Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

tiredofpoorservice wrote: »

Or are they both different forms of Stoozing?

Yes.

The first is termed 'fast-stoozing' and the second 'slow stoozing'.

Fast stoozing isn't very profitable these days due to BT fees and low savings interest rates. Gone are the days we could make £3-4K per year at it! However, there are still one or two opportunities that present themselves every now and then. There's a list of cards offering 'super balance transfers' (aka 0% cash to current accounts) here...

http://www.stoozing.com/sbt.php

tiredofpoorservice

Right. Thanks for that. Perhaps I am just being slow but once you have done a balance transfer from your new card to your old card (and you pay off your new card the minimum each month until the end of the offer, then pay off in full), how do you get the money from your old card to your bank account (where it belongs!)?


TOPS

YorkshireBoy

tiredofpoorservice wrote: »

how do you get the money from your old card to your bank account

Did you take a look at the link I provided earlier?

See also this guide...

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

tiredofpoorservice

Oh. I had misunderstood. So these are fees for transferring money from a CC to a bank account. But with two fees to pay I don't really see how any money can be made.


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YorkshireBoy

Like I said earlier, it's not very profitable these days.

Another option is to build debt (and therefore savings account balance) by slow-stoozing, and then take advantage of the cheaper BT fees available for card-to-card transfers.

Or get creative. The M&S card (also on the first link provided) can get you 0% cash for 15 months for a 1% fee (via Sterling travellers cheques). Everyone can make a profit on that. Whether it's worth the effort is a personal decision.

alwaystryyourbest

tiredofpoorservice wrote: »

Oh. I had misunderstood. So these are fees for transferring money from a CC to a bank account. But with two fees to pay I don't really see how any money can be made.


TOPS

Hi if you are lucky enough to be make mortgage overpayments, then you can balance tranfer on to a 0 % card and then pay that money towards your morgage. for me it is worth doing even with the fees i can still make some money.
I have also got some 0 % credit card for purchases,, and when my 0 % card runs out i can can to get another one or my morgage i can borrow back the money i overpay any time. but i know not many mortgages allow this..

ArielS

Hi, I'm new to this forum and also new to credit card. I've always been careful with spending money and have reasonable amount in my easy access saving and cash isa.

I've got my first credit card last month, M&S, 15 months 0% interest. I did think about paying minimum amount and keep the money in my saving to earn interest for 15 months (just read this article today and realised that it's called stoozing :beer:) Anyway my question is should I stooz? I'm tempted by getting free cash but also worried that I'll have massive amount of debt to pay back after 15 months. I'll get so nervous!

pqrdef

ArielS wrote: »

Hi, I'm new to this forum and also new to credit card. I've always been careful with spending money and have reasonable amount in my easy access saving and cash isa.

I've got my first credit card last month, M&S, 15 months 0% interest. I did think about paying minimum amount and keep the money in my saving to earn interest for 15 months (just read this article today and realised that it's called stoozing :beer:) Anyway my question is should I stooz? I'm tempted by getting free cash but also worried that I'll have massive amount of debt to pay back after 15 months. I'll get so nervous!

You need some discipline to run a credit card, but stoozing helps by providing incentives to stash the money away and to make the payments on time.

Ideally, have a separate account for the stooze money, but that will be expensive if you can't get the interest rate you've already got. So have a separate imaginary pot for stooze money.

Use the card like a debit card, and when you spend, put the money into the stooze pot straight away. Don't wait until the end of the month when the money isn't there. Don't let the amount in the stooze pot fall behind the balance on the card. If it does, you aren't stoozing, you're borrowing.

Troggy1

I am thinking of applying for the Barclays 24 month balance transfer deal. I have to pay £19000 tax bill. Does anybody know if I can pay this through barclays balance transfer?

Also when applying for the card do I have to declare my tax bill amount as something I have to pay? I'll be declaring my MBNA £12000 debt but do I have to declare my tax bill. I don't think this is on my credit profile as the date to pay this is in 31st January 2013

Thanks in advance for any advice.

Regds

angelfire

Okay, so I have a 0% credit card that has a £10k limit on it for 14 months. If i open a First Direct current account, then I can open one of their savings accounts with the 8% interest. That bit's simple.

I need a SBT card in order to move the money to the savings account. Presumably I would need to apply for one of those and get a 10k limit on that too? Once transferred, I would then pay the minimum amount to the SBT card - is that right? In which case, I'd need 0% interest rate on the SBT card as well?