How to Stoozing - Newbies !!

sadia85

I have seen people puting their creditcard / overdraft money into high savings account and they call it stoozing.

How can someone stooze their money into any savings account even most card issuer do not allow that to transfer money to their bank or anything.

Just curious.

Sadi

Tixy

There is a guide on stoozing here http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards
and a whole section of the forum where people discuss different ways to stooze - Stoozing: Free Cash from Credit Cards

Gromitt

It used to be worth it when interest rates were high, but now typical interest rates are like 2%, its not really worth doing IMO. A better deal at the moment is to use cash back credit cards and put all your spending on those.

YorkshireBoy

Gromitt wrote: »

It used to be worth it when interest rates were high, but now typical interest rates are like 2%, its not really worth doing IMO.

By way of a practical example, I took an existing customer offer (0% for 12 months on money transfers with a 2% fee) from MBNA last September in order to grab £18K to fill up my 4% LTSB Vantage accounts.

I'll make £186 over the year after tax.

Long gone are the days when I was making £3K per annum at it!

MBNA are increasing my limit to £24.5K at the end of this month. However, with returns as low as they are at the moment I'm considering whether it's worth even keeping the card, never mind with a limit so high...which is bound to impact on other card applications.

A better deal at the moment is to use cash back credit cards and put all your spending on those.

Or alternatively, grab a long slow-stooz card and make use of regular savers such as FD's paying 8%...although getting a good rate with regular savers takes some doing these days as well.