Stoozing: Make Free Cash from Credit Cards article discussion

20aday

Hello all.

I am going to be paying for my car insurance in full as well as a service on the car next month and was wondering if Stoozing is worth it?

Furthermore, will only making the minimum repayments on my credit card show to any new and existing lenders that I am struggling financially, therefore making me more of a risk?

Thanks for the help!

MallyGirl

The value of stoozing depends on the rates you can achieve from that money elsewhere.
I have an offset mortgage at 3.9% and am a high rate tax payer so it is worth it for me - no one is offering returns of 3.9% net of high rate tax so anything I can get on 0% is great.
Stoozing has never aversely affected my ability to get further credit but I have a decent income so that probably helps.

Everynamestaken

Hi all, I am new to the credit card 'business', so please accept my apologies for sounding thick.

I've been looking all afternoon on ways of saving and making my money go further, but can anyone explain to me if Stoozing would be worthwhile to me?

I only earn around 1k a month at the moment (hoping this will soon increase, as I progress). I don't require a mortgage and only pay the bills.
I can get a credit card through work at the staff rate, but as yet I don't have one, as I've always been taught to only spend what you have etc.

At such a low wage, would it be worth it for me, or should I explore other avenues?

MallyGirl

stoozing is all about using credit cards with 0% rate - a staff rate greater than that would not be of any use to you

hollydays

Go away......................

ben.bayliss

Has anyone tried overpaying a card via balance transfer, and having the excess refunded to your bank account?

Step 1 - Clear the balance on your regular credit card
Step 2 - Make a balance transfer from new 0% card to old credit card
Step 3 - Old card now has positive balance - call bank and tell them you overpaid and please can they send you a cheque / transfer it back to your DD account.

I've had success with that in the past, but not sure if banks are wise to it now?

Issybobs

Hello Everyone

New here

I have a fluid card maxed out (7k) and tesco club card (4.75k) just signed up for santander purchases card 19 months

Money is in santander 123 current account and first direct 6%

I do ALL my spending on 0% cards

Fruit_and_Nut_Case

Issybobs wrote: »

Hello Everyone

New here

I have a fluid card maxed out (7k) and tesco club card (4.75k) just signed up for santander purchases card 19 months

Money is in santander 123 current account and first direct 6%

I do ALL my spending on 0% cards

...and your question is?

zerog

Fruit_and_Nut_Case wrote: »

...and your question is?

As per the first post, "This thread is to discuss the [stoozing article]"

Discussion can involve reporting experiences, not just asking questions (for which one may be better off starting a new thread)

PBC

Sorry if this is an obvious question, but I've read conflicting reports online.

If I repay the minimum on my card each month, what effect will this have on my credit report? Would there be some sort of marker each month to indicate that I have repayed only the minimum?

If so, could I get around this by setting up a DD to repay the minimum & a second DD to pay £1 per month?

Thanks