Stoozing: Make Free Cash from Credit Cards article discussion

Shelly-belly_3

Hi

I have just set my first stooze in action in the sum of £3,600, (which I put into my ISA). What would a sensible amount be for my next stooze? Should I keep it low as I am new to all this, or should I go for 95% of the amount offered to me with a new card to maximise my gain?

Also, just out of interest, what is the most anyone has stoozed in a year???

Thanks, all advice appreciated!

Shelly-belly

Clariman

Shelly-belly wrote: »

I have just set my first stooze in action in the sum of £3,600, (which I put into my ISA). What would a sensible amount be for my next stooze? Should I keep it low as I am new to all this, or should I go for 95% of the amount offered to me with a new card to maximise my gain?

I would go along with your own comfort level. The important thing about stoozing is that you have to have a great attention to detail. If you are worried that you might miss minimum card payments or lose track of the stoozed 'debt' that you have, then take it slowly. However, if you are confident, then you should exploit any credit limits that are offered to you to maximise your gain. From a purely logical point of view, it is daft not to exploit what is offered, but you have to be comfortable with it.

Also, just out of interest, what is the most anyone has stoozed in a year???

Do you mean the "maximum earned from stoozing" in any one year or the "maximum amount borrowed" at any one time. Roughly speaking the average stoozer on the stoozing website earns about £1200 p.a. from an average Stooz pot of approx £25K. Top figures I can't be sure of, but there will be stoozers out there earnings over £4K p.a. and there have certainly been stoozers our there who have had a stooz pot in excess of £100,000 but that is rare. My own peak stooz pot was about £95,000 - currently about £60K.

Clariman

Shelly-belly_3

Hi Clariman

Thanks for your reply and advice. I think I am confident to carry on. Just didn't want to get carried away. Both maximum earned from stoozing and maximum amount borrowed are impressive figures!

Shelly-belly

cozasmom

Very interested in stoozing after reading all threads , but I only have an Egg Card and not Egg Money Card - I take it I need an Egg Money Card ... and also does anyone know if Egg will let me have Egg Money Card if I applied due to me haveing Egg Card already

Thanks

YorkshireBoy

cozasmom wrote: »

Very ...I only have an Egg Card and not Egg Money Card - I take it I need an Egg Money Card

Not necessarily, although it's far easier with the Egg Money product.

... and also does anyone know if Egg will let me have Egg Money Card if I applied due to me haveing Egg Card already

A well-managed Egg Card account will help any application for the Egg Money product. It used to be the case that Egg didn't carry out an external credit search if you already had the Egg Card, but things may have changed since the sale to Citigroup?

cozasmom

Thanks for help - one thing I cannot see how you can transfer from egg card to egg savings have been looking on the site - you think it can be done - but will still apply for Egg money card tomos - my account all up to date will see whats happened.

YorkshireBoy

cozasmom wrote: »

one thing I cannot see how you can transfer from egg card to egg savings have been looking on the site - you think it can be done

Phone call or secure message only. I've assumed when you say "Egg card" you actually mean Egg Money card.

honey68

New to stoozing and would welcome some advice please.

Been a customer of Lloyds for over 20 years and recently received a 0% BT offer for 6 months with uncapped 3% fee on my credit card with them. £nil balance on it with limit of £12k.

Don't think will take them up on offer due to the fee, coupled with the relatively short 0% period.

Hubby has now received a direct mail offering a guaranteed min limit of £5k, with 0% on balance transfers for 12 months, again with uncapped 3% fee. This time it is for 12 months BUT need to spend a minimum of £100 each month for 3 months, otherwise it will revert to just a 3 month offer. (incidentally, on-line offer is for a 14 month period with same fees).

All the advice I have read, tells you not to spend on a BT card, which I am sticking to, so any advice on this would be very welcome. Small print confirms that interest will accrue on the 'spend' until BT is repaid. Is this something worth persuing?

YorkshireBoy

debbwint wrote: »

Is this something worth persuing?

You should ring LTSB customer value unit (0800 032 2044) and negotiate a waiving of the fee for your 6 month offer. Presume you have a suitable SBT card ready?

Hubby should ignore his offer and go with the online offer instead (if the deal is profitable for you - see www.stoozing.com/calc.htm). BTW, are you sure it's not just a one-off £100 spend within the first 3 months? Take a closer look?

NickX

YorkshireBoy wrote: »

You should ring LTSB customer value unit (0800 032 2044) and negotiate a waiving of the fee for your 6 month offer.

Hmmm, I also had the 6 month 0% offer with the 3% fee.

I have tried a couple of times to get them to waive the fee and both times they absolutely refused to do so.

I'm going to try one more time, and I'm prepared to actually close the card this time just in case they do waive the fee at the last minute.

3% fee over 6 months is roughly a 6% APR, so not much profit to be had there.