Question About Stoozing

jamesd

If it was you it could have been called JPEsqing. Just the name which Stooz used on a message board.

zerog

However beware the minimum payment, e.g. barclaycard is 2.25%.

After 12 months you will only have 76% of your original balance left, 58% after 24 months. So your principal over 2 years is on average approx 80% of the original balance, but the BT fee is assessed on 100% of the original balance.

Add in tax on interest, and you'd need to earn something like 2.4% just to break even on a BT fee of 1.5%, more if higher rate taxpayer. And you need that rate on an unlimited instant access account, because your savings would still stay in accounts with a max balance even if you didn't get the card

1% min payment is good.

rodent

Hi Stooz , 'tis me the real Rodent lol

trickydicky14

Stoozing
Trying to get my head round this have I got it right.
I need a new credit card now Amazon has pulled the plug on its card I was going to do this:
Get a Santander 123 card as I have a 123 current account so 1year no fee.
Hopefully get as big a credit limit as possible.
Use card for all purchases until limit is reached and also get cash back.
Just pay minimum payments for 18 months then pay of the rest before I get charged.
The only problem I can see is after 1year I will get hit with an annual fee of £24 but short of paying money back at 12 months and ditching card I can’t see a way round that any thoughts.

ricky_v

trickydicky14 wrote: »

Just pay minimum payments for 18 months then pay of the rest before I get charged.

Don't forget to continually mirror the debt in a high interest account. TSB's 5% (2 accounts at £2k) and Nationwide's 5% on £2,500 for 1 year are good ones. There you go, up to £6.5k at 5%

If you find the credit card's balance is larger than the savings, you're doing it wrong, and you're going to have a bad time when the 0% ends.

Plus assuming you use the credit card for petrol and other spends, the cashback should pay for the fee and then some.