Stoozing: Make Free Cash from Credit Cards article discussion

CE3JJL

I am sorry I don't really know how to post questions,so perhaps I am asking in the wrong forum. Here's my question anyway!

If the Halifax Clarity debit card is preloaded say by using the monthly Giro form, can one avoid interest charges when using the card abroad for cash withdrawals?

Yhanks

Work-Shy_2

This is a great forum and many thanks in advance for any advice. I have a potential plan to transfer £2,000 from my MBNA BMI American Express card to clear my Natwest overdraft (offered at 0% until November 2011 with a 4% fee).

The balance on the card is £0.00 (with a very healthy/useful credit limit) and I currently have a direct debit set up to pay off the full balance every month.

How and when is the 4% fee (£80) payable? If I want to exploit the 0% period for 7-6 months, will I need to ammend my direct debit mandate to make the minimum payment (I plan to pay off as required in order to clear the full balance before November 2011)?

Bottom Line: How do I "borrow" the £2,000 for the £80 fee without paying any further fees and/or interest?

Thanks,

Work-Shy

thenudeone

gwapenut wrote: »

I think as of this month, it is now mandatory for all issuers to process payments this new way ("positive order of payments")

Unfortunately in mbna's case cardholders could be WORSE OFF under their new terms under certain circumstances
Previously, if you had multiple 0% balances they would pay off the earliest end date offer first. Now they pay off the earliest start date first (which could end later than another 0% offer).
So they have found a way to charge you interest even though you have only ever used 0% offers and have paid off the balance of each offer before the end date. Crafty!

marvel_rich

hi, for all members This is a great forum and many thanks in advance for any advice :)

santy02

can you tell me what is mean of stoozing



apprentice stoozer[/QUOTE]

ali99

I'm a bit confused - I don't know if this is just out of date information or if I have my maths wrong somewhere. In the article, Martin says
"Anyone with a flexible or offset mortgage, where money can be deposited and taken out at will, should simply pay all the cash into that. The mortgage interest reduction outweighs even the best cash ISA returns."

Our offset mortgage is currently 1.29% (0.79 above base tracker). We each have a cash isa on 3.25%. Surely we are best off keeping the isas? I was looking for another high interest savings account to use for stoozing as the isas are full, I didn't think the mortgage rate was high enough. Or have I missed something obvious?

Thanks.

footboy

Hello everyone,

I'm a Cashback Credit Card user paying off in full each month that now wishes to ditch and switch to a more profitable stoozing technique.

My approach would be to:
1. Get the best 0% card on the list.
2. Spend as normal, pay min each month to retain 0% status.
3. Spend up to max and keep to end of 0% period.
4. Transfer to another 0% card or pay off.

Questions then arise:

1. Is it better to transfer the balance or pay off the card?

2. Am I right in thinking if the BT percentage fee is below my savings rate then BT otherwise pay off?

3. Would a card charge to transfer out or does a charge only come from the new card transferring in?

4. How many days/weeks/months before the end of a card's free period is it best to apply for a new 0% card?

That's it thanks! I have no other debt and want to prepare in advance!

Cheers
Steve
:beer:

Tixy

ali99 wrote: »

I'm a bit confused - I don't know if this is just out of date information or if I have my maths wrong somewhere. In the article, Martin says
"Anyone with a flexible or offset mortgage, where money can be deposited and taken out at will, should simply pay all the cash into that. The mortgage interest reduction outweighs even the best cash ISA returns."

Our offset mortgage is currently 1.29% (0.79 above base tracker). We each have a cash isa on 3.25%. Surely we are best off keeping the isas? I was looking for another high interest savings account to use for stoozing as the isas are full, I didn't think the mortgage rate was high enough. Or have I missed something obvious?

Thanks.

Ali - I'd guess the article was written when the base rate was much higher and so mortgage rates were higher than ISA rates.
Although the article is updated I think its only for the best buy data etc rather than the main content.

I would agree with you that you are better off keeping the ISAs at that rate. I would only put the money off your offset mortgage if you cannot find a savings rate that is higher than it.

shakeydave

Am i right in thinking that :

1) Do your daily spending on the card
2)Pay back minimum on the card and save unspent money in an ISA for example
3) How do you work out how much to pay back is it the minimum or how can you work out 2% of what you'll spend - good planning.
4)At the end of the 0% cancel the card I take it and pay back using your saved money

Any help would be appreciated !!

marluc

shakeydave wrote: »

Am i right in thinking that :

1) Do your daily spending on the card
2)Pay back minimum on the card and save unspent money in an ISA for example
3) How do you work out how much to pay back is it the minimum or how can you work out 2% of what you'll spend - good planning.
4)At the end of the 0% cancel the card I take it and pay back using your saved money

Any help would be appreciated !!

I would like the answer to the same question.
Thanks in advance:beer: