Question About Stoozing

I cant get my head around how you actually make money out of it.

The best fixed rate account is 2.05%

The best rate balance credit card is 2.99% fee.

So surely all the money you make at the end of the year is wasted when you balance transfer onto the next card.

Please could someone correct me if im missing something.

Thanks Chris.
«1

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Your logic is correct.
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    Nationwide flex direct current account overdraft @ 0% APR
    Paid into my Lloyds TSB cash ISA @ 3.7%

    Cash being built up outside ISA to pay it back after 12 months

    Nice stooze ;-)
  • jamesd
    jamesd Posts: 26,103 Forumite
    Name Dropper First Post First Anniversary
    You can use 0% for purchase cards to get money at no net cost while making money on the savings. You don't have to balance transfer at the end of the deal, you can just repay from the savings. You can get balance transfer cards with longer durations than 12 months, though even so you'll struggle to make a profit if using a savings account.

    Using investments you have more opportunities and more risk.
  • Stooz
    Stooz Posts: 11 Forumite
    Also you can use it to offset on a mortgage. Which could be 4% so the difference is greater, and potentially profitable

    (Hi everyone, it's actually the real Stooz here :wave:)
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    chriswtrs wrote: »
    The best rate balance credit card is 2.99% fee.
    But that's once-off, not per-annum, and you can get 0% BT cards that run for more than 2 years.

    Also, that's not the cheapest fee. You can get 1.5% or 1%, and now from Tesco no fee at all.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • mrs_T
    mrs_T Posts: 1,017 Forumite
    First Post First Anniversary Combo Breaker
    Look here http://www.stoozing.com/credit-cards/balance-transfer-cards.php, balance transfer fee from 0.9%.
  • JP_Esq
    JP_Esq Posts: 7 Forumite
    Stooz wrote: »
    Also you can use it to offset on a mortgage. Which could be 4% so the difference is greater, and potentially profitable

    (Hi everyone, it's actually the real Stooz here :wave:)

    I know Im probably going to get shot down in flames here and I ask this in the friendliest of tones but.... who is the "real Stooz?"

    What's the story Guv?
  • jamesd
    jamesd Posts: 26,103 Forumite
    Name Dropper First Post First Anniversary
    Stooz is the reason stoozing is called stoozing. Named after Stooz, who gets a nice wikipedia entry as a result.
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    Stooz wrote: »
    (Hi everyone, it's actually the real Stooz here :wave:)
    jamesd wrote: »
    Stooz is the reason stoozing is called stoozing. Named after Stooz, who gets a nice wikipedia entry as a result.

    We are honored :T
  • JP_Esq
    JP_Esq Posts: 7 Forumite
    jamesd wrote: »
    Stooz is the reason stoozing is called stoozing. Named after Stooz,...

    I kind of guessed as much, however, I was wondering what was that caused the phrase to be coined in such a way?

    Was it a weird accident? Was there something unique that he did?

    Either way, nice to meet you fella! :money:
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards