Stoozing: Make Free Cash from Credit Cards article discussion

avfcforever

Thanks for the detailed answer yorkshire boy.. If I am able to shift the balance to another 0% card for a further 6 months (or more) then wouldn't this then result in the full 12 months worth of interest being gained in the savings account, and therefore making a profit (small, but positive)?

If this isn't the case then I am struggling to see how you can make money on stoozing at present. Do I simply need to get a card with 0% longer than 12 months and put it in an ISA/12 month fixed savings which have the biggest net returns?

Thanks again for your quick and detailed help before

YorkshireBoy

avfcforever wrote: »

If I am able to shift the balance to another 0% card for a further 6 months (or more) then wouldn't this then result in the full 12 months worth of interest being gained in the savings account, and therefore making a profit (small, but positive)?

Only if the next deal is fee-free...and there aren't any at the moment (and for the foreseeable future?).

If this isn't the case then I am struggling to see how you can make money on stoozing at present.

I agree it's harder these days. Fortunately I had a 6.3% Egg savings account, which ends this week so I've moved my stooz pot to a Halifax 5% fixed rate websaver reward account. Other possibilities include offset mortgages (with collars).

Do I simply need to get a card with 0% longer than 12 months and put it in an ISA/12 month fixed savings which have the biggest net returns?

Lots of options, but you should never take a deal without first running it through a calculator such as the stoozing site one I used in my earlier reply - which you'll find here...

http://www.stoozing.com/calc.php

avfcforever

Thanks again, I've had a look for the websaver at a fixed 5% and I couldn't find it, could you post the link? The best rate with halifax fixed for 1 year was at 3.4%?

YorkshireBoy

avfcforever wrote: »

Thanks again, I've had a look for the websaver at a fixed 5% and I couldn't find it, could you post the link?

It's long gone I'm afraid. Was only available for a short time last November. I opened it (with £50) in readiness for when my Egg 6.3% fixed came to an end this month.

determined1_2

Hi quys

I have a bit of a specific question that I hope someone has had some experience with.

After the 0% deal running out on my Halifax CC last week, and with no workable repeat offers given, I shut the card today.

Being I have my main current account, savings, old CC of course, and mortgage (managed well, see sig) I can only see that Halifax are going to see me as a 'good' customer.

Due to this I'm hoping to get a strong workable limit with my next credit card (I stooze it against my mortgage via egg money. Only stooze as much as I have in savings so I can pay back if things go belly up).

So, to the questions:
a) how long is it before I can apply again as a new customer
b) should I wait until I get an 'offer for you' shown under my account
c) should I wait until september when my salary will go up by ~£4k
d) I'm guessing you can still mule via egg money

thanks in advance

Determined

CannyJock

determined1 wrote: »

So, to the questions:
a) how long is it before I can apply again as a new customer
b) should I wait until I get an 'offer for you' shown under my account
c) should I wait until september when my salary will go up by ~£4k
d) I'm guessing you can still mule via egg money

Answers:
a) I've just closed a HBOS card recently and I'm pretty sure it was 3 months, but best to phone them on the number on the back of your card to check that one
b) An offer might indicate a pre-approved card, but personally I'd just keep an eye out for a workable 0% deal
c) I'd put in an application as soon as I saw a workable 0% deal, if the raise is guaranteed then that'd be the salary i'd put in on an application
d) Yup

Now you've dipped your toe in with the HBOS card, why not look to other card providers? Full list of current offers on the stoozing site: http://www.stoozing.com/0fees.php

YorkshireBoy

CannyJock wrote: »

Answers:
a) I've just closed a HBOS card recently and I'm pretty sure it was 3 months, but best to phone them on the number on the back of your card to check that one

a) I seem to remember, like M&S, it's only 30 days. However, I'm not sure just when the clock starts ticking?

moneymouth77

I just can't get my head around this... the numbers just don't work out unless the rate is phenomenal. Or do they... this may be too much for me.

CannyJock

It's all about the difference between the rate you're borrowing at and the rate you're saving at. The main difficulty with stoozing just now isn't the availability of 0% deals or lack of credit, it's finding somewhere paying a good interest rate.

There's a calculator on the stoozing website (sponsored by MSE) http://www.stoozing.com/calc.php that lets you play around with the numbers quickly and easily.

For a short-cut, try pressing the calculator button next to the top 0% cards and you'll see if there's a profit to be made on them:

http://www.stoozing.com/0fees.php

moneymouth77

I will have a look, cheers! I'm just not sure my credit rating's good enough anyway