Stoozing: Make Free Cash from Credit Cards article discussion

chickenboy

hi - there is one thing i don't understand. So lets say you've built up a balance on your 0% card, paying off the minimum, and building an equivalent balance in you 3% savings (current) account.

You want to do the "big stooze" and transfer your balance. The best balance transfer rate currently on mse is 1.99%. Which is payable on the whole balance.

The 3% interest you have earnt over the past year on your growing saved balance has been built up bit by bit, so is likely to be completely wiped out by any one-off transfer fee??? isn't it??

mihaid

chickenboy wrote: »

The 3% interest you have earnt over the past year on your growing saved balance has been built up bit by bit, so is likely to be completely wiped out by any one-off transfer fee??? isn't it??

Correct, don't transfer. pay it off and then open another credit card with 0% on purchases.

YorkshireBoy

chickenboy wrote: »

The best balance transfer rate currently on mse is 1.99%.

It might be the best on MSE, but it isn't the best available in the wider world!

For example, according to the stoozing website there are at least 5 cards that are currently offering 1-1.5% BT fees for between 13 and 16 months 0%.

chickenboy

Thank you for the link - stoozing dot com is a good site.
So there are some 1% fees, or a 3% fee but for 27 months (less than 1.5% per year).

If you've built up a massive balance, pay a fee and earn interest for 27 months etc, you might make 1-1.3% on your balance... but your credit score is hammered and you've got to be careful near the end of the deals to either pay off on time, or get a new card with enough limit to carry on...

Sorry, not worth the effort for me! I'll do the easy stooze and leave it at that! (I did realise that the previously good cashback i thought i was getting on capital one and santander can be beaten using this method)

GSXRCarlos

has anyone checked out the new tesco zero fee & 0% for 12 months on purchases and balance transfers?

slopemaster

GSXRCarlos wrote: »

has anyone checked out the new tesco zero fee & 0% for 12 months on purchases and balance transfers?

and does anyone know whether there's (still) a way to get cash out of it, as I don't have a balance to transfer?

bevally

My M&S 0% is due to end shortly & I'm considering my options. The. Money to pay off is in my ISA.

Option is to apply for Tesco zero fee balance transfer but not sure if I'd be better off with Tesco 0% on purchases & just paying current off, would appreciate thoughts.....

Current M&S balance ~ just over £6000 with credit limit £8000. Card is in my name with OH as additional card holder.
My income ~ now just over £7000 p/t
OH income ~ around £30,000 f/t
No past issues with c/c's, late payments etc.

Am presuming that balance transfer cannot be done into OH's name??? ie apply for Tesco zero in OH name & transfer M&S balance???
Thinking due to my income might have more successful application in OH name and that's why I'm wondering if might just be better off applying for 0% purchases card in OH name???

I know no-one knows who's gonna be accepted for what but any experience / thoughts welcome particular if the B/T from me to OH is poss???

Thanks

clairbear_3

hi...just wondering..can I get a new balance transfer card A(low fee) and transfer more than the outstanding balance from card B..leaving a posiotive balance on B??

IGetMoney

I'm looking to get into making the most of what's possible, but always fear having outstanding balances on the likes of CC's.

How do I overcome this?

DireEmblem

IGetMoney wrote: »

I'm looking to get into making the most of what's possible, but always fear having outstanding balances on the likes of CC's.

How do I overcome this?

Its hard to overcome your own nerves.

The best way for you to start would be a slow stooze 0% purchase card. Place all your purchases on this card, and put the cash into a high earning savings account.

Keep both balances recorded seperately from your normal finances, and BEWARE that you do not overspend what you would normally, just because it is classed as 'normal' spending, to get more in your savings.

Make a note say 3/4 months before your 0% interest period runs out. THis is the point where you determine IF it is worthwhile trying to transfer your CC Debt to another card for a small fee, and to keep your interest in a high earning savings account.

Keep a detailed record, and try and build up a 'road plan' for the next 5/10 years. Look at the return, and decide if it is worthwhile to you.