Balance Transfer

Nednats

I currently have a 0% card that I have mainly been using for stoozing. As the 0% period is ending soon I applied for another card to transfer the balance across to. I got accpeted for the new card but there is a limit. This is lower than the outstanding debt.

Which of the following can I do and which would be best?

• Pay some of the outstanding balance so that it matches the limit then Transfer.
• Transfer up to the limited then pay of the remaining balance.
• Get 2 cards and transfer the some of the balance to each card.

CLAPTON

Nednats wrote: »

I currently have a 0% card that I have mainly been using for stoozing. As the 0% period is ending soon I applied for another card to transfer the balance across to. I got accpeted for the new card but there is a limit. This is lower than the outstanding debt.

Which of the following can I do and which would be best?

• Pay some of the outstanding balance so that it matches the limit then Transfer.
• Transfer up to the limited then pay of the remaining balance.
• Get 2 cards and transfer the some of the balance to each card.

with interest rates so low how do you make money stoozing?

grumbler

I don't see much difference between (1) and (2). And beware that the BT limit is usually lower than the card limit.

Re (3), it depends on how much you want to transfer, for how long and on th BF fee. IMHO stoozing is pretty much worthless nowadays because of the BT fees and low interest rates on savings.

Nednats

CLAPTON wrote: »

with interest rates so low how do you make money stoozing?

Currently have money I have stoozed in a 3% ISA.
I made a big purchase with the card when I first got it. I already I had saved for the Item so that cash is now in an ISA.
Also I was previously filling an ISA up at the end of the tax. With help from cards I now fill it up at the start of the tax year.

CLAPTON

Nednats wrote: »

Currently have money I have stoozed in a 3% ISA.
I made a big purchase with the card when I first got it. I already I had saved for the Item so that cash is now in an ISA.
Also I was previously filling an ISA up at the end of the tax. With help from cards I now fill it up at the start of the tax year.

I don't understand that

if you are applying for a BT card to transfer money from an existing CC then you will be paying a BT fee (typically 3 or 4%)?

grumbler

You are missing the fact that some BT offers are longer than 12 months and some BT fees can be smaller than 3%.

Nednats

My BT fee is 1% and 0% for 15 months. I have seen as low as 0.75% for a BT fee. I also used a cashback site to apply for the card so the card I applied for works out the best deal.

CLAPTON

as I often say, the full facts often help when suggesting a course of action

[Deleted User]

lantsyolanda wrote: »

Transferring to new credit cards often results in lowered rates.

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