Question About Stoozing 4 August 2013 at 9:44PM in Stoozing: free cash from credit cards 15 replies 4.7K views

chriswtrs

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.

Thrugelmir

Your logic is correct.

MoneySaverLog

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

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

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

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.

mrs_T

Look here http://www.stoozing.com/credit-cards/balance-transfer-cards.php, balance transfer fee from 0.9%.

JP_Esq

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

Stooz is the reason stoozing is called stoozing. Named after Stooz, who gets a nice wikipedia entry as a result.

MoneySaverLog

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

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: