Spending or balance transfer? 24 August 2015 at 8:52PM in Stoozing: free cash from credit cards 9 replies 3K views

Trunk_z

Hey all,

Have been reading the stoozing article over the last week or so and am starting to understand it!

One question that cropped up that I couldn't find the answer for (note that I only have an AMex for the cashback and a CC for using abroad, I have no credit card debt, so they have been somewhat unused by me):

Why does the guide only mention spending on a card? Couldn't you get a credit card with a 0% balance transfer, transfer the money on the CC into a decent account?

I hope my question was clear enough!
Chris

bengal-stripe

What you want is a card that offers you a "money transfer":

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Trunk_z

Thanks for the reply!

I suppose my next question is, is it beneficial to be doing this? Or do the fees negate any reward?

Regards,
Chris

Consumerist

Trunk_z wrote: »

Why does the guide only mention spending on a card? Couldn't you get a credit card with a 0% balance transfer, transfer the money on the CC into a decent account? . . .

For stoozing to work to best advantage, you need a card which offers 0% balance transfer and doesn't charge a fee for the transfer. Whilst it is possible to transfer a balance from another card without paying a fee (e.g. Santander credit card - 15 months) I haven't come across a card which doesn't charge a fee for a money transfer. That doesn't mean they aren't available but if you find one then that will suit your needs.

Hope this helps.

HappyMJ

I'm quite lucky in that I can transfer a balance to my credit card and can withdraw the excess cash for free to my current account so get balance transfer rates without having to do a money transfer.

Trunk_z

Thanks again for the replies!

Forgive my ignorance (I just want to have everything straight in my head before going any further!), is a money transfer and a balance transfer different?

I have found numerous websites with information, but they all have too much!

Consumerist

Trunk_z wrote: »

. . . is a money transfer and a balance transfer different? . . .

In simple terms, a money transfer (sometimes referred to as a super transfer) is a transfer from a credit card to, normally, a current account whereas a balance transfer is between credit cards. Sometimes a bank will allow you to do a partial transfer (i.e. not the full balance) if the debt on the original card is greater than your transfer limit (90% - 95% of your credit limit).

Trunk_z

Thanks for your reply. Apologies for not responding sooner - other things had taken priority!

adindas

HappyMJ wrote: »

I'm quite lucky in that I can transfer a balance to my credit card and can withdraw the excess cash for free to my current account so get balance transfer rates without having to do a money transfer.

Hi HappyM

Which credit card are you using to to accept the transfer and then transfer ti to your current account ?

Consumerist

abbott007 wrote: »

what is the required for credit card plz tell me some easy ways..?

Since the "question" has nothing to do with the topic of this thread, you should start your own thread for it.

If you want any sensible replies, your question really should be more specific and more intelligible.