newbie stoozing question

Hi,
I have just been offered 0% balance transfers until July 2008 on my MBNA card. My credit limit is £11000 and there is a maximum £50 BT fee. They have sent me credit card cheques, so I imagine it would be easy to pay into a high interest account.
My question is would it be worth it? Will the saving account pay out interest if money is only in there for 9 months. :confused:
Any advice from experienced 'stoozers' would be appreciated.
Thanks.
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Replies

  • Plugging your figures into the Stoozing calculator, I reckon that you would make £350.80, assuming your stooz pot pays 6% and that you are a basic rate tax payer. Sounds worth it to me, but plug your specific details into the calculator to check.

    Clariman
    Co-author/owner of the official stoozing website https://www.stoozing.com and Creator of the SOA & Snowball calculators.
  • Thanks for your reply, I have done as you suggested, say would make a profit of £313. Think I will give it a go.;)
  • jess444 wrote: »
    Thanks for your reply, I have done as you suggested, say would make a profit of £313. Think I will give it a go.;)

    Excellant!
    Maximise your interest use your tax free interest from your ISA allowance,don't forget to use your partners allowance as well,you can put upto £1900 tax free in a childs named account (if you have a spare child).
    Good luck
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.:D
  • jess444_2jess444_2 Forumite
    1.2K Posts
    Thanks Bokkens, I was wondering about ISA's. Can you get the cash out easily to pay of CC before end of 0%.
  • sickersicker Forumite
    1.4K Posts
    I can withdraw immediately from my ing isa which is at its max, just remember you cannot add to it again this year.
  • I'm waiting for my Halifax ONE cc, 15 months interest free & want to know what's the best way to go for the other cards for stoozing.
    Do i apply for an Egg moneycard & a.n.other CC that has a long 0% BT timescale at the same time or stagger it?If so, by how long?days, weeks?
    Also, can i use both the Halifax CC & the other CC that i get for day to day CC usage or do they need to be kept soley for BT's & apply for another CC just for purchases etc.
  • Being a 'newbe' to stoozing I wonder whether anyone can confirm what I am going to do;
    1. BT from a 0% credit card to Egg Money Card then transfer to High Interest Cheque Account (Coventry BS).
    2. Charge all my monthly spending to my 0% credit card
    3. Set up DD from my High Interest Cheque Account to pay the minimum payment.
    4. Pay off the balance at the end of 0% period.
    Can anyone see any pitfalls?
    Thanks for your help and apologies if this has been answered elsewhere.
  • sickersicker Forumite
    1.4K Posts
    Looks perfect to me.
  • ClarimanClariman Forumite
    1.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    timlush wrote: »
    Being a 'newbe' to stoozing I wonder whether anyone can confirm what I am going to do;
    1. BT from a 0% credit card to Egg Money Card then transfer to High Interest Cheque Account (Coventry BS).
    2. Charge all my monthly spending to my 0% credit card
    3. Set up DD from my High Interest Cheque Account to pay the minimum payment.
    4. Pay off the balance at the end of 0% period.
    Can anyone see any pitfalls?
    Yes, a couple of pitfalls, although the first may just be semantics. Step 1 should be BT from Egg Money to 0% credit card not the other way round. You need to remember that - in theory - you are transferring a debt balance from Egg Money to the 0% card. The BT and the actual cash go in opposite directions. It is important to understand that, otherwise you may make the request to the wrong company!

    Next issue is doing Balance Transfers and Purchases on the same credit card! Two points here. Firstly, if you can do a 0% balance transfer, then max the card out straightaway so why would you want to do purchases too? Secondly, you should not make any purchases on a 0% BT card unless they 0% on purchases period is exactly the same as the 0% on BTs period, otherwise you will get hit with interest charges on your purchases the day after the 0% period expires.

    Clariman
    Co-author/owner of the official stoozing website https://www.stoozing.com and Creator of the SOA & Snowball calculators.
  • guppyguppy Forumite
    1.1K Posts
    jess444 wrote: »
    They have sent me credit card cheques, so I imagine it would be easy to pay into a high interest account.

    Aren't these cheques treated as cash advances and hence not covered by the 0% deal?
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