Stoozing: Make Free Cash from Credit Cards article discussion

frogmaster

I'm looking for confirmation really.I've got a 2.74% tracker.If the balance transfer fee is above this for a 0% deal it is a no brainer.
0% on purchases is the only option?

YorkshireBoy

frogmaster wrote: »

I'm looking for confirmation really.I've got a 2.74% tracker.If the balance transfer fee is above this for a 0% deal it is a no brainer.

Probably, but depends on duration.

You should run all deals through a calculator such as www.stoozing.com/calc.htm

0% on purchases is the only option?

M&S travellers cheque loophole (10 months 0% for a 1% fee).
Don't Barclaycard have a BT card with a 1.7% fee?
Ulster Gold is fee-free, as is Abbey Zero.

ianhamilton

Hi, I new to this game and was hoping somebody would be kind enough to answer a beginners question.

Say i was stoozing approx 2500 on a 0% interest card for 14 months, wouldn't the interest earnt be less than 14 times the minimum repayment, in this case around £25 a month?

Thanks

NickX

ianhamilton wrote: »

Say i was stoozing approx 2500 on a 0% interest card for 14 months, wouldn't the interest earnt be less than 14 times the minimum repayment, in this case around £25 a month?

The Minimum Repayments are deducted from the amount that you have borrowed, so are not really losing very much (the interest on £25 per month perhaps). If you can afford to make the Minimum Repayments without touching your stoozepot you are not losing anything.

More of a problem is earning enough interest to cover the 2.98% Balance Transfer fee with the historical low Base Rates that we are enduring now.

YorkshireBoy

NickX wrote: »

If you can afford to make the Minimum Repayments without touching your stoozepot you are not losing anything.

Well you are Nick , because that's money you'd (probably/hopefully) otherwise save each month...instead of giving it to the card provider.

NickX

YorkshireBoy wrote: »

Well you are Nick , because that's money you'd (probably/hopefully) otherwise save each month...instead of giving it to the card provider.

Take your point YB, but if that Minimum Payment would likely just hand around in a non-interest bearing current account (as would probably happen with me ) then your not earning any interest on it to lose.

But if you do actually move every penny that you do not spend into savings then yes, you are losing a little.

ianhamilton

NickX wrote: »

The Minimum Repayments are deducted from the amount that you have borrowed, so are not really losing very much (the interest on £25 per month perhaps). If you can afford to make the Minimum Repayments without touching your stoozepot you are not losing anything.

More of a problem is earning enough interest to cover the 2.98% Balance Transfer fee with the historical low Base Rates that we are enduring now.

So you put aside how ever many min. payments you will need in a seperate account. For example, take out 2500 cash @ 0%, then put X times 25 in a different account and put the rest in your high savings account?

I think i understand now, cheers for your help

YorkshireBoy

ianhamilton wrote: »

So you put aside how ever many min. payments you will need in a seperate account. For example, take out 2500 cash @ 0%, then put X times 25 in a different account and put the rest in your high savings account?

What's the point?

You either make the payments from income each month or you transfer them back from the high interest savings account each month.

The only time you'd do what you're proposing is if you use a fixed rate bond type stooz pot (and don't have an income/any spare cash each month), and I wouldn't recommend that for a novice stoozer/someone new to cards.

JimmyTheWig

YorkshireBoy wrote: »

The only time you'd do what you're proposing is if you use a fixed rate bond type stooz pot

I think that's the only way to make a stooz profitable at the moment (other than for Rodent).

I wouldn't recommend that for a novice stoozer/someone new to cards.

I certainly take your point, but how else can someone get experienced at the moment?

Numpty_Monkey

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