What credit cards allow money to be put into bank accounts?

DanDan_5

Hi,

Hope that someone can help me.

I've always shyed away from credit cards and never had one despite loads of promotions sent in the post. I've got a offset mortgage with the woolwich and then came across this web site. I have not oustanding debt except the mortgage with my girlfriend - she does not have a credit card either.

How easy is it to stooz a credit card with a bank account and roughly how much could I stooz. I would put it in my offset mortgage account and wouldn't use the cards. I have seen the articles from Martin about egg and virgin but when I go to the web pages I don't see anything about the cards that reference the ability to put money directly into my current account.

Also what do credit card companies need from me - can I do it over the internet?


I just want to try this stooz so any upto date links or promotions would be great.


Many thanks,

DanDan.

p.s. Great site!

smartsaver

Hi Dandan

It is very easy to stooze. The best card for transferring into a current account is EGG who do not charge at the moment. The MBNA group are also good but be sue to request the BT to your current account when you sign the credit agreement or you will be charged a 2% fee.

Goo luck

realaledrinker

The one and only stoozing website, owned by 'stooz' himself is at:

http://www.gemnet.freeserve.co.uk/index.htm

This has all you need to know & tips/pitfalls to be aware of.

Martinslovechild

DanDan,

Check out www.stoozing.com.

Credit Card companies don't really advertise the fact that they'll drop cash into your current account. In Egg's case, they allow you to BT loans and overdrafts. Therefore, give them your current account number and sort code - they don't really know that you're not actually overdrawn, but i've used this facility many times to deposit up to £15,000 in my current account, from where I then move it on to my flexi mortgage account.

As for applications, tread slowly - don't apply for more than maybe 2 or 3 cards initially. You can generally go up to between salary and 1.5 x Salary as a rule of thumb, although some individuals including myself have got double. However, your issue may well be obtaining cards (or certainly cards with reasonable limits) in the first place as you have no history of owning a credit card which makes it more difficult for lenders to determine whether you're a good credit risk or not.

Anyway, check out the stoozing website then decide if it's for you.

Good Luck.