Stoozing: Make Free Cash from Credit Cards article discussion

neil9313

Hi all, im a wanna be stoozer and would like best advice. I have looked at the info on this site and have a rough idea but will take it slowly!

I have a clear credit rating! I have a 1st direct offset mortgage and 2 credit cards which i always pay off, one is a citibank/shell cash back card! I have no cash isa (yet) I need an egg money card and i think an hsbc 12 month o% credit card and i on the right track?

YorkshireBoy

NickX wrote: »

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.

I do hope it's not a new policy Nick, because we're up again in a couple of months.

I've only had to say "Okay, close it then" twice...once they did, and once I got what I wanted (I had two cards). Every other time (5 or 6) they've caved in and waived the fee.

I did once have to wait 5 months though.

NickX

YorkshireBoy wrote: »

I do hope it's not a new policy Nick, because we're up again in a couple of months.

It may just be me, but I have a feeling that the card companies are getting stricter on fee waiving.

Interestingly I've followed your thread on the stoozing site about getting a repeat with Ulster Bank as I've been doing exactly the same - at the moment I've got the 12 month 0% deal with a 2% fee which I almost took.

But then I read you managed to get a fee-free deal, so will try them again soon too.

honey68

Thanks for the quick advice YorkshireBoy. You are right - I have misread the £100 spend blurb.
Yes, have the egg money card although my offer can be into an account they suggest home improvement, holiday or even a cash boost for your bank account - how thoughtful of them!
the reason for looking at the direct mail offer for hubby is that it is a guaranteed min limit of £5k & he got declined for the abbey card the other day, even though has a very good credit rating. Perhaps the 2 successful virgin applications for stoozing have made them a little cautious. From what I have read, Abbey seem to be having a few problems with applications being lost, & if successful, limits do seem low.
£100 spend is obviously low, so is this the reason for the exception to the normal rule of not mixing BT'S with spending?

honey68

NickX wrote: »

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.

Yes - will take this route & follow your advice. The figures don't really add up as you say, unless they will budge a bit.
thanks

YorkshireBoy

debbwint wrote: »

Yes, have the egg money card although my offer can be into an account they suggest home improvement, holiday or even a cash boost for your bank account - how thoughtful of them!

But the cheque carries a 3% fee, and a BT from Egg (if done through the above dept) may not.

I certainly wouldn't take your offer, but I also wouldn't take hubby's 12 month 3% BT fee offer...and then have to pay interest on both the fee and the £100 purchase for 9 of those 12 months. I'd rather close the card and start again somewhere else.

Have you run your figures through the stoozing site profit calculator?

YorkshireBoy

NickX wrote: »

It may just be me, but I have a feeling that the card companies are getting stricter on fee waiving.

You may be right Nick. Prior to securing the Ulster repeat, my last two repeats were obtained last October and earlier this year. We'll see what LTSB say to me in a couple of months. My bmibaby card will be paid off next month, so that may give me a bit of practice.

YorkshireBoy

neil9313 wrote: »

Hi all, im a wanna be stoozer and would like best advice. I have looked at the info on this site and have a rough idea but will take it slowly!

I have a clear credit rating! I have a 1st direct offset mortgage and 2 credit cards which i always pay off, one is a citibank/shell cash back card! I have no cash isa (yet) I need an egg money card and i think an hsbc 12 month o% credit card and i on the right track?

Check you couldn't save more in your offset than you'll earn in your ISA before deciding what to do.

The HSBC card will allow you to slow-stooz into your offset savings account. Egg Money may be able to serve two purposes...

1. Allow you to close down your other two cards, since it gives 1% cashback as well as acting as a mule card, and

2. For routing 0% BT cards to your stooz pot (because you're probably not going to 'get rich quick' by slow-stoozing only).

To maximise your credit limits you ought to take a close look at your overall available credit. If it's not working, or likely to work, for you then consider reducing/eliminating it.

honey68

YorkshireBoy wrote: »

But the cheque carries a 3% fee, and a BT from Egg (if done through the above dept) may not.

I certainly wouldn't take your offer, but I also wouldn't take hubby's 12 month 3% BT fee offer...and then have to pay interest on both the fee and the £100 purchase for 9 of those 12 months. I'd rather close the card and start again somewhere else.

Have you run your figures through the stoozing site profit calculator?

Their terms state 3% fee applies to cheques as well as BT's

Yes have used the various calculators - I have £10k limit, non tax payer, but still works out a negative figure if 3% fee paid - ignoring the interest I will pay as well! £5k min guaranteed limit for hubby, with money saved in my name gives a little over £100

neil9313

YorkshireBoy wrote: »

Check you couldn't save more in your offset than you'll earn in your ISA before deciding what to do.

The HSBC card will allow you to slow-stooz into your offset savings account. Egg Money may be able to serve two purposes...

1. Allow you to close down your other two cards, since it gives 1% cashback as well as acting as a mule card, and

2. For routing 0% BT cards to your stooz pot (because you're probably not going to 'get rich quick' by slow-stoozing only).

To maximise your credit limits you ought to take a close look at your overall available credit. If it's not working, or likely to work, for you then consider reducing/eliminating it.

Thanks for reply, I knew about the offset v the isa although i heard that i maybe be able to have an isa linked to the offset i may be wrong, i must look into isas :rolleyes: !

I understood points 1 and 2 I take it its not best to have to many credit cards?

Was not sure re maximising my credit limits bit