Stoozing: Make Free Cash from Credit Cards article discussion

fuglyjowls

YorkshireBoy wrote: »

Fee-free?...and did you manage to get a credit limit increase as well?

If so, that's good to know, since my intro offer ends next month.

Yes fee free - but I didn't ask about increasing my credit limit (got to think of those minimum repayments!!!) To be honest I wasn't expecting it but as soon as I said I wanted to cancel the card they offered another 6 months without hesitation and did a 90% BT to my Egg card straight away

YorkshireBoy

fuglyjowls wrote: »

(got to think of those minimum repayments!!!)

i prefer to think of the profit!

...as soon as I said I wanted to cancel the card they offered another 6 months without hesitation...

Can I ask which number you rang?

...and did a 90% BT to my Egg card straight away

Now that's interesting. I've seen reports elsewhere of them limiting BT's to 95% (I got 100% less £100 last year), but never 90%. I wonder if that's a new rule?

fuglyjowls

YorkshireBoy wrote: »

i prefer to think of the profit!

:rolleyes: wish I could only think of that!!


Can I ask which number you rang?

I rang the number on my statement 0870 150 3521 and they put me through to "closures" who offered me the extension.

Now that's interesting. I've seen reports elsewhere of them limiting BT's to 95% (I got 100% less £100 last year), but never 90%. I wonder if that's a new rule?

With Ulster I asked how much of my credit limit I could BT when I first got the card and they said 95% originally but I went with a nice round figure this time - must be my OCD tendencies . With Abbey (my latest card) they would only BT 85% though which was only just enough to pay off the balance.

JimmyTheWig

nykmedia wrote: »

Sorry if this has been asked before, but I just read the current MBNA offer, which states: "0% p.a. on transferring cash into your current account until your statement date in April 2009". There is a 2.9% transfer fee, but basically this means you can apply for the card and, if accepted, transfer 95% (or whatever they allow) of the available credit limit into your bank account, then transfer it into an ISA, whilst paying only the minimum monthly repayment for 12 months. Then pay the whole balance off. Am I right?

Yes, that is right. Absolutely, positively, to the point, right.
That's Stoozing.

Frugaldom

Thank you JimmyTheWig

kebv

JimmyTheWig wrote: »

Yes, that is right. Absolutely, positively, to the point, right.
That's Stoozing.

Excellent! :T Thank you. I'll be right on it.

MissyBean

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MSE_Dan wrote: »

Yep, if you are a basic rate tax payer, you are using it correctly :money:

Thank you, I did not know that.

MoneyAnxiety

Okay, I've read Martin's excellent article about stoozing, and it all makes perfect sense, except for one thing. I don't understand why you need the 'Card Trick' if you can do the 'Super Balance Transfer'. The Super Balance Transfer takes the funds straight off the 0% card and into your bank account, whence you can transfer it to whatever high-interest earning account you want, so why do you ever need to use the Egg Money card as a 'mule'?

YorkshireBoy

MoneyAnxiety wrote: »

...so why do you ever need to use the Egg Money card as a 'mule'?

For cards that do not offer SBT capability.

MoneyAnxiety

YorkshireBoy wrote: »

For cards that do not offer SBT capability.

Thanks. I hadn't quite realised that they didn't all do it.

Another question: I've just applied for an Egg card -- not to use as a mule, but just their straight credit card, which does offer SBT. However, I've been given a credit limit of only £2000. I'm really surprised, since I've got a morgage, earn a good salary, stable lifestyle, etc. etc. Is this normal? Is this all they're offering these days? Or have I got something nasty in my credit rating?

How does this compare to what others are being offered?