Stoozing: Make Free Cash from Credit Cards article discussion

YorkshireBoy

HornetSaver wrote: »

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).

You wouldn't overpay if you could make more in savings interest, unless either a) you needed to get a better LTV, or b) you had a very poor mortgage rate and had already filled up the 5% AER accounts.

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?

2-3 months before the search should see the reduced debt filter through to your CRA files.

HornetSaver

2-3 months before the search should see the reduced debt filter through to your CRA files.

Thanks.

YorkshireBoy wrote: »

You wouldn't overpay if you could make more in savings interest, unless either a) you needed to get a better LTV, or b) you had a very poor mortgage rate and had already filled up the 5% AER accounts.

It'll be almost all of the above for a while.

I will need to get a better LTV. I'll be borrowing at a high LTV, because privately renting for longer would cost far more than the potential savings from building up a larger deposit. As a direct result of poor LTV I will have a higher mortgage rate than I'll like, and to get a mortgage rate worth stoozing off of (and to obtain future credit cards for a larger stooze fund), I would need to work it down a chunk.

I guess what I'm looking to do is play at stoozing for a while in 2017, in the knowledge that there's going to be a need to stop at some point in 2018. When I restart I can do it on a proper scale, having experience with chasing the right bank accounts, monitoring my credit report, and being more familar with having/intelligently using a credit card.

ehn101

Does anyone know if money transfers can be done with the Sainsburys Nectar credit card mentioned in the article and what fees apply? I don't see any mention of money transfers in their terms.

ceredigion

ehn101 wrote: »

Does anyone know if money transfers can be done with the Sainsburys Nectar credit card mentioned in the article and what fees apply? I don't see any mention of money transfers in their terms.

which article ?

ehn101

ceredigion wrote: »

which article ?

The article mentioned in this first post of this thread, annoyingly I don't have permission to post links.

ehn101

I phoned Sainsbury's and they say money transfers are not available on any of their credit cards. I don't see how they are suitable for stoozing then and should probably be removed from the article.

YorkshireBoy

ehn101 wrote: »

I phoned Sainsbury's and they say money transfers are not available on any of their credit cards. I don't see how they are suitable for stoozing then and should probably be removed from the article.

The Sainsbury's card in the article is a 0% on purchases card...the longest on the market? Most definitely useful for 'slow-stoozing'.

ehn101

YorkshireBoy wrote: »

The Sainsbury's card in the article is a 0% on purchases card...the longest on the market? Most definitely useful for 'slow-stoozing'.

Funds can't be transferred to a current account so how is one able to earn interest? or is the idea that they use the 0% purchase card for all their normal expenses and set aside the amount they would had spent on purchases into something like a savings account to earn interest over the 29 months?

YorkshireBoy

ehn101 wrote: »

Funds can't be transferred to a current account so how is one able to earn interest? or is the idea that they use the 0% purchase card for all their normal expenses and set aside the amount they would had spent on purchases into something like a savings account to earn interest over the 29 months?

Have you actually read the article?

This bit answers your question...

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards?_ga=1.152203001.1765389669.1474723913#step1

ehn101

YorkshireBoy wrote: »

Have you actually read the article?

This bit answers your question...

http://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards?_ga=1.152203001.1765389669.1474723913#step1

Yes but obviously I didn't fully understand the approach. As someone that doesn't spend that much in the first place it's probably not going to be that worthwhile for me. Better off looking at a credit card that offers money transfers at least.