Is it wise to stooze?

Bisoy

2007 has been so far very successful between me and wife. Stroud and Swindon at the start of the year, Clydesdale Gold, and just recently a Virgin repeat for six months. My wife and I have one refusal each and has appealed successfully.

But I would agree to all above posters that I am in the process of winding up as well. I would probably cancel my Amex Platinum and just keep my Egg money card.

If anyone would like to ask what has stoozing done to me then consider this scenario: 3 years ago before I've started stoozing, with a family of four we could only just afford to go on holidays abroad once a year but since started stoozing we've been on holidays abroad at least 3 times a year. We've been to Euro Disney already in February this year and next month we're going to travel Southeast Asia.

I could have gone the route offsetting our mortgage but have it fixed for 5 years before I learn the trade.

Paul_Herring

I've paid off the Halifax but when I went to close, I was transferred to someone who offered uncompetitive deals, so I then asked to go ahead with the closure, and was then persuaded to keep the card open just in case there's more deals next month. I then said that I don't want to keep phoning up and seeing the same deals, without cancelling, so next month I'll check on the deals and then commit to cancelling, so I agreed to have the card open a little longer with a zero balance.

Good tactics, as having the card open longer bans me from taking advantage of any other Halifax card deals

"Next month"? Yeah, right. Ring up now and cancel. If they're going to give you something worth while they would have done it first time. In fact, hang on one more day, - tomorrow is "next month" - ring up then and cancel unless they offer you something you want.

Any non-advertised offers don't magically appear from one month to another - they're probably saying this just to keep you as a customer. Speculatively, the only thing "next month" might apply to is quota's for offers they can use to keep customers and the counter starts on the 1st of the month.

iggypop37

maybe as interest rates rise and stoozpot rates hopefully follow the trend, small BT deals may become more profitable

Shiggaddi

Paul_Herring wrote: »

"Next month"? Yeah, right. Ring up now and cancel. If they're going to give you something worth while they would have done it first time. In fact, hang on one more day, - tomorrow is "next month" - ring up then and cancel unless they offer you something you want.

Any non-advertised offers don't magically appear from one month to another - they're probably saying this just to keep you as a customer. Speculatively, the only thing "next month" might apply to is quota's for offers they can use to keep customers and the counter starts on the 1st of the month.

Well, I just called them up, and asked to cancel my account, and this time wasn't even put through to an account closure specialist like last time. The guy asked how he could help me, I asked to close my account, so he took my card number, and confirmed part of my password, and then said, "Right, the card is now closed"

No offer to keep me there, and no transfer to anyone else. All done by the normal call centre staff.

I had to ask if I'd get a confirmation letter, then I said my thanks for the help, and he said his thanks for the call, and that was it.

At least there was no timewasting like last time, as I'd never have been offered another 0% deal with no fee again.

blisteringblue

You do struggle to find then now, the Morgan Stanley Buy & Fly card is still kicking about, I got that last month and stoozed over £5k into my Oneaccount. BT fee is capped at £50 so I'll make quite a saving on that one.

lukeylukeluke

OK, please forgive my ignorance, back to the initial question of "Can you just balance transfer 100% of your credit card limit to a savings account?" I still dont really understand 'how'.

so I just get a credit card with 0% on balance transfers and hand the card to Barclays (ive just applied for their ISA)?

As for this issue with fees, what are the fees for if its 0% transfer?

...me thinks I need to go to financial primary school...!

stevemcol

Most cards won't BT straight to a deposit or current account. The solution generally is to get an egg money card which will transfer balances to any bank account. You would then BT from your stooze card, to the egg money card (creating a +ve balance) and then onto your bank account.

lukeylukeluke

oh, so not only would i have to get a credit card,i id have to get an egg too(?).

so i cant just use the credit limit on the egg to fund the isa?

...Ive just noticed theres 2 different Egg cards, argh, which one?

my brain hurts!

cptncanary

lukeylukeluke wrote: »

oh, so not only would i have to get a credit card,i id have to get an egg too(?).

so i cant just use the credit limit on the egg to fund the isa?

...Ive just noticed theres 2 different Egg cards, argh, which one?

my brain hurts!

I'm not a stoozer (yet), but this article explains everything http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

sicker

lukeykuk.., Egg Money is best.

John