Stoozing: Make Free Cash from Credit Cards article discussion

noh

Drakelet said:

I did some rough calculations and stoozing over 12 months at an interest rate of 1.9% interest rate (e.g. Atom) is the same as 1% cashback (e.g. Chase), assuming a 1% minimum repayment (e.g. Virgin). However, until month 11, you'll actually be behind (due to compound interest). Higher interest rates (which are now available, and will likely stay that way) make stoozing more appealing - for example, 2.75% (e.g. Santander) puts you ahead at month 10, but by 12 months you're 50% up on the cashback (again, compound interest).

This is assuming my rough calculations are correct of course! It also assumes an unlimited credit limit.

EDIT: I think my assumptions are off and I'm underestimating the benefit of stoozing. I'll check again later.

There is a stoozing calculator available here https://stoozing.com/stoozcalc.php
I have started stoozing again as it seem worthwhile now. I am using one and two year fixed rate accounts paying between 4 and 4.75% and the Barclays 5% Rainy Day account.

RobM99

Zoobzi37 said:

I can't believe what I've just read here. 
Life's too short for this kind of nonsense. We only get one life. Don't waste it with stuff like this because you'll end up making money your god
Thr reason this country is in such a mess is because too many make money a god and only think of themselves. 
Shame on this forum for promoting such things as this. 
In the one hand people like Martin condemn the selfish money makers whilst on the other they promote and almost encourage this selfish mentality.
I am appalled by the things being promoted in this thread. 

Plainly not that short that you posted this, eh?

Kendall80

In fact it's taking money 'from' the selfish money makers.

Kendall80

noh said:

I have started stoozing again as it seem worthwhile now. I am using one and two year fixed rate accounts paying between 4 and 4.75% and the Barclays 5% Rainy Day account.

With inflation at double that aren't you in real terms still losing money?

noh

Kendall80 said:

noh said:

I have started stoozing again as it seem worthwhile now. I am using one and two year fixed rate accounts paying between 4 and 4.75% and the Barclays 5% Rainy Day account.

With inflation at double that aren't you in real terms still losing money?

No I am not losing money.
If I didn't take advantage of the various offers available to me I would gain nothing.
By stoozing the money offered I will gain around £700 even if that is only worth £500 in real terms I am still better off.

Kendall80

I had a stooze pot of 40k back in 2015 built up with purchase and BT CCs. Used the Santa 123 along with Nationwide and Lloyds 5% accounts. Considering if its worth starting up again.

pecunianonolet

Hi all,

I have a MBNA CC with around 3.7k debit which runs out in Jan and been paying off just minimum payments so far (the 3.7k are in Santander atm). Thinking to max out my MBNA limit and taking out a 0% fee cash transfer offer and move to either Sainsbury 22 month zero fee or Santander 21 month zero fee balance transfer card. Was thinking of putting cash for now into Santander easy access for now to benefit from the 2.75% and set up a DD so whatever balance transfer card I get they can just take the minimum payments from the Santander savings account.

Could fix for 12 or 18 months to get higher interest but I think fixing now is not a good idea with rates most likely going up again after OBR announcement on 31st October and BOE announcements on 3rd Nov so might consider fixing after to lock in a higher rate. 

On the flipside, I am a higher rate tax payer and might just be below the £500 PSA allowance by the end of this financial year (putting 1.5k aside monthly so pot building up fast) so locking in might mean I have a higher gross interest but 40% tax eats most of that for sure in the next fiscal. 

The other option would be to wait a bit longer and around Christmas / new year time open a cash ISA and fill it with 20k (hopefully to a better rate then). The rest I leave in easy access so I can stooze there (albeit to a lower rate compared to fixing) but retain flexibility and not run any risk of having cash locked away somewhere should I have to pay off the 0% transfer CC before the regular term ends. 

Current cash savings pot ca. 15k
Adding ca 1.5k/ month to cash savings pot
Will bump into higher tax rate probably in Feb/March (changed job this year and exact time when reaching higher rate limit depending on either salaty increase/potential bonus)
Partner is a basic rate tax payer what concerns PSA allowance (intermediate in Scotland) so shifting cash to her account might help with tax optimisation.

Goal: Maximise profits over the next 18-24 months by avoiding/reducing tax liabilities for a larger investment in 2024 (most likely property in Europe if markets not have gone completly bananas by then).

So, what would the experts here do based on the above and is stoozing providing a good enough gain, considering all the effort it takes?

Cheers!

adindas

Does anyone could suggest an Mul3 card that could be used for BT. I already know MBNA, Barclay. Unfortunately. I just used these card recently working but I got a lot of questions so tend to use another mean.

What about Virgin Money is it still working ?? What about HSBC, Santander Halifax ??

noh

adindas said:

Does anyone could suggest an Mul3 card that could be used for BT. I already know MBNA, Barclay. Unfortunately. I just used these card recently working but I got a lot of questions so tend to use another mean.

What about Virgin Money is it still working ?? What about HSBC, Santander Halifax ??

Halifax Clarity.
BoS Platinum also has a fee free money transfer offer.
I have used both and MBNA in the last few weeks.

adindas

noh said:

adindas said:

Does anyone could suggest an Mul3 card that could be used for BT. I already know MBNA, Barclay. Unfortunately. I just used these card recently working but I got a lot of questions so tend to use another mean.

What about Virgin Money is it still working ?? What about HSBC, Santander Halifax ??

Halifax Clarity.
BoS Platinum also has a fee free money transfer offer.
I have used both and MBNA in the last few weeks.

I have the 0% on BT offer from Halifax though, so can not transfer the Balance to Halifax Clarity.

I used MBNA as a Mul3 card last-week, unusually she asked a few questions before she committed to do what I asked. If I do that the second time they might reject it.

I have not got BoS creditcard at the moment, is there another alternative of Mul3 card that could be used??