Stoozing: Make Free Cash from Credit Cards article discussion

Frugaldom

Cheers JTW, tried to do online transfer and it says they, "don't accept transfers from this institution", guess it'll take a telephone call to sort it out, which is annoying as I then have the cost of the 0845 on hold for half an hour call charges to facto into the equation!! Aaaaaaaarg!

YorkshireBoy

nykmedia wrote: »

Cheers JTW, tried to do online transfer and it says they, "don't accept transfers from this institution", guess it'll take a telephone call to sort it out, which is annoying as I then have the cost of the 0845 on hold for half an hour call charges to facto into the equation!! Aaaaaaaarg!

Halifax have, for a long time, had a problem with online BT requests for Egg Money cards (and MBNA cards). Telephone requests go through without a problem though.

Find yourself a freephone number on www.saynoto0870.com

BTW, you can't BT between Egg Card and Egg Money...at least not directly. But then again, since both cards offer SBT capability you wouldn't ever need to.

funky04

Do Capital One allow you to transfer to Egg money?

looking to bt £1000 to egg money and then into current account. thanks

CannyJock

funky04 wrote: »

Do Capital One allow you to transfer to Egg money?

looking to bt £1000 to egg money and then into current account. thanks

No reason why not, it's just another Mastercard as far as they're concerned.

Shelly-belly_3

Just about to try the very same thing on my first Stooze, wish me luck!:T

beaglehaslanded wrote: »

Something which hasnt been mentioned is by using banking tricks on banks themselves not only makes money but saves money.
I always use my £3000 (£3600 next April) cash ISA allowance to save tax free.
On only a modest wage and with other bills I used to pay £250 per month standing order into my ISA. By stoozing that means I save that amount each month as the credit card company funds my ISA. Double whammy...for them.. is it all goes in April 5th to gain maximum 12 months interest instead of monthly installments by me.
Im far too mathematically backward to calculate the overall benefits but I do know Im £250 better off a month and I have satisfaction of getting one over on them for the damage they caused my family some years ago.
Immoral is too tame for how I feel about banks.

Frugaldom

YorkshireBoy wrote: »

Halifax have, for a long time, had a problem with online BT requests for Egg Money cards (and MBNA cards). Telephone requests go through without a problem though.

Find yourself a freephone number on www.saynoto0870.com

BTW, you can't BT between Egg Card and Egg Money...at least not directly. But then again, since both cards offer SBT capability you wouldn't ever need to.

Brilliant! Thank you! Didn't even need to pay for the telephone call! :T Have now sorted that out, but was a bit taken aback at their declaring it could take 5 to 10 days! I also asked for an exact date the 0% ended and it's June 2009. 3% fee is a bit steep but offset against 2.5% for the one that's already paid my 2008/9 ISA that gives me an average of 2.75%, which I have now added to my 'interest beater' challenge. It's still the thought of having to give it back that I don't like, though, it makes the account look all cold and almost empty.:rotfl:

Just remembered another question I had to ask! Do you get charged any interest on the BT fee? EG: If £6000 costs £165, at what point do you pay the £165? Is it classed as part of the balance transfer?

YorkshireBoy

nykmedia wrote: »

...but was a bit taken aback at their declaring it could take 5 to 10 days!

Halifax are, IME, particularly slow when it comes to BT's. 8 working days is not unheard of!

I also asked for an exact date the 0% ended and it's June 2009.

Halifax have some of the best laid out statements around. Your 0% end date is clearly shown on every statement from the first to the last. There really is no excuse for missing it.

It's still the thought of having to give it back that I don't like, though, it makes the account look all cold and almost empty.:rotfl:

So don't...BT it somewhere else at the end of the intro period.

Just remembered another question I had to ask! Do you get charged any interest on the BT fee? EG: If £6000 costs £165, at what point do you pay the £165? Is it classed as part of the balance transfer?

Haven't a clue, sorry! Never paid a BT fee to Egg.

voodoo_child_3

Hi Everyone

I currently have no credit cards/loans and am thinking of taking out the Egg Money Card and then 0% BT cards to try stoozing.

I currently have no mortgage, but will be applying for one next year - will the fact that I have a reasonable credit card balance outstanding count against me quite a lot when applying for a mortgage i.e. is it worth it?

Tried an online mortgage calculator and it seemed to knock several thousand of the loan I'd be offered.

Cheers

YorkshireBoy

voodoo_child wrote: »

...will the fact that I have a reasonable credit card balance outstanding count against me quite a lot when applying for a mortgage i.e. is it worth it?

Will stoozing affect my mortgage application?

JimmyTheWig

voodoo_child wrote: »

I currently have no credit cards/loans and am thinking of taking out the Egg Money Card and then 0% BT cards to try stoozing.

Do you have much of a credit history? [I appreciate that you will have no negative history, but do you have any credit history at all?] If not, you may find it hard to get two credit cards close together.

I currently have no mortgage, but will be applying for one next year

With this and the above, I would suggest you don't do what you are planning.

I would suggest you get a 0% on purchases card and build up a credit card balance on that, paying the minimum payment by direct debit and stoozing the rest in a high interest account.
Then pay off the balance in full before you apply for your mortgage.

This way
(a) You only need one credit card application
(b) There will be no balance transfer fees, so it doesn't matter too much if you cut the stooz short (i.e. pay it off before the 0% runs out)
(c) You won't have a credit card balance to affect your mortgage
(d) You will be building up a credit history which may _help_ you get your mortgage. Your mortgage company will see that you can meet monthly payments on your credit card which will be better than not having had one.


Alternatively, get a cashback card and pay it off in full each month. Introductory offers aside, Egg Money is as good as any other for this. By doing this you would then have an Egg Money card in place for if you wanted to start stoozing after your mortgage was in place and would only need one further application.