Stoozing: Make Free Cash from Credit Cards article discussion

nickswift

MoneyAnxiety wrote: »

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!

is there not a minium payment on each card of 2% or 3% of balance? that would be £120 or £180 per £6k per month.

CannyJock

MoneyAnxiety wrote: »

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?

Yup, it does work - money isn't "free" it's just a rate lower than the interest you can make on it and subject to a few risks that you need to be totally aware of. Welcome on board. 7 new cards in the last month, waiting a couple of months before looking for more. Not reached the limit yet but interesting to see different credit limits set by different cards, spread from £3000 - £ 15000. Yes, all simultaneous. Keep up the research and read the www.stoozing.com board for the same details in a different format.

fuglyjowls

Just a quick question - have recently started stoozing and am just about to pay off the balance of the first card with my second card. My question is - should I cancel the first card now that the 0% rate has run out or should I just cut it up and forget about it? Not sure how it affects the credit rating, if at all.

Anyone any advice?

llamahead

Sorry - I'm confused, we have a bank loan, is it possible for me to get a 0% credit card and pay off my bank loan with it? If this is the case, could anyone recomment a CC that is not MBNA (already have one of those?) :rolleyes: and tell me how to go about it?

Thanks for your help.

CannyJock

fuglyjowls wrote: »

Just a quick question - have recently started stoozing and am just about to pay off the balance of the first card with my second card. My question is - should I cancel the first card now that the 0% rate has run out or should I just cut it up and forget about it? Not sure how it affects the credit rating, if at all.

Anyone any advice?

Definitely cancel it first, then cut it up once confirmed in writing. Otherwise it stays on your credit report as "available credit" and could easily block your attempt to get a third card when your second's introductory offer is nearly up.

Mutton_Geoff

Why not get another MBNA card? The only rule seems to be you can't transfer from one MBNA to another but nothing to say you can't have several different cards from the same stable then use Egg Money for the mule. In my stooz applications, I got 3 standard letters from the same name/address in Southend, so sent a single reply with covering letter and got all cards issued OK (Mint, Natwest & RBS). Seven cards applied for and obtained in the last month.

Reading through these posts, it seems lots of folk ask questions that Martin has kindly already explained in his article. It's well worth a read before posting - here's the link.

YorkshireBoy

Mutton_Geoff wrote: »

Why not get another MBNA card? The only rule seems to be you can't transfer from one MBNA to another but nothing to say you can't have several different cards from the same stable...

The chances of acceptance will be much reduced if you already have a balance on an existing MBNA run card. Better to apply when you have a zero balance, then swap limits around, but do not close the other MBNA run card as it'll come in useful when the offers start to come in.

...then use Egg Money for the mule.

Since MBNA run cards have their own SBT capability, there's no need to route through Egg Money. Indeed, doing so would introduce delays and lose you money!

aph5

When I trid to do a BT on the Halifax website to my Egg Money card it said that it did not accept BT's from this institution! Has anyone else had this problem?

YorkshireBoy

aph5 wrote: »

When I trid to do a BT on the Halifax website to my Egg Money card it said that it did not accept BT's from this institution! Has anyone else had this problem?

It's a known glitch with HBoS online requests (from MBNA, as well as Egg Money).

Telephone requests go through without a hitch though.

willtat

Hi Everyone,
I have been doing balance transfers now for 13 years and my profit after allowing for fees is £5000.It has been very hard work. Years ago their were no fees charged so profit was better, but 0% deals run for longer now. At one time on 30 different cards I had £56,000 at 0% and £30,000 at around 2.9%. I do not pay tax on my savings. I am retired (early).
Does anyone know of anyone who has made more profit than me?