Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

BigV wrote: »

Is there a maximum that you can balance transfer to the Barclaycard?

From the Barcaycard 'Platinum' BT T&C's...

We reserve the right to refuse a credit card balance transfer or to limit the amount you can transfer. If we do allow you to transfer an amount over £5,000, the excess will be debited to your account and charged at 6.9% interest per annum until paid in full. We will not charge a handling fee on the excess.

BigV_2

Thanks, I had just read those myself!

Frugaldom

Hello stoozers old and new.

Today I got my annual email from Egg: "A new year, a new start... Make the most of it, transfer any balances you've got on credit and store cards, loans and overdrafts to your Egg Card by 31 January 2008... pay 0% until 3 August 2008. (2.5% fee applies)

Last time, I used the Egg card to current account/"overdraft" facility before and transferred it to my ISA. This time around, I have opened the ICICI 6.41% HiSave account to keep me going until April for the new ISA year to begin. So... rather than pay monthly into high% accounts, you transfer lump sums from elsewhere and use your normal monthly amount to repay the low% loans run up on credit cards... is this what is generally meant by stoozing? Sorry if this is a really stupid question, I just wanted to find out if that's what I'm trying to do. Hadn't heard it called 'stoozing' pre-MSE

toadstooltomato

This is our 'hand' playing stoozing as per the information on MSE- or our interpretation of it!..
Using Egg Card and Barclaycard (0% on transfers for 14 months, 2.5% transfer fee).....

Transferred our max available credit of £2560 from B'Card to Egg. Then will send to Egg Mini Isa for 14 months at their rate of 6.05%. B'Card charged an (as expected) transfer fee of 2.5% (£64).

Should make £90.88 after deducting the £64 transfer fee costs, which should be the only costs/charges providing i don't miss monthly min' payments. This will not happen (hopefully) as i set up a direct debit with barclaycard to take the minimum balance every month from another account.

Wish we could have got more credit up front. Seems, reading MSE forums, that we may be able to get more credit from elsewhere after 'playing ball'- getting good credit by paying min balance every month.

Come April if we can get more we will transfer alot more into the isa (£3k max/per year).

All this is hopefully looking good and may be of some use to others out there. Overall it has been bit time consuming, and the B'card person in India (?) was
unwilling/unable to help me "end up with £2560 in my egg card and a debt to you, Barclaycard" She suggested I draw the money out of an ATM!

Also, given bank charges and the amount of money in question, with a mere £90.88 up for grabs, there is little room for any(more?) school-boy errors!

Will update as it all unfolds.:rolleyes:
T

Liney_2

hello I wanted to just clarify that I am doing the right thing here, I have saved £3k in an ISA but my C/card balance is now over £3k. Would you recommend I put the additional money to pay off my c/card in a high interest instant access savings account? Also is it worth doing a balance transfer when the 0% on all purchases offer runs out on my c/card? And thus keeping the money to pay it all of in the ISA/Savings Accts?
Thanks

bandraoi

Liney wrote: »

hello I wanted to just clarify that I am doing the right thing here, I have saved £3k in an ISA but my C/card balance is now over £3k. Would you recommend I put the additional money to pay off my c/card in a high interest instant access savings account? Also is it worth doing a balance transfer when the 0% on all purchases offer runs out on my c/card? And thus keeping the money to pay it all of in the ISA/Savings Accts?
Thanks

I'm currently using Sainsburys, but look at the best bank accounts for savings article on this forum.

I'm planning to balance transfer when my 0% on purchases is up. Seems a shame to close down an ISA and if I can get a decent offer something like 2.5% for 14 months, then the 6% is well worth it.

andyuk2005

Hey all, a budding Stoozing newbie here.

I've got my head around all the details of stoozing, but I'm about to head off the USA for 5 months to complete a years university exchange. Obviously being out of the country would create difficulties with anything that comes through the post and if I needed to head into a branch personally. I was wondering if it is possible to do most of the transfers and account openings online, or would it be too much of a risk being out of the country for a while?

Many thanks
Andy

andyuk2005

I forgot to mention I wanted to know the ease of use with using the online banking of ICICI's saving account, and whether it would be simple to move money around online. I have an ISA with Nationwide, and although it says 'InstantAccessISA', it will not allow me to transfer money online.

andyuk2005

1 more thing (hehe!), to my understanding (please correct me!), you can transfer a positive balance to any savings account from your Egg card, but I assume you can't transfer the interest free credit on that Egg card to a savings account? I thought it didnt quite mention this in the article, otherwise there would be another huge amount available to Stooz!

pegginout

I want a bash at this stoozing lark!
Ive read martins info on it but just wanted to clear a few things up, is this right?
I get a credit card ( was thinking of virgin) 0% for 15months. Write a credit card cheque to myself (for say £5,000) and then pay into an isa/high interest acc. Simple. I understand so far.

What happens next tho?

Do I get monthly bills and just pay the minimum? Would this then knock some off the debt, meaning I wouldn't have to pay the whole 5k back?
bit confused and really don't want to mess it up!
advice welcome!