Stoozing: Make Free Cash from Credit Cards article discussion

ddebski_us

Been accepted for the Tesco 0% purchases for 16 months card, limit of £7k. Am about to start stoozing!

I'm buying a car soon, most of the cash is already in a savings account; do I leave it there and put the whole of the car on credit or part of the car on credit and use the card for purchases too (such as tesco shopping and fuel). I can maximise clubcard points here too!

pqrdef

ddebski_us wrote: »

I'm buying a car soon, most of the cash is already in a savings account; do I leave it there and put the whole of the car on credit or part of the car on credit and use the card for purchases too (such as tesco shopping and fuel). I can maximise clubcard points here too!

Just start spending on the card and keep going until you've maxed it out. Any spending is as good as any other, so long as you don't get charged a fee for using the card. The profit depends on how long you borrow the money for, so borrow as much as possible as soon as possible.

You can use the card to get Tesco shopping points even if you use another card to pay.

michaels

ddebski_us wrote: »

Been accepted for the Tesco 0% purchases for 16 months card, limit of £7k. Am about to start stoozing!

I'm buying a car soon, most of the cash is already in a savings account; do I leave it there and put the whole of the car on credit or part of the car on credit and use the card for purchases too (such as tesco shopping and fuel). I can maximise clubcard points here too!

You may be able to negotiate a better deal buying the car for cash, saving much more than you make by earning interest on the savings during the interest free period.

Jennifer_Jane

!!!!!!!!! wrote: »

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?

Isn't the First Direct a regular savings account with a £300 monthly savings maximum? So you are only getting the 8% on the first £300, then slightly less for the following month's £300, etc. Somewhere on this forum the actual interest rate has been worked out. Just unsure if you knew this since you mention moving the money to the savings account. You would move it to the First Direct current account.

Jennifer_Jane

michaels wrote: »

You may be able to negotiate a better deal buying the car for cash, saving much more than you make by earning interest on the savings during the interest free period.

I agree. Usually 2% or 2.5% charges for using a credit card. Also, for my brand new car, I went to an online broker for the best deal. As it happened, after I had received an e-mail with their offers, I went to have a look at the car in my local showroom and they gave me a super discount to go with them.

Apologies to the online discounter, but the local dealer matched and I had to go with them. I hadn't intended to do so.

YorkshireBoy

michaels wrote: »

You may be able to negotiate a better deal buying the car for cash

...and if you can, then you should investigate the Tesco card's Sterling travellers cheque loophole...0% on cash for up to 16 months for a 1.25% fee.

angelfire

Jennifer_Jane wrote: »

Isn't the First Direct a regular savings account with a £300 monthly savings maximum? So you are only getting the 8% on the first £300, then slightly less for the following month's £300, etc. Somewhere on this forum the actual interest rate has been worked out. Just unsure if you knew this since you mention moving the money to the savings account. You would move it to the First Direct current account.

But I thought the whole point was to put the money into as high an interest account as possible, hence why I was looking at the 8% account?

Would I presumably need a 10k credit limit on the SBT card?

useyourillusiontoo

I understand how money is made from stoozing but it's the getting started bit i'm unsure about.

I've always paid my bills off in full as i've usede cashback cards but would like to graduate to stoozing.

My usual monthly credit card bill is only about £300 (we shop at Aldi for food which is always on debit card)

Would I open a new card and transfer £300 for 15months or should I be looking for a card that had a 0% intro period and then transfer that balance after the intro period?

delmar39

You get yourself a 0% credit card then spend on this card. Put the money you would usually pay it off with each month into a high interest savings account / ISA to earn max interest. When the 0% deal comes to an end either pay off the card with your savings, retaining the interest, or BT the debt.

I've got around £3k debt on an interest free card which runs until Dec 13. I've been paying £250 into a 6% savings account (taxed though) ready to pay off the balance in Dec, earning me a decent amount of interest. I may consider a BT too.

Also, I'm a member of a gym. I pay my annual membership in one go with a long term 0% credit card. I put the monthly payments into a savings account and once again bag the interest. This gets me cheap gym membership (I save 10% by paying upfront) and also earns me interest. Better than a bog standard direct debit going out each month.

There's a few examples of what you can do. Basically using 0% cards to save and earn interest.

useyourillusiontoo

delmar39 wrote: »

You get yourself a 0% credit card then spend on this card. Put the money you would usually pay it off with each month into a high interest savings account / ISA to earn max interest. When the 0% deal comes to an end either pay off the card with your savings, retaining the interest, or BT the debt.

I've got around £3k debt on an interest free card which runs until Dec 13. I've been paying £250 into a 6% savings account (taxed though) ready to pay off the balance in Dec, earning me a decent amount of interest. I may consider a BT too.

Also, I'm a member of a gym. I pay my annual membership in one go with a long term 0% credit card. I put the monthly payments into a savings account and once again bag the interest. This gets me cheap gym membership (I save 10% by paying upfront) and also earns me interest. Better than a bog standard direct debit going out each month.

There's a few examples of what you can do. Basically using 0% cards to save and earn interest.

Thanks for the advice. One further question. Where did you get the 6% savings, I want I want