First time stoozer - need advice please...

I've got an MBNA card and have just received an offer of 13 months 0% (with 3% fee) for transfers into a bank account.

Not sure whether this is a good thing to do.

Firstly, and the big issue for me, is will using this offer be shown as a cash advance on my credit file? If it is then surely this would be seen as a really big indicator of being in financial difficulty so don't want to do this if it has a negative effect.

Also, as the fee is 3%, is it worth the hassle anyway?

Really grateful to hear views to help me decide.
:hello:

Replies

  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    It will not show as a cash advance...because it isn't a "cash advance" (as defined by their T&Cs). :)

    I wouldn't take it personally, because I couldn't make a guaranteed return of 3% after tax.

    Depends what you're going to do with the money, but you may find this stoozing profit calculator useful...

    http://www.stoozing.com/calc.php
  • Hi if you want to start stoozing you have to take and use every card you can..
    I have just started have appied for 3 cards got acepted for all 3 cards one i have balance tranfered £2800
    one i plan to put all my spending on for the next few months and have got a spare one for when my other one is maxed out..
    then i will hopefully get some more cards to balance tranfer to after my 0 % runs out..

    Good luck..
    £176,000 January 2014
  • I've got an MBNA card and have just received an offer of 13 months 0% (with 3% fee) for transfers into a bank account.

    Not sure whether this is a good thing to do.

    Firstly, and the big issue for me, is will using this offer be shown as a cash advance on my credit file? If it is then surely this would be seen as a really big indicator of being in financial difficulty so don't want to do this if it has a negative effect.

    Also, as the fee is 3%, is it worth the hassle anyway?

    Really grateful to hear views to help me decide.

    Not an issue doing the bank transfer - no effect on your credit file.

    But a BT at 3% means you would need to earn interest on the account at around 3.75% to break even.
  • Hi if you want to start stoozing you have to take and use every card you can..
    I have just started have appied for 3 cards got acepted for all 3 cards one i have balance tranfered £2800
    one i plan to put all my spending on for the next few months and have got a spare one for when my other one is maxed out..
    then i will hopefully get some more cards to balance tranfer to after my 0 % runs out..

    Good luck..


    Best to stagger the cards you take out. Unless you are well below the total that you expect lenders to lend you, then you may hit brick walls getting new cards at the end of the 0% terms.

    Even once you close account, it can take a few weeks for the info to reach the credit agencies.
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