Stoozing website back up and running

Clariman

Anon wrote:

RTFM - thanks Galstonian but that wasn't my question - what I meant was is it better to pay off the credit card completely, close then apply for a new one, or apply for a new one looking to balance transfer then close? (NB - Assuming that I have an Egg card or MBNA to transfer into my current then savings account ).

Anon

If I am not mistaken, the https://www.stoozing.com guide or FAQ covers that too, but am happy to answer it as a question here :-)

In general, it makes more sense to open up a new card before the introductory period on the first one expires. Then you can do a balance transfer from the old card to the new card which means the 'free loan' money never leaves your Stooz Pot (your savings account). It also means that you no longer need to have a card that can transfer directly to a bank account. Once you have done the transfer and you know the payment has gone through, let the intro period end date pass and then call them up to close the old card. Sometimes card issuers offer extensions to the 0% intro period in order to keep your custom.

The only proviso is that this assumes that you have left yourself enough credit capacity to have your new card(s) overlap your old card(s). This is why I would advocate that people don't get them Stoozed up to the hilt immediately. Leave some capacity so that you can manage the transition from one card to the other.

Also, don't forget that after you have a card closed for 6 to 8 months, most lenders will treat you as a new customer again ... and give you intro offers at 0%. As long as you don't overdo it and as long as the offers are around, it should be possible to sustain stoozing for a long time.

Good luck.
Clariman