Is stoozing still worth doing?

CHIHUAHUA

Hi i've stoozed 12K on 0% cards fee free for the last few months and the 3 cards run out at start of August - have done o.k with the interest and hopeful March 2008 Egg cashback of £200 if they honour it.
I 'm wondering if it's gonna be worth it to apply for cards with fees to restooze once these cards run out.
Any advice
thanks Chi

iggypop37

as interest rates climb, your investments in stooze pots should generate a higher return e.g. 6.05% with ING at present. On a long stooze this should offset any capped BT fees.

bagby

ive stoozed £9000 recently Ive paid the fees which were between £50 and £70 but I will make more than that in interest. There is less money to be made but you can still make some. I have some fee free cheques from capital one which I can stooze each month for £6500 and I pay back each month. Cap One keep sending me new cheques ( I think in the hope that Ill throw the others away and use the new fee paying ones - no chance). They used to send me them when I didnt use the card.

dawnylou

Hi all,
I have JUST opened an Egg Money card with the hope of stoozing - never done anything like this before - but will it be worth it? I can't find a credit card that does not charge for balance transfers but I am not sure I want to pay a BT fee in case I don't make enough to make it worthwhile.
Any ideas or thoughts would be great..

hutters

dawnylou wrote: »

Hi all,
I have JUST opened an Egg Money card with the hope of stoozing - never done anything like this before - but will it be worth it? I can't find a credit card that does not charge for balance transfers but I am not sure I want to pay a BT fee in case I don't make enough to make it worthwhile.
Any ideas or thoughts would be great..

As long as you can make the monthly payments while you are 'borrowing' the money at 0%, then as long as you can put the balance transfer amount into an account that is paying a higher interest rate (less tax) than the balance transfer fee you will make money. e.g. on a 12 month interest free BT fee = 2%, Savings rate = 6% (less tax). £10k BT costs £200 in fee, but interest earned = ~ £600 less tax.

bandraoi

Take a look around quidco too. If you can get money back off getting 0% credit cards than you may be able to up the profit. I wouldn't be relying on it, but it'll up your margin.

littlejaffa

dawnylou wrote: »

Hi all,
I have JUST opened an Egg Money card with the hope of stoozing - never done anything like this before - but will it be worth it? I can't find a credit card that does not charge for balance transfers but I am not sure I want to pay a BT fee in case I don't make enough to make it worthwhile.
Any ideas or thoughts would be great..

ulster bank do 0% on balance transfers, martins info on stoozing lists another bank as well - the articles worth reading before you start.
hope you got your £35 via quidco for opening and egg accoung

YorkshireBoy

littlejaffa wrote: »

hope you got your £35 via quidco for opening and egg accoung

That offer is for the Egg Card isn't it?

dawnylou

littlejaffa wrote: »

ulster bank do 0% on balance transfers, martins info on stoozing lists another bank as well - the articles worth reading before you start.
hope you got your £35 via quidco for opening and egg accoung

I have tried Ulster but not heard back from them.
I have an MBNA card with a £2,000 limit which is 0% til next Feb but 3% fee - do you think it would be worth trying to stooze the full 2K or would the profit not be worthwhile?

No I didn't I have never actually used quidco...

YorkshireBoy

dawnylou wrote: »

I have an MBNA card with a £2,000 limit which is 0% til next Feb but 3% fee - do you think it would be worth trying to stooze the full 2K or would the profit not be worthwhile?

https://www.whatsthecost.com/stoozing.aspx (but I suspect the answer will be no!)

littlejaffa

YorkshireBoy wrote: »

That offer is for the Egg Card isn't it?

yup..the credit card everyones talkign about