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Hello
trying to get my head round this stoozing and how you make some money out of it?
i have just got a Tesco 0/0 balance transfer card, which i am putting my natwest c/c balance of 1200 onto and will be paying £50 a month off this card
do i do my shopping / petrol / and other stuff on the natwest c/c which i will pay off each month to make savings?
newbie to all this
thanks

Replies

  • mrs_Tmrs_T Forumite
    1K Posts
    Part of the Furniture 500 Posts Combo Breaker
    The principal of stoozing is to start with no "real" debt so that the balance you transfer can be banked at a higher rate of interest than the fee you may have paid for the balance transfer. If you have a "real" debt you will make money by paying it off during the interest free period and saving what you would have paid in interest. If you had no debt you could use an interest free card for purchases as long as you banked the money you would have spent and earn interest on it.
  • MallyGirlMallyGirl Forumite, Senior Ambassador
    5.9K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    Senior Ambassador
    it is harder to make money stoozing with the current interest rates but they weren't always this low and at some point they will go up again. In the old days you could also get fee free 0% money transfers from Egg which were good news for offset mortgage holders like myself.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
  • thank you for your replies. i have done the balance of £1200 with no transfer fee on a 19month no interest deal, will be paying minimum £50 a month, so will see how it goes
  • mrssjsmrssjs Forumite
    609 Posts
    Part of the Furniture Combo Breaker
    . ignore post
  • pluntplunt Forumite
    520 Posts
    Part of the Furniture Combo Breaker
    Forumite
    whats the credit limit on the tesco card?
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