Credit card revenge

lucielamb

Hi

I have just read martin's article on using credit cards to make cash (did he call it stoozing?). I have no overdrafts or loans, so will one of his recommened credit cards give me a super balance transfer? Basically can i ask egg for eg to transfer the credit limit into a healthy HSBC account.

Also HSBC have just offered me a CC with £3,500 credit, but I see from the small print there are fees and charges for cash advances and cheques. So I assume this means they don't offer the facility of super BT.

Sorry if these are stupid qus but I'm just trying to get my head round it all and my brain is a bit mushy from recently giving birth!!

Thanks :rolleyes:

Reaper

Hi lucielamb amd welcome to the boards.

Yes, stoozing is the common term round here, though I bet the credit card companies have a less polite name for it!

The important thing to realise is that you mustn't do a cash advance to get hold of the money. As you noticed there are lots of horrible fees involved.

Instead you need to do a Balance Transfer. I think most HSBC cards offer 0% on Balance Transfers but they do not allow it to your bank account, only to another card, so it is no use to get the ball rolling.

Start with one of the SBT cards (eg Egg, Virgin). These do allow you to SBT to your bank account. Later on when their offers are about to expire you can pay them off in turn with cards such as HSBC to keep the thing going.

lucielamb

Wow quick reply

Thanks v much, will apply for an egg card now!

oddjob_3

If you have problems with Egg or Virgin applications (as I have) then try Abbey...I got £10 transferred into my current account with no questions asked. But have since tried others without success.

Rangdo

Reaper wrote:

Yes, stoozing is the common term round here, though I bet the credit card companies have a less polite name for it!

Known as 'Gamers' at my company - not too impolite I guess

zcaprd7

Rangdo wrote:

Known as 'Gamers' at my company - not too impolite I guess

Any inside tips?

Rangdo

I learn more about what's happening in this forum , but then I'm a system programmer and not involved in day-to-day business details.

Plus, there are some from our marketing dept that browse these forums which makes any revelations pretty tricky.

Walletwatch

Well, we sure could do with some inside info on what the banks are upto, and what will be their next move...