Stoozing: Make Free Cash from Credit Cards article discussion

booklover

Hello

I'd really appreciate your help in understanding Stoozing. If I open a Santander 123 Current Account what steps do I need to take, to actually stooze?

Many thanks in advance :A

YorkshireBoy

booklover wrote: »

Hello

I'd really appreciate your help in understanding Stoozing. If I open a Santander 123 Current Account what steps do I need to take, to actually stooze?

Many thanks in advance :A

Your first step should be to read the article (fully and several times) linked in the first post in this very thread.


Then come back for clarification on any issues you're not 100% sure of.

booklover

YorkshireBoy wrote: »

Your first step should be to read the article (fully and several times) linked in the first post in this very thread.


Then come back for clarification on any issues you're not 100% sure of.

Many thanks, i just read it and it's a lot clearer now. Take care.

:A

Han_naH

Hello, I looked at the stooze option but my outgoings are insignificant, and not all could be paid with the credit card because of the payment fee.

So is there any other way to quickly borrow a larger amount on the card?

I seem to remember in the days of high interest rates it was done with a credit card cheque written to yourself, and after the cheque ("cash") charge it was still a winner.

I'm so tight I would never build up a large enough balance by piecemeal payments on the card

JimmyTheWig

leejp wrote: »

Hello, I looked at the stooze option but my outgoings are insignificant, and not all could be paid with the credit card because of the payment fee.

So is there any other way to quickly borrow a larger amount on the card?

I seem to remember in the days of high interest rates it was done with a credit card cheque written to yourself, and after the cheque ("cash") charge it was still a winner.

I'm so tight I would never build up a large enough balance by piecemeal payments on the card

The alternative is a Money Transfer card (sometimes called Super Balance Transfer) where they transfer the money into your current account (as if to clear an overdraft). Fees are higher than regular balance transfers, but there's still money to be made.
See http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

mrs_T

leejp, get a Barclaycard then a 0% balance transfer card such as Tesco or Santander 123, transfer a non existent balance (usually 95% of credit limit) to the 0% card from the Barclaycard and ask Barclaycard to refund the positive balance to your bank a/c which you can stooze. Worked for me, fee free.

Kaybee76

I'm buying a car at just over £12k. I have saved and sold my old car to make up the purchase price. My question is, how do I actually hand over the cash? Can I pre-load my credit card to earn loyalty points and get additional buyer protection. My credit limit on card is only 5k so I can't see any other way of doing it. I no longer have a cheque book but could move the monies to my current account and pay by debit card ... But then I'm losing out??

plunt

Kaybee76 wrote: »

I'm buying a car at just over £12k. I have saved and sold my old car to make up the purchase price. My question is, how do I actually hand over the cash? Can I pre-load my credit card to earn loyalty points and get additional buyer protection. My credit limit on card is only 5k so I can't see any other way of doing it. I no longer have a cheque book but could move the monies to my current account and pay by debit card ... But then I'm losing out??

pay atleast £100 using your credit card. alternatively you may be able to call your credit card company and ask if you can preload it for a one time purchase (or if they are willing to raise the credit limit). Watch out for if the company you are buying the car from will charge you an extra fee for using a credit card (which is very likely) as then it would most likely cancel out any sort of points you earn.

Another method is apply for a new credit card which has 0% purchases and potentially also some reward points (such as tesco or lloyds choice)

Either way you will most likely be able to pay part and part and just make sure atleast £100 is using the credit card as then the entire purchase will be covered (so long as the total is under 25k i believe..)

JimmyTheWig

Make sure you read the Section 75 rules carefully. I don't believe that you are covered if the card is pre-loaded.

As plunt says, check what the garage will charge you for credit card payments.
If you've got time them a 0% purchases card might be best, again as plunt says.

Are you planning on stoozing the money once you have the credit card balance? Or just doing it for the points?

YorkshireBoy

plunt wrote: »

pay atleast £100 using your credit card.


make sure atleast £100 is using the credit card as then the entire purchase will be covered

It's the financed item cost, not the transaction value, that needs to be over £100 (and less that £30K), so it's entirely possible to secure section 75 protection with some nominal amount such as £1...or even less!

(so long as the total is under 25k i believe..)

£30K. See above.