Stoozing: Make Free Cash from Credit Cards article discussion

Tamwolf

no, there aren't any charges to switch term, either up to 26 years or back down to 3 when the available rates force me to do so. i think i'm going to have to go for it, just the idea of making some money by turning the 'system' to my advantage is just too tempting, that & the fact that i hate banks!! cheers.

JimmyTheWig

Then I can't see any problems. The only "risk" is that rates change quickly and you end up not making much money and so you would have wasted your time.

I'd suggest you stick with instant access savings rather than regular savers and/or fixed term accounts so you are prepared if rates change.

hunnybunny86

Can anybody advise me on which ISA or bank is the best to use with stoozing? Which ones currently have the best interest rates? Thanks.

Mr_Curious

Hi all. Im looking to gain some of your wisdom and get a greater understanding before I jump into the world of stoozing. I am looking at 'fast stoozing' with a super balance transfer. Now I'm of the understanding that you find the card that will allow you to transfer the balance into a current account with a special promo rate. You then transfer that into an ISA to get the tax free rewards and simply sit back at watch it grow. You set up a direct debit to pay the minimum interest free repayments. This is where I get confused. At the end of the interest free period do you then simply pay off the debt in full? Or can you transfer the debt onto another card that will then give you a new balance to invest on top of the debt transfered?

Also what are the potential rewards 'from fast' stoozing in the current financial climate?

Any help at all would be greatly appreciated :beer:

JimmyTheWig

Please read full answer before proceeding!

Mr_Curious wrote: »

Hi all. Im looking to gain some of your wisdom and get a greater understanding before I jump into the world of stoozing. I am looking at 'fast stoozing' with a super balance transfer. Now I'm of the understanding that you find the card that will allow you to transfer the balance into a current account with a special promo rate. You then transfer that into an ISA to get the tax free rewards and simply sit back at watch it grow. You set up a direct debit to pay the minimum interest free repayments.

Spot on.

This is where I get confused. At the end of the interest free period do you then simply pay off the debt in full? Or can you transfer the debt onto another card that will then give you a new balance to invest on top of the debt transfered?

Either, depending on what deals are around.
The important thing is that you have the money sitting there to repay the debt in full if need-be. That's got to be what you assume you will be doing at this stage. But if you can do better than that at the time then brilliant.

Also what are the potential rewards 'from fast' stoozing in the current financial climate?

Now this is the real problem!
Savings interest rates are at a real low.
Super Balance Transfer fees seem to have crept from 3% to 4%.
Credit (particularly decent credit) has become harder to come by.

In short, unless you are able to take up a special offer then there's no money to be made.
If this is your first stooz then I suggest you investigate the market and post back with your plans before going ahead to check you haven't missed anything.
There is money to be made, but it is much, much harder to come by than it was a couple of years ago.

Mr_Curious

Thanks for the advice. I think I shall plan my attack strategically over a month or 2 and get back for some more advice.

Thanks again :T

Mutton_Geoff

Has anyone ever 'stoozed' a mortgage??

Yes, similar to other posters. A cracking Woolwich/Barclays deal (0.75% above base so currently 1.25%) coupled with a high limit "mortgage reserve" account. Shifted that into the NS&I monthly income for 12 months, currently earns around £460 a month after interest & tax paid.

Benefit will cancel out if base rates rise to approx 2.3% plus there is 90 day interest penalty on early withdrawal, but still plenty of upside for the next 12 months. £5,500 of stooze value in the 12 months if rates don't move!

spdboy

hi All,

I am total newbie and have been lurking in these forums and the MSE website for a couple of days trying to digest the weath of information.

In this article I was looking at the card trick which mentions the use of a mule card - the only available one in the market is the Egg money Card (is that still right?). The article says that they are not accepting new customers but when I follow the link to the Egg website - to the 'Egg Money World MasterCard credit card', I do see a 'Apply Now' button which has totally confused me.

Am i looking at the wrong card or anyone applying for this card (though the website allows it) will get rejected anyways with an added penalty of a credit check?

JimmyTheWig

spdboy wrote: »

In this article I was looking at the card trick which mentions the use of a mule card - the only available one in the market is the Egg money Card (is that still right?). The article says that they are not accepting new customers but when I follow the link to the Egg website - to the 'Egg Money World MasterCard credit card', I do see a 'Apply Now' button which has totally confused me.

You should be fine. I believe they started taking new customers again a little while ago.

However, it is very difficult to make money stoozing at the moment. I suggest you post your plans before proceeding.

ranten202

surely the finatial climate is all wrong to make stoozing worthwhile at the moment. if you say transfer 1000 from one of the recommended cards into a current account incurring a 4% fee and you put it in a savings account that pays say 3.3% over 1 year you have made a loss have you not????? or am i missing something here!