Stoozing: Make Free Cash from Credit Cards article discussion

jcontest

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?

In my eyes at least, stoozing makes inflation work backwards.

Think of buying bread with say 10% inflation.

Borrow enough ££ to buy 1,000 loaves of bread today.

In a year you pay back only enough ££ to buy 900 loaves of bread.

The same as buying (mortgage) a home really.  Kicking debt down the road until it (the debt) is "devalued".

As your actually borrowing money with stoozing and you have no real assets (home or bread) then it is a little different, but perhaps you get what I mean?

There's little to no index-linked investments these days for us regular folk.

adindas

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?

You will need to differentiate between Stoozing and Debt Consolidation( e.g. nice words that some people use it to get more debt)

Stoozing is literally free money and risk free if you are discipline so what losing money you are talking about?

jcontest said:

In my eyes at least, stoozing makes inflation work backwards.

Think of buying bread with say 10% inflation.

Borrow enough ££ to buy 1,000 loaves of bread today.

In a year you pay back only enough ££ to buy 900 loaves of bread.

The same as buying (mortgage) a home really.  Kicking debt down the road until it (the debt) is "devalued".

As your actually borrowing money with stoozing and you have no real assets (home or bread) then it is a little different, but perhaps you get what I mean?

There's little to no index-linked investments these days for us regular folk.

I think you make it too complicated. It is free money. It is nothing to do with inflation, no assets is getting involved.

bigpat

adindas said:

I used MBNA as a Mul3 card last-week....

   ...is there another alternative of Mul3 card that could be used??

What's a Mul3 card?

[Deleted User]

bigpat said:

adindas said:

I used MBNA as a Mul3 card last-week....

   ...is there another alternative of Mul3 card that could be used??

What's a Mul3 card?

Most likely a typo and means mule - 3 and E are very close on a keyboard

ses6jwg

I have a Tesco cc with 10k limit with about 18 months left on 0% on purchases.

Everything I have read suggests a transfer via PayPal will incur a cash advance fee.

I have done two testers and no fee has been charged on the following statement.

I'm considering transferring via PayPal f&f to my wife and moving it to a savings account
Does anyone else have a Tesco cc

pecunianonolet

I was considering to get a Tesco card but read in their forum that they treat Paypal as cash advance and charge a fee so stayed away. Also, read that Paypal is charging a fee when you use a cc?

@ses6jwg, Are you able to explain the exact steps you've taken? E.g. did you use your cc to top up your Paypal account and then transferred the cash via f&f and your wife withdrew the balance? I think it's crucial to follow the exact steps to avoid it being detected because i think pretty much every cc issuing institution is now treating Paypal that way (according to my Google research). 

ses6jwg

pecunianonolet said:

I was considering to get a Tesco card but read in their forum that they treat Paypal as cash advance and charge a fee so stayed away. Also, read that Paypal is charging a fee when you use a cc?

@ses6jwg, Are you able to explain the exact steps you've taken? E.g. did you use your cc to top up your Paypal account and then transferred the cash via f&f and your wife withdrew the balance? I think it's crucial to follow the exact steps to avoid it being detected because i think pretty much every cc issuing institution is now treating Paypal that way (according to my Google research). 

Yes I did exactly this

pecunianonolet

@ses6jwg Just looking at my PP account and I don't seem to have the option to top up my wallet using a cc. Only have the option to use a bank account. Have to say I am not an advanced PP user so am I missing something or has that feature been removed?

Kendall80

With my fixed rate mortgage deal ending in a few months I can see a very good use for a stooze pot. Offset mortgage.

PowerSavingMode

Sorry if this sounds a wee bit dumb (I'm definitely having a moment this past week!), but does it make much sense for a person to take out a money transfer at 0% with a money transfer fee of, say, 3% (if a 0% fee CC is not available to that person) if the 'minimum monthly payment' is 2.5% of the 'transferred amount', and the cash is put away in a fixed savings account earning, say, 5%?