cash by stoozing

HI...new to stoozing so just wanted to check an example please:
normally cash withdrawn on credit card has mega% interest.


but can i immediately transfer the balance to a 0%-transfer card and avoid all that mega%? (acknowledging there's still the transfer fee, of course)

I'm assuming the 0% transfer card doesnt care what type of debt is being transferred (cash vs purchases) ?

I am assuming this would give cash to invest.

Comments

  • molerat
    molerat Posts: 31,497
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    Yes ..... but ....

    Cash withdrawal fee
    Interest from date of withdrawal until transferred
    BT fee
    Limit on how much cash can be withdrawn from cashpoints

    so probably not worth the hassle.
  • noh
    noh Posts: 5,789
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    edited 27 August 2016 at 1:02PM
    Best way is to get a "mule" card with a 0% money transfer fee.
    Then apply for one or more 0% 0 fee balance transfer cards.
    Money transfer cash from the mule card to your bank account and simultaneously balance transfer to the 0% balance transfer card.
    Or you can balance transfer and load the mule card first then money transfer to your current account.
    A suitable mule card is
    https://www.mbna.co.uk/compare-credit-cards/low-rate-credit-cards/everyday-plus/
    Which has 0% money transfer fee.
  • @Noh...

    so the mule card allows me to just bung cash into my bank account, no fee.
    (but still mega% interest)

    and then i transfer the mulecard balance to a 0% transfer card. ...avoiding the mega% interest.

    thanks!
  • noh
    noh Posts: 5,789
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    @Noh...

    so the mule card allows me to just bung cash into my bank account, no fee.
    (but still mega% interest)

    and then i transfer the mulecard balance to a 0% transfer card. ...avoiding the mega% interest.

    thanks!

    Yes thats it.
    You can avoid interest if you get the timing right. Earlier this year I managed to stooz around £28k using this method.
  • ceredigion
    ceredigion Posts: 3,709
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    @Noh...

    so the mule card allows me to just bung cash into my bank account, no fee.
    (but still mega% interest)

    and then i transfer the mulecard balance to a 0% and nil fee transfer card. ...avoiding the mega% interest.

    thanks!


    Just added a bit for you.
  • noh
    noh Posts: 5,789
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    ceredigion wrote: »
    Just added a bit for you.

    The mule card should be zero fee but it does not need to be 0% interest rate as there will never be a negative balance.
  • ceredigion
    ceredigion Posts: 3,709
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    Read it again noh :p
  • noh
    noh Posts: 5,789
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    edited 29 August 2016 at 11:58AM
    Ok I misread your post.
    As you rightly point out, for maximum gain, the balance transfer card should be zero fee and 0% interest.
    There are some low fee cards that may well work for the OP depending on what he intends to do with the cash.
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