How to use best of my credit ?

sadia85

Hi

I have 4 credit card and got around 12k on it and want to know how can i use it best as reading people do stoozing !!

please advice.

thanks

[Deleted User]

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

sadia85

Deleted_User wrote: »

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

Could somone explain it to me little because i got cards which have long period of 0% balance transfer and the purchase but how do i transfer into my savings account ?

Some cards do allow you to transfer it to the bank current account, my mine does not, I got Nationwide / Barclays / Santander.

Please advice.

thanks

grumbler

Did you read the article?
For direct transfers to a bank account see Super Balance Transfer section with a link to the full Super Balance Transfers guide.

Even if some cards offer new customers 0% transfers to a current account, this doesn't mean that they necessarily offer the same to existing ones. I can be wrong, but I don't think that Nationwide/Santander offer this even to the new customers.

Stoozing flourished when saving rates were much higher and BTs were free. Personally, now I wouldn't bother with it while the saving rates remain close to zero, but I wouldn't ignore 0% offers on purchases.

sadia85

grumbler wrote: »

Did you read the article?
For direct transfers to a bank account see Super Balance Transfer section with a link to the full Super Balance Transfers guide.

Even if some cards offer new customers 0% transfers to a current account, this doesn't mean that they necessarily offer the same to existing ones. I can be wrong, but I don't think that Nationwide/Santander offer this even to the new customers.

Stoozing flourished when saving rates were much higher and BTs were free. Personally, now I wouldn't bother with it while the saving rates remain close to zero, but I wouldn't ignore 0% offers on purchases.

Hi Grumbler please advice how to do this with the 0% purchases offer ?

thanks

grumbler

Read the article.
This time pay attention to the big header

How to stooze...

and four steps below it.
STEP 1: Get a card offering 0% on new purchases

STEP 2: Make the minimum repayments only

STEP 3: Earn max interest on the debts

STEP 4: Increase your profit

It's beyond me how you missed this if you really read the article...

Fruit_and_Nut_Case

grumbler, you have the patience of a saint but even you will crack eventually.

garynuman

Deleted_User wrote: »

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards

Hi all

I have read the article but I find this a bit ambiguous:

"STEP 2: Make the minimum repayments only" states:
"As all spending is on the credit card, cash isn't withdrawn from your current account, allowing unspent wages to build up. "

"STEP 3: Earn max interest on the debts" states:
"Don't wait for the cash to build up, siphon it off into the savings account as soon as possible."

So, if I have been paying normal bills, fuel, etc. with a new 0% credit card, would I (once a month, let's say) transfer what I have saved (from my current account) to a high interest account or ISA?

Is monthly ok?

Many thanks.

Gaz

grumbler

You can do this as often as you wish. It's just common sense, not rocket science.
IMO, ISAs aren't good as the rates are low and you have less flexibility with withdrawals, although the latter became less significant after the yearly deposit limits have been increased dramatically.