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Stoozing: Make Free Cash from Credit Cards article discussion

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  • Mutton_Geoff
    Mutton_Geoff Posts: 3,978 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Virgin approved my card and did the BT over the phone direct to my bank account. They will allow a BT transfer using one of their credit card cheques, or in this case, over the phone, without any additional fees or penalties. They only allow 90% of the limit to be BT'd. Don't forget to allow room for the handling fee as well.

    Over the interest free period, paying minimum payments of say 2% will mean that in a year the amount owed will be reduced by 24%. Obviously no interest is attached to this amount, so at the end of the period, if you paid the card off, you'd still have your 12 x 2% worth of payments spare in your stooz account.
    Signature on holiday for two weeks
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    They only allow 90% of the limit to be BT'd.
    Have they reduced the figure? They've always let me transfer 95%.
    Don't forget to allow room for the handling fee as well.
    Their systems will take care of this for you. However, whether they allow 90% or 95% there's still plenty of room for a 2.98% fee to be added.
    Over the interest free period, paying minimum payments of say 2% will mean that in a year the amount owed will be reduced by 24%.
    The Virgin minimum payment, from month 2 onwards, is only £25. Even if it was 2%, the amount repaid over the period wouldn't be 24% because with every month that passes, you're repaying 2% of a smaller balance.
  • knights
    knights Posts: 181 Forumite
    Have they reduced the figure? They've always let me transfer 95%.Their systems will take care of this for you. However, whether they allow 90% or 95% there's still plenty of room for a 2.98% fee to be added.

    Hi, out of interest I recently BT'd from Virgin.

    They allowed me 95%, but knocked the fee (2.98%) off that. i.e. £10000 x 95% = £9500 less (2.98%) £ 280.00~ = £9220~

    regards
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    knights wrote: »
    Hi, out of interest I recently BT'd from Virgin.

    They allowed me 95%, but knocked the fee (2.98%) off that. i.e. £10000 x 95% = £9500 less (2.98%) £ 280.00~ = £9220~

    regards
    Hi knights,

    I've seen that posted before, but with all my Virgin SBT's I've been allowed to BT 95% (and once to 98% on a capped fee deal) with the fee added on top. My card is 3 years old though, and still on the £5 payments, if that makes a difference?
  • knights
    knights Posts: 181 Forumite
    Hi knights,

    I've seen that posted before, but with all my Virgin SBT's I've been allowed to BT 95% (and once to 98% on a capped fee deal) with the fee added on top. My card is 3 years old though, and still on the £5 payments, if that makes a difference?

    That's interesting, maybe it's because I am new to them or maybe a slight change of policy, who know's. Mutton Geoff said he only got 90%, I assume his fee was added to that, if so that is slightly better than mine.

    Wonder how others have got on?

    regards
  • knights
    knights Posts: 181 Forumite
    Sorry that's not better than mine !!! in terms of BT amount.
  • Mutton_Geoff
    Mutton_Geoff Posts: 3,978 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    YB, I've checked the figures, they gave me a £20k limit and max BT of £18,400 plus the BT fee of 2.98% so looks like they are now allowing a max 95% including the BT fee. I rang them to query the max amount of BT but they wouldn't budge.
    Signature on holiday for two weeks
  • wollix
    wollix Posts: 11 Forumite
    not sure it is obvious but if you read the small print on the Barclaycard balance transfer the limit is only £5000 and after that they charge you 6.9% (though without a transfer fee)
    just took the shine off it for me and i thought others could usefully know...
  • Couldnt get a cash back card from capital so decided to rty stoozing instead.
    Please check this out before I do the wrong thing !
    I could end up in a big mess for nothing.
    Current creditcard in use Tesco - limit £3700 I pay this off every month but dont reach anywhere near this.

    Halifax savings account 6.4% with a few thousand in.

    Newly received cards Britannia balance transfer fee nil and purchases 5 months. Limit £7,600.

    HSBC card new £1000 credit limit nil % on purchases for 12 months.
    Was thinking of getting an issa before this year runs out.
    What is the best way to use the cards and is issa the best.
    Thanking you
  • eboy1975
    eboy1975 Posts: 40 Forumite
    New to concept of stoozing - having read everything on the mse site am looking to give it ago. have got virgin card with £11k limit. when using the stoozing calculator, it works out after entering all parameters (which i am supposing are correct) at a yearly stooze of £175.00 - surely this cannot be correct (am using the virgin min payment of £25 & 6% int as a guide - not incuding the BT fee). would appreciate some guidance, thanks in advance
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