Stoozing: Make Free Cash from Credit Cards article discussion

JohnnyG

Hi everyone,

Been stoozing for just over 1 month now. Was absolutely gob smacked just how much the wife and I actually spend in a month. Can see the limit being maxed out well before the life of the card. That said, nearly all of it has gone on the 0% interest credit card, with the equivalent money going into a savings account. Couldn't get a fantastic interest rate, as our Cash ISAs are maxed out, but it's better than nothing......every little bit helps.....also get points by using the credit card, so it's a win win

bevally

Hi,
Hoping someone with experience can advise!
I have recently taken my first steps in the world of stoozing!
I have the M&S 0% for 15months c/c which will end mid-Aug. The c/c is used for everyday spending and the money is being saved in my ISA.

My question is, when is the best time to apply for another 0% card in order to restart the process?

Is it best to apply prior to this one ending, so i am ready to go straight away or wait until the balance is cleared and then apply for a new deal???

Any advice gratefully received :beer:

pqrdef

The aim would be to put the longest possible interval between making each purchase and paying it off.

Given an unlimited supply of 0% purchase cards, you'd put every purchase on a new card.

As it is, you have to think about how soon you can get another M&S card, and what other cards you can fill the gap with.

The complication is that cashback cards can be as lucrative as stoozing at current rates.

Also, instead of paying off your M&S balance in Augusr, you might want to squeeze a bit more juice from it by transferring it to a low-fee 0% balance-transfer card.

bevally

Thanks for the reply, pqrdef.

I guess i'm doing the slow stooze. Don't think i'm interested in the balance transfer, but it is something to be considered.

I'd thought abot the Tesco 0% for 16months, so my original question remains as to when is best to apply for this????

YorkshireBoy

bevally wrote: »

I'd thought abot the Tesco 0% for 16months, so my original question remains as to when is best to apply for this????

What's your income and other financial circumstances, including (specifically) the utilisation on the M&S card?

That will determine whether you'd be better waiting to apply or not.

If you wait until the M&S card is paid off you could be waiting 2-3 months depending on how quickly they update the CRAs with it's settled status. However, if you apply early then that could affect your acceptance, or at least the credit limit given.

As pqrdef mentions, the best approach would be to get a new card regularly, stop spending on the old one and put it all on the new one. Doing this evens out the peaks and troughs of savings account balances when slow-stoozing.

bevally

Thanks for commenting YorkshireBoy

I work (very) part-time with income ~ £10,000. Husband F/T income ~ £30,000, never remember exactly & would need to check.

M&S card has credit limit £8,000 with approx £6000 current balance. I'm primary account holder, but not sure this makes any difference as credit histories are linked.

No other debts except mortgage. Always paid off C/C's in full & on time.

Both have own C/C for personal spends such as each others birthday/xmas present.

If you wait until the M&S card is paid off you could be waiting 2-3 months depending on how quickly they update the CRAs with it's settled status. However, if you apply early then that could affect your acceptance, or at least the credit limit given.

Your point above was my dilemma!

Thanks again!

alwaystryyourbest

Hi just coming here for advice I have been offered a 0 percent for balance transfers for 12 months with my old sainsburys credit card ..
But this offer has came 5 months to early . Just wondering if I asked them again in 5 months what's the changes of them offering it to me again ???

mihaid

I have been doing the rounds for a few years. When I applied for a Halifax cc I was turned down I think because they still had my first Halifax cc records on the file which had been closed for roughly 2 years. There are no other reasons, credit score is perfect.
I thought they were supposed to wipe my data from their systems sooner than that?
How soon do other people go back to previous credit card providers?

YorkshireBoy

mihaid wrote: »

When I applied for a Halifax cc I was turned down I think because they still had my first Halifax cc records on the file which had been closed for roughly 2 years.

I've had around 5 Halifax credit cards in the last 7 years (a mixture of BT and purchase cards...all of them on 0%).

Every time I cleared a balance, within 30-90 days, another card was either offered as pre-approved or successfully obtained through a standard application.

There are no other reasons

Yes there are. It's just that you haven't found out what they are yet.

credit score is perfect.

No such, universal, thing exists.

I thought they were supposed to wipe my data from their systems sooner than that?

They can keep your data* for ever if they wish! For example, try bagging an FD current account £100 incentive when you had an account with them 15 years ago.


* By 'data' I mean something as basic as name and address.

ecdub

Hi there,

I am sure this has been covered in this thread but... With 0% cards, do you still need to pay off the minimum each month?

Also - will it have any different affect on your credit file for only paying off the minimum (if that is the case). Does only paying the minimum come across differently from those that pay it off in full each month?

Thanks,