Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

eboy1975 wrote: »

surely this cannot be correct

This calculator says you'll make £267.63 over an effective 14 months as a basic rate tax payer.

http://www.stoozing.com/calc.htm

eboy1975

thanks yorkshire - will give it another whirl and see how i get on.

shazzer149

Hi hope im not going to sound too stupid with this question.

I am looking into starting stoozing but want to make sure i dont make any stupid mistakes.

I just rang up Virgin to ask about their credit card 0% for 15 months on bt. I then asked about super balance transfers and the person on the end of the phone didnt know what i was talking about and then I found it hard to explain exactly what i was asking. How do you phrase the question about whether you can make a super balance transfer if they dont understand that phrase?

Any help greatly appreciated.

Clariman

shazzer149 wrote: »

Hi hope im not going to sound too stupid with this question.

I am looking into starting stoozing but want to make sure i dont make any stupid mistakes.

I just rang up Virgin to ask about their credit card 0% for 15 months on bt. I then asked about super balance transfers and the person on the end of the phone didnt know what i was talking about and then I found it hard to explain exactly what i was asking. How do you phrase the question about whether you can make a super balance transfer if they dont understand that phrase?

Any help greatly appreciated.

"SBT" is a term used by stoozers and not the finance industry in general! You simply ask if you can move money into your bank account (e.g. because you are having some work done in the house). Ask them to confirm that they will treat it as a balance transfer.

Alternatively ask them if you can do a BT from your current account overdraft and do it that way.

Clariman

shazzer149

:beer:
Cheers for that. Will have another go.

Sharon

strawberryberry

Read last message and want to make sure ive got this right
Just checking on the balance transfer thing - I thought it was only for transfer to another credit card to clear the balance but as ive got this new britannia card could i then do a free balance transfer to my normal account from britannia instead then ?

YorkshireBoy

strawberryberry wrote: »

...ive got this new britannia card could i then do a free balance transfer to my normal account from britannia instead then ?

The short answer is no.

Have you read the 'stoozing' article which this thread discusses? If not, there's a link in the first post in this thread.

eboy1975

Hi yorkshire, you seem clued up on all things financial - have a question for you - further to previous stoozing question, may want to use the £11k offered by virgin to repay a £9k p/loan @ 7.9% - how do I work out how much interest I would save by doing this (I currently have 54 mths left @ £200 p/m on the p/loan). My conclusion is that I will reduce the 'loan' term by 20 mths by switching to the c/card method.

Any advice would be appreciated.

Thanks in advance.

YorkshireBoy

eboy1975 wrote: »

My conclusion is that I will reduce the 'loan' term by 20 mths by switching to the c/card method.

That's a saving of around £4,000 (at £200 per month), which is extremely optimistic, especially when you factor in several (at least 3, and perhaps as many as 6) 3% BT fees over the next 3 years or so.

How have you calculated your saving?

CannyJock

knights wrote: »

Wonder how others have got on?

I got 95% including the 2.98% fee. I tried to suggest to the CS dept should be 95% PLUS the 2.98% but they were pretty sure that their arithmetic was better than mine.