Checking my understanding

9 Posts
Hello all,
Been reading through various threads on the forum for a few weeks now and want to check my understanding on creating a "stooze pot".
I understand the 0% on purchases route, but as I don't spend a tremendous amount on a monthly basis feel that route would not really be worth the effort (unless I can talk my wife into putting our food and diesel bills on a card and stooze that money...).
With 0% balance transfer card/s, is the process to take money from something like the virgin money transfer card, which I think has 1.69% fee, to put it into a current account, then transfer the balance from the virgin card to a 0% - no fee card (like the 22 month AA card).
Then, as there is no outstanding balance on the Virgin card I can do another money transfer (through the Virgin card) and then balance transfer that etc.
Depending on what my credit limits are I should be able to fill the top 5% current accounts, giving me 3.31% less the minimum repayments.
Any help gratefully received.
Been reading through various threads on the forum for a few weeks now and want to check my understanding on creating a "stooze pot".
I understand the 0% on purchases route, but as I don't spend a tremendous amount on a monthly basis feel that route would not really be worth the effort (unless I can talk my wife into putting our food and diesel bills on a card and stooze that money...).
With 0% balance transfer card/s, is the process to take money from something like the virgin money transfer card, which I think has 1.69% fee, to put it into a current account, then transfer the balance from the virgin card to a 0% - no fee card (like the 22 month AA card).
Then, as there is no outstanding balance on the Virgin card I can do another money transfer (through the Virgin card) and then balance transfer that etc.
Depending on what my credit limits are I should be able to fill the top 5% current accounts, giving me 3.31% less the minimum repayments.
Any help gratefully received.
0
This discussion has been closed.
Latest MSE News and Guides
Replies
The method of building up a 0% balance via purchases is a slow stooze. It depends on how much your outgoings are as to whether this is too slow.
I use a combination of slow stooze, money transfer and balance transfer. Everything goes through the credit cards anyway as I have an offset bank account mortgage with interest calculated daily so I want to avoid paying for anything until the last possible minute to keep my mortgage interest costs down
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
All views are my own and not the official line of MoneySavingExpert.
If I take out a Barclaycard and tell AA I want to transfer a non-existent balance from B (95% of the limit?) - what exactly happens? Don't the AA check that there's a balance to actually transfer? Is it fraud?
I mean I understand that it's all just numbers in a computer - but if I transfer xxxx from Barclaycard to AA then surely I'm using up some of my credit from B so what is there to refund??
Then I start repaying the minimum repayments on the AA card...
Yes, and when the interest free period is up you can transfer the remaining debt to another interest free card.
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
All views are my own and not the official line of MoneySavingExpert.
I'm new to MSE and am thinking of having a go at stoozing and wondering if you can help me understand something? I also have a VirginOne account and I am currently a little behind on my plan due to change of circumstances (divorce 😁) so thinking stoozing could help me out. My normal practice is to use my credit card for everything and pay it off in full, and on time, once a month. If I apply for a new credit card which gives me 0% on spending for 25 months then only pay the minimum payments which will allow me to leave my wages in my account for longer, surely I would reach my credit card limit very quickly? If I have to pay off the credit card to keep under the limit then my cash is not building up in the VirginOne account which counteracts the idea of stoozing.... I think....or am I getting this all wrong? Are you using multiple cc to stooze up to £35k?