Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

shakeydave wrote: »

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.

No need to work it out. The card provider will tell you, on your statement, what your minimum payment is...and when it should be received by.

The answers to your other 3 questions are all, essentially, yes. So you seem to have the gist of it.

Further reading:

http://www.stoozing.com/easy-stoozing-guide.php#sslow

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

romfordboy

It takes time and discipline for the system to work, but it does and a few years ago, when stoozing was much easier, I had a £100k mortgage interest free for years on the back of the system and in fact earned credit interest for a time as well.

REMEMBER to set up a direct debt for the minimum monthly amount. This removes a whole heap of hassle for you, leaving you with just the anniversary date to worry about. If you miss just ONE payment then the charges will eat up the benefit so be organised.

stuteach

Hi All

Got a quick question; if anyone can help me with the answer it would be much appreciated.

I am just about to pay off £4000 to my ending 0% deal with a credit card. The £4000 is sitting in my offset mortgage account which costs me 3.7% APR. Am I better keeping the money in my account and Balance Transferring at the current 2.88% fee (or less with some of shorter period cards), or just paying off the current credit card?

Thanks in anticipation.

dixon-bainbridge

Hi everyone,

I'm thinking about stoozing but am worried it might have a negative effect on my credit rating. I'm hoping to apply for a mortgage in the next few years so don't want this to be jepodised. If I start opening credit card accounts and leaving them maxed out for a while will this have a negative effect? Obviosuly I'd pay them all off before applying for a mortgage and I have never missed payments or gone over my limit or anything like that.

Thanks

mapdick

I want to see it

geet

Hello, it is that time of the year when i have to switch cards, but i don't see much choice in 0% long term BT cards - most of it seem to be for purchases and i don't want that. so can someone tell me which is the best one to apply for - i already have a barclay platinum with a 10K to pay off by next month. Thanks in advance. G.

geet

Its me again - i had not looked properly - ok the options are Natwest/RBS with 18 month 2.8% fee and MBNA with 18 month 2.88% fee - my credit file is good i think but i want 15K - so can anyone advice which one is likely to give what we ask for - Natwest/RBS or MBNA - i mean any way of knowing? and i still go the egg route right? its a year since i did this! thanks.

YorkshireBoy

geet wrote: »

Its me again - i had not looked properly - ok the options are Natwest/RBS with 18 month 2.8% fee and MBNA with 18 month 2.88% fee - my credit file is good i think but i want 15K - so can anyone advice which one is likely to give what we ask for - Natwest/RBS or MBNA - i mean any way of knowing?

My opinion would be that MBNA offer the better chance of a good limit.

and i still go the egg route right? its a year since i did this!

With MBNA you wouldn't necessarily have to go that route...but you would pay 4% for a money transfer, ie SBT.

Around a year ago Egg changed their Egg Money T&Cs to prohibit positive balances. However, anecdotal evidence on here and on the stoozing site would indicate it's still possible to mule through Egg. A word of advice, if you do get £15K...try to keep any BT/BACS request with Egg under £10K, as amounts over this used to get referred to their AML department for authorisation.

Have you considered M&S and their Sterling travellers cheque loophole? 0% for 15 months for only a 1% fee...but I doubt you'd get a £15K limit.

geet

Thanks YB, will try MBNA. but what is this 4% money transfer - even if i BT to egg money? and yes, i did read about egg changing their t&c but i will take the risk as i have had no letter from them, and thanks for the warning if i get 15K, i shall take it out in two or three go. i don't know anything about M&S - where is it? G.

YorkshireBoy

geet wrote: »

but what is this 4% money transfer - even if i BT to egg money?

4% as a money transfer direct to your current account, 2.xx% as a BT from Egg Money.

and yes, i did read about egg changing their t&c but i will take the risk as i have had no letter from them

The new T&Cs were notified in a series of e-mails last year (March-July from memory).

i don't know anything about M&S - where is it? G.

Loads of threads on these boards...just use the forum search tool looking for 'Sterling travellers cheques loophole'.