Stoozing: Make Free Cash from Credit Cards article discussion

diluvsdiscounts

YorkshireBoy wrote: »

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

Ok so this is were I show how dim I am I don't understand what you mean.

YorkshireBoy

diluvsdiscounts wrote: »

Ok so this is were I show how dim I am I don't understand what you mean.

I used the Egg Money Card Trick...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#trick

...but it's only profitable over 6 months if you can get a fee-free BT deal on your 'donor' (eg Halifax) card.

diluvsdiscounts

YorkshireBoy wrote: »

I used the Egg Money Card Trick...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#trick

...but it's only profitable over 6 months if you can get a fee-free BT deal on your 'donor' (eg Halifax) card.

So my next move is to apply for an egg credit card each.Thank you think I've almost got my head around it although we can't do it until April anyway but it would be worth getting ready now.Do you know if the Halifax credit card has a balance tranfer fee?I'm going to the bank tomorrow anyway so I can ask them.Thanks for your help.

YorkshireBoy

diluvsdiscounts wrote: »

So my next move is to apply for an egg credit card each.

You don't need one each. Just the one card, between you, will suffice. And don't forget...it's the Egg Money (Mastercard) you need, NOT the Egg Card (Visa).

Do you know if the Halifax credit card has a balance tranfer fee?

I think all Halifax own brand cards now have a 3% BT fee (see post #150 above), but they have been running a special promotion for some "preferential" customers in January where they have waived the 3% BT fee...and even given a 2% cashback on the amount BT'd.

skinner_2

got a offset mortgage. can i get the money at 0% on a credit card and deposit it in my offset account. do i have to use the card

ShortStacked

Is it possible to use the Ulster Card mentioned in the article (with a 0% BT fee and 6 months interest free) to stooze, using the direct bank transfer method?

I know this will cut the amount of interest I earn to only 6 months, but if it means that I loose 0% of my profit to fees, then it would suit my needs more, as I'd prefer to make £xx in six months, having not paid any fees than slightly more than £xx over a 12-15 month period.

grahamnichs

Has anyone had any hassle with the Citibank cashback credit card? I applied for one early last Oct after Martins recommendation and used the link from the site. I got married in Oct and used the card to pay for the wedding and honeymoon, thinking that the cashback would be a very useful cost reduction. I didn't receive the paperwortk as quickly as expected so rang up and asked for it to be forwarded to me and it duly arrived and was signed up and sent off. I've continued using the card since then, but recently noticed online that my account doesn't have any rewards. I've contacted them and was informed that my card never had the cashback, this was depsite me making several calls in the early days due to problems with the direct debit and my insisting that I shouldn't lose the cashback - no-one disptued it at that time. I've had generally poor customer service overall. Has anyone else had similar problems with Citi cashback? I'm concerned that I have wasted about £10k potential cashback using the card.

MoneyAnxiety

Okay, I've got the idea about getting money for free from the credit cards and putting it somewhere where it makes more money. I happen to have a flexible mortgage account, where any money I deposit works to offset my mortgage interest. Since interest is at 6.5%, money deposited in the account effectively earns that interest rate.

So let's say I manage to put £6000 on one of my current credit cards and put it straight in the mortgage account. Then, before they have a chance to charge me any interest, I transfer the balance to a 0% deal. I begin to make about £32 a month from then on.

So what stops me getting lots of cards? I could get 10 cards and make £320 a month. Hell, why not 100 cards?? What's the limit? I could pay off my mortgage in 6 months!!

There's got to me a catch! What is it?

Thanks to anyone who can help!

the_reallongshanks

there is no catch, just make sure you make those monthly minimum payments, and also consider the balance tranfer fee that most charge now

MoneyAnxiety

Hard to believe this really works. This is what I'd like to do. How many cards did you get at any one time? Did you find there was a limit --- do you use up the number of credit cards you can have simultaneously?