Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

PBC wrote: »

If I repay the minimum on my card each month, what effect will this have on my credit report?

My opinion?...if it's accompanied by a promotional rate indicator, very little. However, if not, then it may be seen as a debt distress indicator.

Would there be some sort of marker each month to indicate that I have repayed only the minimum?

Almost certainly. But why not order up a copy of your statutory report for £2 and see what's on there? Alternatively, see here...


http://www.experian.co.uk/UK/downloads/consumer/experian-YCRE.pdf (page 13)

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

No. The 2nd, and any subsequent payments will need to be made by standing order or immediate/future dated faster payment (or cash/cheque etc).

System

Hi, sorry if this is the wrong place to ask questions, I am completely new to this part of the forum I've read a lot of the posts here . I got my first 0% card recently and I'm using that to move some of my mortgage debt over.

I also want to take advantage of the Halifax Rewards account to get the £100 and the £5/month but I don't want to close my main banking account. I have a good relationship with the bank etc. So am I right in thinking it is worth opening a standard bank account, which I can then transfer (and close) when the Halifax account is opened? If so I am wondering if any current account would be better than others/easier to open etc or whether to just got for NatWest for instance.....many thanks in advance :A

zoebel

I am an enthusiastic stoozer, sometime running 2 or 3 cards at the same time. I do, however, want to move and am worried if all this credit, however well managed, will have a negative impact on a mortgage application. Any thoughts?

silverbullit

Can you have more than one Santander 123 cashback credit card?

CompletelyLost

this might be a silly question... and already been asked before, but i aint got the patience to search the entire thread

say if you have one of those cashback cards that pay cashback at supermarkets. If you make your grocery purchase and then get £50 cashback as well, will you earn cashback on the full transaction (e.g. £50 cashback + however much your shopping totals) or can they see what was spent on grocieries and what was cashback?

Man_on_fire

CompletelyLost wrote: »

this might be a silly question... and already been asked before, but i aint got the patience to search the entire thread

say if you have one of those cashback cards that pay cashback at supermarkets. If you make your grocery purchase and then get £50 cashback as well, will you earn cashback on the full transaction (e.g. £50 cashback + however much your shopping totals) or can they see what was spent on grocieries and what was cashback?

Most, if not all, supermarkets will not do cashback on creditcards, only debit cards. If you have a debit card that offers cashback you could be onto a winner there. But I doubt you will have any luck with a credit card.

lisyloo

or can they see what was spent on grocieries and what was cashback?

You cannot get cash from a till on credit card generally (I am aware or wilkinsons as an anomaly).
Some debit cards offer cashback (I know Nat west do). I would suspect they have codes and I would guess it wouldn't work but don't know for sure.

newtothis13

Hi.

I have a few credit cards that I've always paid off in full every month if I've used them at all. I've had an attractive promotion from one of them for a 0% balance transfer deal. As I have no debt balance to transfer, is it possible (legally obviously) to do a transfer from a credit card that actually has no outstanding balance on it?

Ie card 1 has £0 balance because it's previously been paid off.
Take advantage of card 2's offer & do a balance transfer to its maximum limit
Card 1 account is now in credit by £000's; withdraw cash taking it back to zero balance
Deposit the cash into offset mortgage account to stooze it until card1 needs paying off

My thinking is that this would give maximum returns on the savings straight away instead of spending normally and accruing the debt to transfer over time.

Is this one of those things that money experts do all the time but isn't widely known about or is it as super shady a plan as it sounds to me now that I've written it all out?!

Thanks.

Fruit_and_Nut_Case

Hi newtothis13. I don't believe it's illegal as such but it's almost certainly against the T&Cs of the cards.

newtothis13

Fruit_and_Nut_Case wrote: »

Hi newtothis13. I don't believe it's illegal as such but it's almost certainly against the T&Cs of the cards.

Thank you! I'll check them out on the off chance, but suspect you'll be right! Sounded too good to be true!