Stoozing: Make Free Cash from Credit Cards article discussion

JimmyTheWig

No, I don't think you're missing much. It is very, very difficult to get stoozing working at the moment.

CannyJock

JimmyTheWig wrote: »

No, I don't think you're missing much. It is very, very difficult to get stoozing working at the moment.

You do need to be a bit more creative, but still very do-able. If you're lucky (?!) enough to have a bad fixed rate offset then it's very easy to turn a profit, but otherwise you need to put a bit more effort into juggling money around and keeping your eyes open for new savings.

Without an offset, profit after tax for last year is £1,451.82 which is still a 3.31% return on money that wasn't mine in the first place

That's taking it down the safe routes - if you'd taken your stooze pot and speculated it on RBS shares when they were at £0.06 then you'd be laughing up your sleeve just now

u751904

sorry I am being a bit lazy here about how much approx did you have to stooze to get that saving on an offset. I got an offset from first direct just before christmas. they were doing a good fixed rate at the time.

CannyJock

u751904 wrote: »

sorry I am being a bit lazy here about how much approx did you have to stooze to get that saving on an offset. I got an offset from first direct just before christmas. they were doing a good fixed rate at the time.

Impossible to say without knowing what rate your offset mortgage is at. I don't have an offset, cleared mine a while ago.

If your offset rate is above 3% (typical BT fee on a 12 month 0% card) then can safely say that you'll save "something".

Try using the stoozing calculator to work out your "profit" on the offset
http://www.stoozing.com/calc.php

(hint: for an offset you set your mortage rate to the savings AER and set the tax rate to offset i.e. nil).

mamazaac

I have two questions.

Firstly, in Martin's article on stoozing he mentions a trick to use with the Egg money card in order to use a new credit card 0% interest rate to transfer money to the egg money credit card (different from the standard egg credit card) and from there into your bank account. However, he states that the card isn't available at the moment, but when I follow the link in the article there does seem to be an egg money world card now available. As the article is only updated monthly, I am wondering if this has happened since it was last updated, meaning that this card from egg can be used for the trick Martin mentions. Does anyone know whether this is the case please?

Secondly, mse newsletter this week mentions the new Santander card which allows balance transfers for 0% for 12 months with no fee if you already have an A&L account. Does anyone know whether this card allows what Martin calls Super Balance Transfers please?

Many thanks in advance for any help anyone can give.:beer:

Tazmatron

I also would like to know the answer to Mamazaac's question regarding the Egg Money current/credit account.

The new one offered on the Egg site mentions nothing about a current account facility yet its called Egg Money.

GO CAREFULL readers, this could catch you out!!!

So, does any one have an answer for this?

Thanks

metalfury

I don't think the Santander card has the SBT Facility.

Not sure about EM as there have been some changes . . .

CannyJock

No SBT on Santander - list of SBT cards here http://www.stoozing.com/sbt.php

The new Egg Money is still a viable mule card It'll cost you £1 per month but if you spend over £100 per month on it to get enough cashback to negate the fee

YorkshireBoy

Tazmatron wrote: »

So, does any one have an answer for this?

The answer lies in the product T&Cs. Start with condition 9.5 (2nd bullet) and then try and find a condition prohibiting positive balances.

stphnstevey

Can you pay bills with Egg Money and get cashback? Can you do the same with overpayment of mortgage?