Stoozing: Make Free Cash from Credit Cards article discussion

Engeroosi

What cards are best for stoozing adn how can I start?

Trainee Stoozer

JimmyTheWig

Engeroosi wrote: »

What cards are best for stoozing adn how can I start?

It's very hard to make any stoozing work at the moment.
There are ways, certainly, but it's far from easy and there's not as much profit to be made as there once was.

Which means that any mistakes can wipe out your profit and end up costing you money.

Read the articles on here and the stoozing website first. Then come back with any specific questions.
If you don't know how to start, you are not in a position to start.

neas

My wife and I are preparing for stoozing in the near future.

At the moment we have cards that we pay off in full each month.

Mine

Santadner Zero (good for holiday spending)
Play.com CC (1% cashback through play.com)
TSB airmiles (Airmiles points to keep my airmiles balance ticking over)
Halifax CC (Aimed to increase my credit rating)

Wifes

TSB airmiles card (She gets 10x rate for first few months so am maxing this at the moment)
Halifax CC (Aimed at increasing credit rating)

We also have got our mortgage sorted too and are moving into our new house.

First thing i will do when we move is update electoral register or attempt to, altho i realise we are a bit borked when trying to apply for new credit (due to not living there for less than 1 year etc).



Does anyone have any tips as to maximise our available credit limit... other than repaying in full and borrowing on each card each month? We want to ideally keep 1 Airmiles card(prob mine), Play.com CC (as its a good cashback rate) and the santander card for holidays long term. The others we can cancel off when we need to.


Also when you guys stooze i guess yu just pay minimum off and earn the '3%' on the savings you make from not paying off card in full right?

CannyJock

neas wrote: »

Also when you guys stooze i guess yu just pay minimum off and earn the '3%' on the savings you make from not paying off card in full right?

No magic formula for maximising credit limit - depends on the card provider's frame of mind, your personal circumstances and your own history of limits.

You only pay the minimum while the cards are on the 0% promotion, and earn as much as possible on the money in your stoozepot (without undue risk!).

You can try putting some numbers into the stoozing calculator to see what profit you'll make http://www.stoozing.com/calc.php

chrisab

This looks interesting, but with the fees now involved has this ship sailed

worthlessslime

Hi,

I've been offered a balance transfer at 0% interest for a year, and no transfer charge.

I don't have any credit card debts. But I would like to get my hands on the cash.

I've read the relevant article and it says the only card that will transfer money into your bank account for free is the Egg Money card.

Is that still the only one? Are there no others?

I used to have an Egg card (not sure if it was an Egg Money card) but they closed the account as I had not used it for years. I have several other unused credit cards with zero balances.

I'm considering doing a balance transfer to CapitalOne and writing myself a credit-card-cheque from that account. There would be a fee for that, but it would still be a cheap loan. Is that a good idea? Any better suggestions please?

Thanks.

nevattwood

Hi, read this with interest but on the Tesco website it says that there is a 2.9% charge for balance transfers for first 9 months.

JimmyTheWig

Yes, it is very difficult to make stoozing work at the moment.

neas

Unless you 'stooze' your purchases i guess. Like i bought a sofa from DFS, 4 years interest free credit... so put the money in a 2.9% savings account. And standing order for the monthly amount each month.

Essentially its like a mini-stooze pot paying the 'minimum amount' each month and getting interest on the remainder.

JimmyTheWig

Yes, neas, always worth doing.
Assuming you want a new sofa in the first place!

Remember that there is no such thing as "free" credit. It will be factored into the price. If they'll do a discount for paying in full then this might work out cheaper.
But as you say, if the best deal you can get comes with free credit then take it and stooz it.