Stoozing: Make Free Cash from Credit Cards article discussion

Tulgey_Wood

I've been doing this for about a year on a small scale. Its great!
I don't have a good enough credit rating (yet) to get new cards, but I managed to pay off one card, and opened an interest paying Alliance & Leicester current account. Instead of doing my day to day spend from my current account, I do it on my one good credit card, then pay for it in full the following month, with the money I've left sitting earning 6%. Its probably not a great deal of money, but its mine, not theirs! :j

Igol

Spammer reported

eldmire

Rather than using a 0%Balance transfer card and an Egg Money Card why can't I just use an MBNA Platinum Credit card which is currently offering 0% balance transfer for 13 months and also 0% on money transfers (from the credit card to bank account) for 13months (although there is a one off 4% money transfer fee)?

YorkshireBoy

eldmire wrote: »

Rather than using a 0%Balance transfer card and an Egg Money Card why can't I just use an MBNA Platinum Credit card which is currently offering 0% balance transfer for 13 months and also 0% on money transfers (from the credit card to bank account) for 13months (although there is a one off 4% money transfer fee)?

You can, but BTing from Egg Money to MBNA will cut your fee to only 3%.

If you'd rather not go the Egg Money route why not use a Virgin card for an extra month (currently 14 months) on the same money transfer?

Or why not pay only 1% for 10 months with the M&S Sterling travellers cheque loophole?

However, if you plan on escalating your stoozing then the Egg Money card is the way to go.

grumbler

Hi YB. It's been a long time....

Could you (or anybody else) remind me how we transfer a positive balance from EM to a current account?
What I see is "Make a balance transfer", but "balance transfers are subject to a fee of 3% unless we tell you otherwise"...[FONT=Arial, Helvetica, sans-serif]
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JimmyTheWig

grumbler wrote: »

Hi YB. It's been a long time....

Could you (or anybody else) remind me how we transfer a positive balance from EM to a current account?
What I see is "Make a balance transfer", but "balance transfers are subject to a fee of 3% unless we tell you otherwise"...

One way to be sure is to send them a secure message asking them to do it and confirming that you don't expect to be charged for the transfer.

YorkshireBoy

grumbler wrote: »

Hi YB. It's been a long time....

Could you (or anybody else) remind me how we transfer a positive balance from EM to a current account?
What I see is "Make a balance transfer", but "balance transfers are subject to a fee of 3% unless we tell you otherwise"...

Hello grumbler,

Unlike Jimmy's method above I prefer to make my BACS transfer requests by telephone. Routing via your Egg Savings account may earn cashback (:D), although this method seems to work best* around the end of the cashback year.


* In a reliability sense, because cashback earned from such transfers is often clawed back on the following month's statement.

grumbler

Just to make sure, if it is the saving account, do I still have to request a transfer by telephone?

YorkshireBoy

grumbler wrote: »

Just to make sure, if it is the saving account, have I still to request a transfer by telephone?

You don't *have* to, it's just my preference (and always has been).

Never had a problem with this method, whereas others (on the stoozing site) have reported problems when their secure messages have not been actioned.

Synonymous

Hi Guys, I've been slow stoozing for a while but for the first time I'm thinking of doing a balance transfer. Just want to check the figures in case I'm missing something.

£1,700 Tesco Clubcard CC, 0% on purchases ends July.

BT from Santander zero card - no BT fee, I've just opened the A&L Premier Direct for the £100 and £45 cashback and overdraft to stooze, so I am an existing customer. It seems a 'waste' of a fee free transer to move such a small amount (the card is up to its pitiful limit), If I get this transferred with, for example a month of 0% on the Tesco card, could I spend again on this and do a second BT to Santander, as long as its within the x amount of days for BTs and the maximum BT amount? Or even transfer the first few months purchase off the Halifax card without any comeback? I will be buying furniture for a new house so could whack some big purchases on one of them and move them over.

Credit report wise, I have just got a new Halifax CC at 0% for 12 months for purchases with a CL of nearly £4k so this is a recent search, and I also just had a mortgage offer agreed so I presume this is a search too? I want to try for the Zero and get this sorted, but will leave proper stoozing for a while to spread out searches as I would need to apply for an Egg Money card.

Hope that makes sense, thanks!