Stoozing: Make Free Cash from Credit Cards article discussion

stooz_2

Hi all,
I'm new to this site, I would like to give you some information to reward you for the replies & advice that I hope to receive!

I have just found out as probably many of you are already aware of - if you ring the Credit Card companies they will normally give you imediate deals over the phone. However you do need to be prepared to act quickly as the decision has to be made on that call - or so they say.

I've just got a 12 month 0% interest deal with Nat West & at the same time had my limit increased.

I have only just come across the terms stoozing & tarts from looking inthis forum, & unbeknown to me I am both a tart & a stoozer!

I do have 1 question for the experienced stoozers on this site, although at the moment I have got various amounts from various cards & draw down mortgages stashed in numerous high interest accounts (8%, 6.41% & my cash ISA's are maxed out, as recommended by Martin (made me feel good when I found that out)).

My BIG question is - I have well over £100K available in a draw down mortagage (due to an unsuccesful BTL deal), would it be worthwhile stoozing with this pot? I have 12 months left on 4.49% deal so theoretically if this was put into a 6.41% account even after tax (basic) would I still be in profit?

Your thoughts suggestions would be appreciated.

dee100

Martin's stoozing article says:
"Don't try to repay this card, just set up a Direct Debit to make the minimum monthly repayments"
I got the Halifax 15 months 0% card. Halifax say I cannot set up a direct debit for minimum payments. Surely the whole idea is NOT TO MAKE ANY PAYMENTS, TO PUT THE MONEY SAVED INTO A HIGH RATE REGULAR SAVER??

argybargy_2

dee100 wrote: »

Martin's stoozing article says:
"Don't try to repay this card, just set up a Direct Debit to make the minimum monthly repayments"
I got the Halifax 15 months 0% card. Halifax say I cannot set up a direct debit for minimum payments. Surely the whole idea is NOT TO MAKE ANY PAYMENTS, TO PUT THE MONEY SAVED INTO A HIGH RATE REGULAR SAVER??

No... this is a big mistake!

If you don't pay the minimum monthly payment, they will charge you a late-payment fee as well as then start charging interest on this...

I thought all cards allowed you to set up a minimum DD? I've just got a Virgin card for stoozing and have set it up OK - in fact it was all done via an automated phone call - no need to talk to anyone!

G

northernsparky

Originally Posted by dee100
Martin's stoozing article says:
"Don't try to repay this card, just set up a Direct Debit to make the minimum monthly repayments"
I got the Halifax 15 months 0% card. Halifax say I cannot set up a direct debit for minimum payments. Surely the whole idea is NOT TO MAKE ANY PAYMENTS, TO PUT THE MONEY SAVED INTO A HIGH RATE REGULAR SAVER??

ARGYBARGY is right - you must make the minimum payment. I have a Halifax card & have set up a DD for the minimum payment. I suggesr you try Halifax again

dee100

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. Thanks alot!!

Clariman

stooz wrote: »

My BIG question is - I have well over £100K available in a draw down mortagage (due to an unsuccesful BTL deal), would it be worthwhile stoozing with this pot? I have 12 months left on 4.49% deal so theoretically if this was put into a 6.41% account even after tax (basic) would I still be in profit?

Your thoughts suggestions would be appreciated.

Well you know what. It looks as if you could make about £638 on that as a basic rate tax payer. A decent sum of money but a huge stooz pot to get it!

Clariman

stooz_2

Thanks for that.
Does that include taking money out of the savings pot to cover the monthly payments (approx £375) on the incresed mortgage being used?

Clariman

stooz wrote: »

Thanks for that.
Does that include taking money out of the savings pot to cover the monthly payments (approx £375) on the incresed mortgage being used?

If my calculations are correct, it would still be about £600 profit after taking into account the mortgage payments.

michaels

I stooze my mortgage which is only 25 pts under base but in my wife's name as she doesn't pay tax - it makes a few hundred pa.

BigV_2

This is regarding the "card trick" using the Egg & the Barclaycard.

Is there a maximum that you can balance transfer to the Barclaycard?

E.g. Martin used the example of £3000 but couldn't this be £300000 instead?