Stoozing: Make Free Cash from Credit Cards article discussion

Synonymous

Hello all, I'm new to MSE and had never heard of stoozing until recently. I think I might consider giving it a try but there are some things I still don't understand so I'm not going near it just yet. Probably because I've never had a credit card and a lot of the terms are still very foreign!

I understand that for the card trick, I need:
-A CC with a good 0% BT term and a low transfer fee
-An Egg Money card.
-Do balance transfer to the 0% CC so Egg Money is in credit.
-Transfer money credited to Egg Money into current account.
-Transfer moeny from current account into flexi saver with a good rate.
-Repay minimum per month on CC.
-Pay whole thing off about a month before end of deal, or move to another 0% deal and carry on.

Have I got it right so far?

There a few things I don't get though:
-Would you take the minimum repayments from the stooze pot, or try and keep that whole and pay the money from elsewhere (or does taking it from stooze pot not matter as its in a flexi account anyway?)
-I've read something about anniversary offers with Egg, does the Egg money card have to be applied for at these times specifically or is that something totally different?
-As I don't have a credit card at all, will stoozing look better or worse or neutral on my credit report?
-I'm looking to buy a house and get a mortgage but realistically this wont be for at least a year, is it ok to stooze now?
-At the end of the 0% term, if I decide to try and transfer the balance onto another CC, I know the new credit card takes on the debt on the old card, but does this in effect mean that the old CC is closed, or does it still have debt in but its not me paying it anymore? Or once I have transfered the balance, can I close that CC immediately?
-What happens to the Egg money while all this is going on, does it just happily sit there with a zero balance indefinately?

I'm sure this all seems quite naieve to the experts, that's why I'm not stoozing any time soon until I understand it all. I've read the stoozing articles and advice from other sites, so I'm just getting my head round it all. Thanks in advance for any advice!

YorkshireBoy

Synonymous wrote: »

...I've never had a credit card...

If your age, lack of home ownership, lack of credit history, etc accompany this then you may find high limits are hard to come by.

Pay whole thing off about a month before end of deal...

That's too soon! I send the payment 6-7 banking days before the 0% expires. Others will take it to the wire!

Would you take the minimum repayments from the stooze pot, or try and keep that whole and pay the money from elsewhere

Paying from income is a kind of enforced saving, so if you can it's better.

I've read something about anniversary offers with Egg

The Egg anniversary offer relates to the Egg Card (Visa), and not Egg Money. They're different products entirely.

As I don't have a credit card at all, will stoozing look better or worse or neutral on my credit report?

Your credit report will show that you owe money...and hopefully lots of it! This could look bad to other lenders.

I'm looking to buy a house and get a mortgage but realistically this wont be for at least a year, is it ok to stooze now?

Yes, but make sure you pay down the balance(s) at least 2 months before you're credit searched for the mortgage.

but does this in effect mean that the old CC is closed

No, BT'ing away from a card doesn't close it. You have to close it as a separate action.

What happens to the Egg money while all this is going on, does it just happily sit there with a zero balance indefinately?

I wouldn't leave it unused because it could get flagged as dormant and they may close it. Keep it ticking over with the odd transaction every month or so.

I've read the stoozing articles and advice from other sites

Including the wealth of information at www.stoozing.com?

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tiredredhead

I have been considering stoozing for sometime i can understand the concept and think it is a great way to make some money. I would like to try using a stooze pot to oofset my mortgage, which is currently at £255,000. I had a great deal of credit available to me in credit cards until recently when advised to cancel them as zero balances and would look better when came to remortgage(which is almost done now) So i know we are credit worthy.

What i would like to know is how much can be saved by offsetting with a stooze pot, i have used stooze calculators and offset calculators and am finding it difficult to work out which figure would be the correct one. I want to pay off my mortgage quicker than the 25 years it is currently running at. I also want to make overpayemnts on mortgage.

I think between hubby and self can access £50k in stooze money and we want to overpay by £200-300 a month on mortgage.
Has anyone managed similar sorts of figures. I have seen a couple of mortgage free stories that have included stoozing as a top tip in their quest.

Sorry if in wrong place it is stooze and mortagage free subject thought would start here.
Thanks

mike99f

I wish I knew about stoozing years ago. So simple, provided you are carefull.

What I can't find anywhere are details of the credit card families. I think I read that when changing cards it is better to have a new card from a different family. Anyone know what they are or how I can find out?

NickX

mike99f wrote: »

What I can't find anywhere are details of the credit card families. I think I read that when changing cards it is better to have a new card from a different family. Anyone know what they are or how I can find out?

Here they are :

http://www.stoozing.com/cards.htm

mike99f

thanks for the quick response. I will now check out the Stoozing.com site for further tips!

bednarska

Hi,
have been reading everyone's posts with great interest as I'm really keen to begin stoozing. My problem is that I've never had a credit card (usually prefer to avoid them at all costs!!!) and I haven't the foggiest where to begin!

I already have some savings in a high interest account and would like to augment them with some free money from evil credit card people with an overall aim of paying lump sums off my mortgage.

I'd be extremely grateful for any advice at all from anyone willing to help a hapless beginner!!

YorkshireBoy

bednarska wrote: »

I'd be extremely grateful for any advice at all from anyone willing to help a hapless beginner!!

Read...and read...and read again...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

www.stoozing.com

...although if you've never had a credit card don't expect too much too soon.

CLVI

Hello eveyone!

I am relativley new to this stoozing lark, but I want to do everything in my power to get rid of our massive mortgage ASAP(offest)! So i thought i would take advantage of my0% offer on my existing Virgin credit card, which I did courtesy of their credit card cheques, I also have been accepted by barclaycard with no worries and my bank wrote to me offering me a credit card with 13 months 0% BT, All was going well till I was turned down for the "mule card" Egg money!
Does anyone if their is any other card that does a similar to Egg money thus allowing it to be a mule card? (I'm sure this has already been covered somewhere but I couldnt find it) Thank you vey much for any help:o
In the meantime I guess I can use the credit card cheques to transfer balances to my current account(good BTR permitting) but this would only be shortlived as the 0% on my virgin cc runs out in july.

Sorry if these questions seem really silly, but if you don't ask then you don't find out

Cheers:beer: