Stoozing: Make Free Cash from Credit Cards article discussion

xoanon_2

I'd be grateful if anyone could comment on the following.

I need a loan of around £2k which I will repay within 2 years. Could I do this most profitably / efficiently by utilising an Egg money card and the 0% Balance Transfer Fee / 0% on Balance Transfers such as from Ulster Bank / Abbey Zero / ICICI Credit and an Egg Money card as a mule?

Strictly speaking, with 4% interest on positive balances with Egg Money, I could earn £55.95 by leaving it in the Egg Money account with 2.5% min repayments?

Cheers

CannyJock

xoanon wrote: »

I need a loan of around £2k which I will repay within 2 years. Could I do this most profitably / efficiently by utilising an Egg money card and the 0% Balance Transfer Fee / 0% on Balance Transfers such as from Ulster Bank / Abbey Zero / ICICI Credit and an Egg Money card as a mule?

Most likely. Ulster bank has a short 0% period, only 6 months, although it is fee-free. If you wanted to juggle the money more frequently then you could go down this road - check the T&C to see if the 0% period starts from the date of your application or the date of activation. If it's activation then you can apply a bit ahead of time and be a bit slow in activating.

The other option is to go for a longer deal, but you'll get a fee. Virgin money is the best one at the moment for longer term and the minimum repayments are easy. If you've not already run the numbers, look at the stoozing calculator on the stoozing website www.stoozing.com

xoanon wrote: »

Strictly speaking, with 4% interest on positive balances with Egg Money, I could earn £55.95 by leaving it in the Egg Money account with 2.5% min repayments?

You could, but you could also 6.5% in a Kaupthing Edge account, and with Virgin money the first repayment is about 3% and then they're £ 25. They're also normally quite good with the limits they offer so you may end up with more to earn interest (not more to spend!)

The Virgin Money card has a SBT facility to transfer straight to your current account so you won't need the Egg Money card for that (but you will for others).

xoanon_2

CannyJock wrote: »

The other option is to go for a longer deal, but you'll get a fee. Virgin money is the best one at the moment for longer term and the minimum repayments are easy. If you've not already run the numbers, look at the stoozing calculator on the stoozing website www.stoozing.com

You could, but you could also 6.5% in a Kaupthing Edge account, and with Virgin money the first repayment is about 3% and then they're £ 25. They're also normally quite good with the limits they offer so you may end up with more to earn interest (not more to spend!)

The Virgin Money card has a SBT facility to transfer straight to your current account so you won't need the Egg Money card for that (but you will for others).

Cheers for your help CJ.

I understand the need to juggle since all the Fee Free accounts are short term usually 6 months although ICIC is 3.

I'm not really interested in running the numbers (to see what profit I make) as I'm looking to use this as a loan rather than making money out of it, hence the use of fee free accounts. For the same reason I don't know if using the otherwise great Kaupthig Edge account is wise as if the balance goes below £1000 the interest is 0%.

Once again thanks for your help! :T

JimmyTheWig

Am currently Stoozing with an Abbey card on the biggest balance I've ever had.
Got an offer from Capital One through the post offering 0% for 12 months with 1.7% BT fee. Jumped at the chance and told them I wanted £10k transfered to Egg Money.

Just had a rejection letter from Capital One. I don't fit their profile. Gutted.

Frugaldom

JimmyTheWig wrote: »

Am currently Stoozing with an Abbey card on the biggest balance I've ever had.
Got an offer from Capital One through the post offering 0% for 12 months with 1.7% BT fee. Jumped at the chance and told them I wanted £10k transfered to Egg Money.

Just had a rejection letter from Capital One. I don't fit their profile. Gutted.

Eugh! Sorry to hear that, JTW. It's not like they wouldn't make the transfer fee from you. Honestly! As if that wasn't enough for them when they know experienced stoozers always pay them back, even if by BT elsewhere! :mad:

JimmyTheWig

Oi, are you taking the p?

I'll have to miss a couple of payments on things and then try again...

Frugaldom

JimmyTheWig wrote: »

Oi, are you taking the p?

I'll have to miss a couple of payments on things and then try again...

You could always try overspending AND cancel your DD for minimum payments. (You can always claim back the fees at a later date.) However, I always feel this is such a waste as I can't, possibly, shop that much without thinking about the costs. Don't you just HATE buying stuff? It gets so boring after a while! :rotfl: :rotfl: :rotfl:

Edited in: Scenario - Halifax One with 0% for 12 months and BT fee of almost 3%, do I stooze it or BT from an already stoozed card that I transferred to an ISA?
0% ends on the other one in July but I only have until June to take advantage of the Halifax offer... what would you do? Also, can you BT between Egg Visa and Egg Mastercard? Thanks for any suggestions (nice ones )

JimmyTheWig

nykmedia wrote: »

Don't you just HATE buying stuff? It gets so boring after a while!

Try telling that to my wife!

Frugaldom

JimmyTheWig wrote: »

Try telling that to my wife!

Show the wife onto MSE and send her across to join us in the 4k challenge, aka the gnat's bottom stakes in spending. Never mind silk purses and sows' ears, we've got venus fly traps as money holding receptacles, according to some. I know my plastic is well-welded and, as for the [STRIKE]pounds[/STRIKE] paperwork and [STRIKE]pence[/STRIKE] metalwork, many should have degrees in metalurgy, accountancy and business administration. :rotfl:

JimmyTheWig

nykmedia wrote: »

Scenario - Halifax One with 0% for 12 months and BT fee of almost 3%, do I stooze it or BT from an already stoozed card that I transferred to an ISA?
0% ends on the other one in July but I only have until June to take advantage of the Halifax offer... what would you do? Also, can you BT between Egg Visa and Egg Mastercard? Thanks for any suggestions (nice ones )

May as well stooz it for now and then use the money to pay off your other stoozed card. No real advantage not to do this, I think...
Won't be worth tons to you, but if you can get 6% on it for a month that's half a percent. That's £15 in your pocket if we're talking a balance of £3k.