Stoozing: Make Free Cash from Credit Cards article discussion

mrs_T

As I said transfer limit is usually 95% of credit limit on new card or in the case of the post office credit limit - £200. In my experience no, they don't check the debt exists with barclaycard.

As you say credit limits depend on personal circumstances but for me barclaycard gave double what anyone else has.

plunt

Deleted.......

oliver55

The article is talking about earning interest on what you'd normally spend, but this seems limiting. I see it says you cannot draw cash as this costs interest, but is there no way to borrow a nice chunk of cash and deposit it into high savings? If it has to be a purchase, is there not a loophole? What if I buy a ferrari then request the refund goes into my high savings? Or stocks and shares and sell them with the proceeds going to savings? I can see this sounds obvious enough for credit cards to have insured against, but do refunded purchases necessarily have to go back to the account used? Maybe some purchases can be exchanged for credit which can be refunded as cash in smaller increments? Or, refunded into other accounts? Thanks, just wondering out loud.

oliver55

Very interesting MrsT, sounds like you're saying you can effectively borrow cash at 0% and stick it into high savings by using 0% transfer of a non existent balance and requesting refund of the positive balance into a stoozing account. Makes sense how something so preposterous as making money from nothing would work since banks do this all the time. It's just numbers on a computer screen afterall.

Vortigern

oliver55 wrote: »

Maybe ...

A Ferrari might put you overlimit, and motor traders usually charge a fee for credit cards.

Stocks & shares - brokers don't usually accept credit cards.

Buy on one card, refund on another? Possibly. I did it once, but not for stoozing purposes. I needed to return an item and mistakenly presented the wrong card. I suppose the retailer should have checked?

SomersetSaver

I've just applied for the PO Card, having been assessed as having a 90% chance of success.

However, I was only offered 16 months rather than the billed 27 months - I didn't ask for a balance transfer card as I don't have any other CC debt so I am at a loss as to why only the 16 months? The MSE article suggests you're either accepted for the full number of months or not at all, which isn't the case.

Any thoughts, please?
SS

morrismiller

Good to see

Topper1900

oliver55 wrote: »

The article is talking about earning interest on what you'd normally spend, but this seems limiting. I see it says you cannot draw cash as this costs interest, but is there no way to borrow a nice chunk of cash and deposit it into high savings? If it has to be a purchase, is there not a loophole? What if I buy a ferrari then request the refund goes into my high savings? Or stocks and shares and sell them with the proceeds going to savings? I can see this sounds obvious enough for credit cards to have insured against, but do refunded purchases necessarily have to go back to the account used? Maybe some purchases can be exchanged for credit which can be refunded as cash in smaller increments? Or, refunded into other accounts? Thanks, just wondering out loud.

Isn't what you are suggesting commonly know as "money laundering" whilst what you are proposing is clearly not illegal I'm sure there are restrictions in place to stop it happening in case the money has been obtained from a criminal act, hence, why retailers ask for the same cc no to process a refund?

footboy

mrs_T wrote: »

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.

I had never thought of using up a credit limit in one go. Just to be clear - No spending. One balance transfer. One phone call to transfer positive balance into a 'savings' account (probably your linked account first?). Cash earns interest in account for the lifetime of the 0% debt on the credit card... pay it off, re-stooze etc..

Do all cards, like the Barclaycard in the example above, allow you to transfer positive balances into a linked bank account? Are there limits? Surely the card companies are wise to this?

Thank you

footboy

footboy wrote: »

Do all cards, like the Barclaycard in the example above, allow you to transfer positive balances into a linked bank account? Are there limits? Surely the card companies are wise to this?

Seems they are wise, I remember this from Capital One T&Cs too. Maybe Barclaycard don't cover this in theirs / Mrs T's?

Here's what YorkshireBoy said (no relation) in an earlier post, hence why Martin says to do it for normal spending:

YorkshireBoy wrote: »

It's a bit of a gamble. Many stoozers on the stoozing website forums have reported success, but there's always the danger of the recipient bouncing* the payment back...meaning you've wasted a BT fee (running into the £100s for your "now in credit by £000's" example).


* Indeed, that's exactly what some cards say they'll do in such circumstances. For example, the Halifax cards' T&Cs say...


15.9 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

Check your T&Cs for this clause.

Cheers!
:beer: