Should I stooze?

ps_live

Hi, I run a tight ship these days and only have one credit card, a barclaycard with just over 3k on it. The 0% ends in August, and so I have applied to CapOne for the 0% 18months offer. I'll use this purely as a 0% loan and pay the balance off before the 18months runs out.

BUT...

I have looked at these forums and read a lot of information on stoozing. I think I can manage it well, I keep a close eye on my money now (and enjoy doing so, is this sad?).

I was thinking of applying for a 0% SBT card. Whatever the limit I was given, I'd fill my isa and put the rest into a high interest account. At the end of the 0% period, I was just going to pay the amount I owe back from the ISA and savings account. I'll still have accrued interest right?

So, I'm looking for a card that has a good length of 0% on SBT and allows you to pay the minimum £5 per month. Are there any?

cheers :beer:

Pete

smartsaver

Virgin who are managed by MBNA would meet all your needs.

Clariman

ps_live wrote:

Hi, I run a tight ship these days and only have one credit card, a barclaycard with just over 3k on it. The 0% ends in August, and so I have applied to CapOne for the 0% 18months offer. I'll use this purely as a 0% loan and pay the balance off before the 18months runs out.

BUT...

I have looked at these forums and read a lot of information on stoozing. I think I can manage it well, I keep a close eye on my money now (and enjoy doing so, is this sad?).

It sounds as if you have the right attitude for Stoozing. If you enjoy managing your money, have a fastidious attention to detail and are prepared to read the small print in a credit card agreement, then go for it. Martin's REVENGE artice on MSE gives a good overview and further details can be found at https://www.stoozing.com.

I was thinking of applying for a 0% SBT card. Whatever the limit I was given, I'd fill my isa and put the rest into a high interest account. At the end of the 0% period, I was just going to pay the amount I owe back from the ISA and savings account. I'll still have accrued interest right?

Absolutely right. One thing to consider though is that you can put money in an ISA, you can then take it out, but then you can't put it back in again during the same tax year. So, if you can full up an ISA with ordinary savings (as opposed to Stoozing money) and leave the money there, that makes more sense - in which case you can put your Stooz money in a savings account.

So, I'm looking for a card that has a good length of 0% on SBT and allows you to pay the minimum £5 per month. Are there any?

As another poster has said, the cards from the MBNA family allow you to pay back £5 per month which is great. However, most MBNA cards charge you for a Balance Transfer - some have a maximum charge of £35 or £50 which is OK if you have a large balance to do, others have no limit to the BT fee which is not good news. The most straightforward SBT card around at the moment IMHO is Egg.

Clariman

smartsaver

Totally agree with Clariman but with EGG you will pay back 2% of the balance. You do not pay a BT with Virgin although they are part of the MBNA group and it is only £5.00 per month pay back.