Stoozing: Make Free Cash from Credit Cards article discussion

mike_pl

HI
just to bump it a bit and add another question..
With American Express card.. I've paid anual fee up till October 2017 so might as well keep it and use it...
They do not accept balance payments from another credit card...
is there a current account somewhere of 0% credit card that I could use for stoozing but not from purchases but transferring money from credit card?

Can't quite grasp how can I max the credit from the 0% card to transfer it to savings account? any ideas? is there any way around it?

MallyGirl

not sure I entirely understand your question - maybe re-word it?

To build up a big balance quickly you need to do a money transfer or a balance transfer. There are a couple of money transfers around such as MBNA but there will be fees.

mike_pl

so the best way is to build it on purchases only to avoid charges...

MallyGirl

yes. You occasionally get low fees for long balance transfers or money transfers but not zero fees.
for example I got
- Money transfer 32 months 0%, 1.69% fee from Virgin
- Balance transfer 32 months 0%, 1.14% fee from MBNA
Purchases at 0% incur no fees but tend to be shorter term offers - so Amex only gave me 21 months at 0% but I also get 1.25% cashback at the moment too. Once that expires I will BT elsewhere.

mike_pl

Ok
so in simple words what is the most effective way to play this game to start with??
I've paid 25 pound fee already so got this one free in way till October

Based on my 600 pound monthly spend what is the best approach?

on Americak expres this will give me 6 pound a month in nectar which gives 72 pound a year...

Is it worth stopping this and jumping straight to building up credit on 0% card? and opening saving account

MallyGirl

reported as SPAM

MallyGirl

mike_pl wrote: »

Ok
so in simple words what is the most effective way to play this game to start with??
I've paid 25 pound fee already so got this one free in way till October

Based on my 600 pound monthly spend what is the best approach?

on Americak expres this will give me 6 pound a month in nectar which gives 72 pound a year...

Is it worth stopping this and jumping straight to building up credit on 0% card? and opening saving account

is the amex 0%?

mike_pl

it is 0% on purchases but don't know for how long as I'm paying if off fully at the end of each month just to get nectar points added

MallyGirl

you could be paying the minimum, putting the rest in an interest bearing account and making a bit of cash on top of the nectar cards. Then just use the saved money to pay off before the end of the 0% - or BT to another 0% card if you want to continue stoozing

HornetSaver

I've got a 0% card with a £2400 credit limit for 27 months. I've been playing the current account game for a while, so I understand how stoozing works and the logistics behind making sure money is in the right place at the right time.

I don't plan on applying for any more credit cards prior to buying my home (for borrowing amount purposes - once I've got my first mortgage I'd overpay like crazy and within a year could stooze to my heart's content). But if I were to stooze on the existing card, how long before making the mortgage application would it be a good idea to convert from stoozing, to spending a little and paying off in full?