Stoozing: Make Free Cash from Credit Cards article discussion

suesie999

I started "stoozing" a couple of years ago, as I am due some money from an overseas investment which has been delayed and for other reasons too long winded to go into. I do have savings already but needed to free up cash.

My current question is this. Most of my savings which are penalty free access ( and not including ISA's), are currently earning around 3.11%. I have more savings than I am stoozing as I would never do it any other way and intend to clear when the investment is paid.;however a balance transfer at 0% is due to be repayed soon and I have a couple of choices, do I :

1. Use what is in the 3.11% savings account to repay it
2. Use another 0% offer i have been made ( 0% unitil april 2013 with a 3.5% fee) and the repayments are only 1%
3. Use the 0% overdraft on my newly switched current account which gives both 5% interest for 12 months and also a 0% intersest free overdraft for 12 months

My brain is mashed and I woudl welcome some help!! :D

suesie999

chiffonella wrote: »

Hi, I have an offer on my Capital One visa card for 0% on balance transfers with a 3 % charge. They say you can only transfer to another credit card or a store card. I want to use the cash, so would it work to transfer to another credit card which has no debt on it and then is it possible to get the second card to refund the money to my current account?

I have done balance transfers into a card with no debt and then just "used it up" as cash. You can put a credite card into credit but they will not let you take it out. Its just the same then as using a debit card

coolforcash

thenudeone wrote: »

It's all here http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

look for "Super Balance Transfer"

This article is very interesting and clear. However, I do have a question regarding mule options having read through it and this forum. I used to have an Egg money card that was a handy mule for when I couldn't do an SBT but now they have been taken over I have a Barclayard instead. Am I correct in assuming that I cannot use this replacement card as a mule as it is now a "normal" credit card and therefore not permissable to receive money and have a cash balance as such?

The reason I am looking is that I have been offered 0% APR on any BT with MBNA until May next year and it's 3.5% for a CC or 4% for a current account. I know it's only a possible 0.5% saving but it is money saving after all!

Thanks in advance.

jamesd

It's not guaranteed that you can use the Barclaycard World card as a mule but there have been some reports that it's OK but with questioning when you ask to have the "overpayment refunded to your current account". Use those words when asking. Also please report how things went since experience on this is limited. You're probably less likely to have hassle if you use the card regularly for normal spending.

I've also had money returned to my current account from a NatWest card. My Barclaycard success was just after the takeover so might not be representative.

coolforcash

jamesd wrote: »

It's not guaranteed that you can use the Barclaycard World card as a mule but there have been some reports that it's OK but with questioning when you ask to have the "overpayment refunded to your current account". Use those words when asking. Also please report how things went since experience on this is limited. You're probably less likely to have hassle if you use the card regularly for normal spending.

I've also had money returned to my current account from a NatWest card. My Barclaycard success was just after the takeover so might not be representative.

Successfully transferred a £4k overpayment from my Barclaycard World card back to my current account - no major issues or advise that this wasn't normally allowed. Although it was done through the fraud detection department rather than the main customer services. The only question asked was if I intended to close my account. Result! :j

Daniella500

My first posting on here. Trust I do it right!
I applied for a barclaycard platinum visa card last October. The offer was 22 months free interest on balance transfers (minimum £250 transfer) and 11% cashback on all purchases up until the end of December (maximum £100 cashback). I transferred £250 and spent sufficient to earn the £100 cashback. I paid off all the balance, apart from the £250 balance transfer, which I had understood to be interest free for 22 months. However, in January, I was charged £1 interest. After a lengthy phone call, they re-imbursed the £1. In February, they charged me £1.20 interest. I paid off the balance, but wrote to ask why they had added interest in an interest-free period and was told that monies I had paid off the balance during October-December went firstly on the balance transfer, so that the £250 balance in Jan and Feb was regarded as purchases!

Lewis_Davies

it becomes 6.74% net in your case? i don't understand,need info

Adam6011

All I am new to this and just wanted to check my understanding of how this is done before I embark on such an audacious scheme.

I have opened the natwest world card which provides 0% for 13 months and 3500 limit.

In my head the best way to do this is spend up to the limit on this card then

Either extend the limit and carry on spending and building up savings which I would transfer to a cash ISA

Or if this is not an option leave this as is and open a new credit card and repeat building up the cash on this card

I would then repeat this process as many times as possible

However whilst doing this i would simultaeneously pay off any balances on which the interest fee period was running out.

This would then allow me to maintain a balance of the sum of the credit limits of the active cards for the duration without having to balance transfer and amount and thus pay the fee on such a transfer which would surely erode all of the gains made (depending on the fee)

Please let me know if I have the wrong end of the stick

ambrosjo

I've been stoozing successfully for some time now and have gone up to the limit (and paid off infull) all the 0% cards in the MSE article, so I thought my stoozing days were over. So I tried re-applying for the same cards, but no joy. But then I found that RBS do a 0% card. Although it's part of Halifax, (I already had the HFax card) they let me get a RBS card. Who do I tell so it gets added to the article?

The re-applying trick worked for me with car insurance. I got a renewal notice which was a huge increase over the previous year (as ever). I apllied for a new policy on line for exactly the same car & cover, and got it cheaper than the previous year. Once that was done, I had to ring up the same company to tell them I wouldn't be renewing last year's policy !!! Wierd.

tiredofpoorservice

Hi there,

Just a little confused and wondered whether anyone could help.

Is Stoozing when you apply for a credit card with a 0% balance transfer offer, transfer the balance and somehow get that money to your bank account and use it to earn interest? If so, then how do you get the CC company to transfer the positive balance to your account?

Or is Stoozing when you apply for a credit card with 0% interest, use it to pay for everything and only pay off the minimum during the offer period, stashing the amount you would pay into the highest interest savings account you can find?

Or are they both different forms of Stoozing?


Thanks


TOPS