Stoozing: Make Free Cash from Credit Cards article discussion

ceredigion

deejbee wrote: »

I'm not sure if there is another more appropriate thread for this but I couldn't see one.

Anyway, Barclays are offering to transfer up to 10K to my bank account with 6 months interest free for a charge of 1.9%. It seems like a cheap loan but I can't see how it will affect my credit credit rating (which is excellent).

If I were to take the whole 10K which is basically the credit limit of the card when will it negatively affect my credit rating as soon as I take the offer up since my card has effectively been heavily used and won't be repaid in full for the 6 months the offer is on for (when I would repay in full)?
thx.

Don't think I would pay a 1.9% fee for 6 months,

rich_forum

The stoozing well is dry.

Anyone got tips on how to get more credit.
Basically the cards have started rejecting new applications and credit limit increases.

After getting a no for the computers I've tried online chats (which I assume are real people!) but they come back with canned "responsible lending" responses.

I have the cash (and more) in the bank to pay the full balance. But I just want more credit until the 0% expires in March 2018. I get to stooze more, they get more merchant fees.
Or is it that they don't want to give out more cash at 0% irrespective of whether I'm good for the debt?

Vortigern

rich_forum wrote: »

I have the cash (and more) in the bank to pay the full balance.

They don't know that you have the cash available; they look at the ratios of debt:income and utilised credit:available credit. Both ratios are too high and they think you can't afford any more debt.

It happened to me once. I just took a break from stoozing for a while.

Nebulous2

rich_forum wrote: »

The stoozing well is dry.

Anyone got tips on how to get more credit.
Basically the cards have started rejecting new applications and credit limit increases.

What do you do with old cards - do you close them?

I have two Barclaycards with very occasional usage and 5 figure limits. They are both offering me BTs and MTs.

Have you tried a purchase card for a slow stooze?

I'm not looking for more, as I'm finding it harder to get a decent rate from the stooze pot I have.

martinjo

am i right, when you stooze the cash for 0% balance transfer, you still pay a fee?
how much is that fee for different lenders?
why stooze cash if you already have it to pay back in time?

mrs_T

Not always, there are fee free cards out there. The point is to save the money at an interest rate that more than covers any fee so you make a profit. https://www.uswitch.com/credit-cards/credit-card-balance-transfers/ look here for example

Ebe_Scrooge

Ken509 reported for continentally-challenged Spam.

( We use £'s over here, Kenneth dear, not Dollars ).

khandslow

Hi, does anyone know if you can make a payment from a credit card with 0% on purchases to a Lifetime ISA without incurring charges? Many thanks in advance

Vortigern

khandslow wrote: »

Hi, does anyone know if you can make a payment from a credit card with 0% on purchases to a Lifetime ISA without incurring charges? Many thanks in advance

It's extremely unlikely and would probably suffer a cash advance fee.

The only place you'll get a definitive answer is the institution where you have your LISA.

smala01

khandslow wrote: »

Hi, does anyone know if you can make a payment from a credit card with 0% on purchases to a Lifetime ISA without incurring charges? Many thanks in advance

No. The best you can do if find a "super balance transfer" card that allows a bank transfer to your current account as opposed to paying off a third part credit card.

My MBNA cards have this at 2.9% fee with 12-24 months at 0% - its not something i would do at that fee. The slow burn would be to spend on the card and instead of paying it off, put that cash into the ISA (making minimum payments of course!)