the rock... i want a reward for being shackled. ( jokes!).

From this month I plan to be saving £50 too.

Instead of buying the ring outright, i would plan to purchase it on the Barclaycard 20 months 0% purchase credit card.

Put the £1200 into a high savings account, then add £50 to it over the course of 19 months. Then pay the Credit card off in full, then reap the benefits.

First time stoozer here... so be patient with me.

Is this too much hassle just to make a couple of hundred quid profit ?

YorkshireBoy

Ralphy101 wrote: »

i would plan to purchase it on the Barclaycard 20 months 0% purchase credit card.

Is there such a product?

Ralphy101

Oops confused balance transfer offer with purchase - ok what about m and 15 month deal ?

YorkshireBoy

Ralphy101 wrote: »

Is this too much hassle just to make a couple of hundred quid profit ?

How will you make £200?

£1,200 left in a 3% savings account for 15 months will make you £36 after basic rate tax - and that's before you make your 14 months of 2.5% minimum payments.

You'll be lucky to make £30 out of the stooz. It makes sense to do it, yes, but you're not going to get rich doing it.