Stoozing: Make Free Cash from Credit Cards article discussion

vo-vo

Hi,

Is it possible at all to do any BT with an old credit card? I have one with Natwest for about 5 years already, and have never gone into debt. Just thought I could save a trouble getting a new card?

Thanks.

CannyJock

peiw wrote: »

Is it possible at all to do any BT with an old credit card? I have one with Natwest for about 5 years already, and have never gone into debt. Just thought I could save a trouble getting a new card?

If you've got a debt on another card, you can phone and ask Natwest (number on back of card) for their best offer on a balance transfer for a long-standing customer with debt on another card and see if they will give you a decent rate, any introductory offer you had to snag you in will be long gone, but does no harm to ask.

If you've not got any debt and you're looking for a pure stooze then you'd need to phone and ask them the same question

Amanda_Garnett

Ok sorry but can't work out how to post new question. I have no debt but need to make some purchases abroad and here in the UK (with cash sometimes) and thought I could get a 0% credit card and move the whole credit limit to another card making it positive balance and then ask them to transfer the 'overpayment' to current account (is this possible/legal?).
Advice please

pollentia

I moved abroad a couple of years ago but when I lived in England I was a veteran stoozer. As someone who had always saved about 1000 pounds a month I early on changed my mortage to the VIRGIN ONE ACCOUNT offset mortage where any surplus money offsets your mortage payments and is tax free. I then latched onto applying for 0% deals and having the money put straight into my account ( no transfer fee then ) mbna cards would do this but if I had to transfer to a card I would simply use the one account visa card that came with the account ( not the same as a virgin visa card ) That normally if used would be paid from your account every month. Any credit that appeared on this card would automatically go into your bank account so acted as a mule card. I would apply for every 0% deal going and at one time had about 40,000 pounds woth of money in my account that belonged to credit card companies. before the deals ran out I applied for more. I also discovered that after about 6 months of a card being paid off in full you could usually aply for the sme card again. Even when the transfer fees came in it was still worth doing as the mortage interest was allways higher than any savings account and provided the deal was long enough allways worth doing. At one time I was only paying about 50 pounds a month to borrow 90,000 and the amount off my repayment mortage that month was nearly 200 pounds ! Go figure ! NB You need to be completely on the case. Set up direct debits to pay the minimum each month and ALLWAYS pay off the cards in full when the deal is over. I cannot recommend the one account mortage highly enough if you are allways in the black or maybe if you have to pay off a big vat or tax bill you can have that money sitting in your account making you money. I saved thousands over the years on my mortage pay ments and you could do it too. HAPPY STOOZING !

dee100

pollentia wrote: »

Iagain. ALLWAYS pay off the cards in full when the deal is over.

Why not t/er balance for a 2% fee??

YorkshireBoy

dee100 wrote: »

Why not t/er balance for a 2% fee??

Because you reach a point where you simply have too much used (and available) credit, and need to get rid of some before making further applications.

If you think about it, if your credit rating was such that it was easy to get another BT card to shift the 'debt' then you should have done it earlier (and routed it through Egg Money, for example)...not wait for 6/9 months.

diluvsdiscounts

Stumbled across this board by mistake but how glad am I that I did!
Me and my DH are just in the process of switching banks from Abbey to the Halifax.They have offered us both credit cards with 0% interest for 6 months.Not wishing to sound dumb have I understood this correctly?
We could both get £3600 on our credit cards pay it into our ISA's(April)make the minimum payment each month and keep the interest at the end.
Would there be a charge for getting cash and how exactly do we get the money from the credit card into the bank account?

YorkshireBoy

diluvsdiscounts wrote: »

Would there be a charge for getting cash and how exactly do we get the money from the credit card into the bank account?

Unless you have an Egg Money card, and can get them to waive their 3% BT fee, it isn't going to work for you.

diluvsdiscounts

YorkshireBoy wrote: »

Unless you have an Egg Money card, and can get them to waive their 3% BT fee, it isn't going to work for you.

Thought it was too good to be true!

YorkshireBoy

diluvsdiscounts wrote: »

Thought it was too good to be true!

Not necessarily. I have an Egg Money card and Halifax waived my fee.