Stoozing: Make Free Cash from Credit Cards article discussion

mrs_T

I've done it with Barclaycard a couple of times and contacted them through secure messaging via their website to ask for refund to my linked bank account with no problems. If you try it with a no fee 0% balance transfer card your not risking anything but I have always found them very helpful.

Dougier

Hi, I was wondering if people think this would work.


Buy £2000 worth of American express travellers cheques using the their own Amex cashback card (5% cashback) and gain £100 cashback. If American express charge a fee i.e. 1.5% for buying the cheques then you will make £70 cashback altogether. You then take the travellers cheques to your bank and pay them into your own account, by buying the travellers cheques in sterling you do not lose any money.


Thanks

Dougier

Hi, I have found out this will not work.


The cashback is not on travellers cheques only cash.


Thanks

LONDON_SMOGGY

Why would you balance transfer for a fee instead of just fully paying off and taking a new 0% card out?

JimmyTheWig

LONDON_SMOGGY wrote: »

Why would you balance transfer for a fee instead of just fully paying off and taking a new 0% card out?

The difficult bit is getting the money out of the credit card and into your bank account.

LabRatty

Only got 16 months on Post Office card?
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?

Hi Sam,
Just seen your post. I had the same experience and phoned to query it. The 16 monthe figure is given as it's the basic offer, while the 27 month period is dependent on a spend within the initial period (can't remember what it was now, but it'll be in the T&Cs). You could call too to check you're still in the initial period.

Hope that helps, even if it's a bit late...

LR

AnnaDanishek

Thanks guys! I was able to set up the DD this time. They said the bill w/be dated 11 Jan, would receive it 20Jan, so DD is for 7 Jan.

phillw

LONDON_SMOGGY wrote: »

Why would you balance transfer for a fee instead of just fully paying off and taking a new 0% card out?

If you can (for example) balance transfer for 24 months at 2% and your repayment vehicle is currently earning 5% then you make more money by balance transferring for a fee.

If you need to pay a 3% fee for balance transferring and you're only making 3% then you shouldn't do it. Even if the balance transfer fee is lower, but very close then it becomes rather pointless. Keeping track of debt and potential damage to your credit file is not worth it if the net return is low.

If you ever need to claim benefits then the dwp only look at your 50,000 in savings and not your 50,000 in 0% credit card debt. So you can end up worse off. As the interest will be less than the benefits you would not be eligible to claim then you would be worse off. If your savings are less than 6000 then it doesn't have any impact. If your cash sheet shows a positive balance over 15000 then you won't be eligible for any benefits in any case.

adindas

BOS is currently offering two creditcards that might be suitable for stoozing
http://www.bankofscotland.co.uk/creditcards/landing/ppc-multicard/?WT.mc_id=43700009618985321&WT.srch=1&gclid=CKmH8-aoiM4CFecV0wodWpALbQ

1) Low fee balance transfer offer 0% for up to 32 months from account opening on balance transfers within the first 90 days.
0% for 12 months from account opening on purchases.
1.13 Fee (An initial 3% fee applies, we'll then refund 1.87% on balances transferred within the first 90 days

2) 0% balance transfer fee offer but shorter period
0% for up to 20 months from account opening on balance transfers within the first 90 days.
0% for 6 months from account opening on purchases.
0% fee on balances transferred within the first 90 days.

Which one produces a better Return, if you could provide a sample of rough calculation to show that one is better then another it will be great.

Is there any online calculator for this short of comparison ??

Thanks

mrs_T

Stooze calculator here:
http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards?&_ga=1.31977788.303005917.1457978954#calculator