Stoozing / Balance Transfers

pollyanna24

I currently have about £10,500 on my three credit cards (all in savings).

One of them is due to run out of its 0% in a few months, so I will be looking at getting a balance transfer (to keep my stoozing pot), but I'm unlikely to get £6,000 credit limit (I'm guessing here as I've never done the 0% balance transfer before).

Or when you do a balance transfer, do they ask how much you need to transfer?

Ebe_Scrooge

No, there's no way of predicting what limit you'll be given. All you can do is apply, then if the limit isn't sufficient to transfer all of your balance, just transfer as much as you can. You can then apply for another card to hopefully transfer the rest - usually 2 applications close together is OK, more than that and it starts to negatively affect your credit file.

RG2015

I opened a Nationwide current account in December 2016 for the 5% on £2,500 and the 5% regular saver for £500 per month. Out of the blue in April 2017 I was offered a 0% balance transfer/purchases credit card with a credit limit of almost £9,000.

I had never thought of doing this before but I had a large purchase coming up so I did it and it was up and running 3 days later. I have also heard that Virgin Money offer high credit limits which is good as I have savings accounts and ISAs with them.

I will need to look at this when I have exhausted Nationwide or the 0% ends. It is however, really frustrating that you cannot see your credit limit before you apply and start contaminating your credit and search history.

pollyanna24

RG2015 wrote: »

I opened a Nationwide current account in December 2016 for the 5% on £2,500 and the 5% regular saver for £500 per month. Out of the blue in April 2017 I was offered a 0% balance transfer/purchases credit card with a credit limit of almost £9,000.

I had never thought of doing this before but I had a large purchase coming up so I did it and it was up and running 3 days later. I have also heard that Virgin Money offer high credit limits which is good as I have savings accounts and ISAs with them.

I will need to look at this when I have exhausted Nationwide or the 0% ends. It is however, really frustrating that you cannot see your credit limit before you apply and start contaminating your credit and search history.

I've got the same Nationwide savings account and they have been offering me a credit card (even though I already have one with them that I don't use as it's not 0%), but although it's 0% balance transfer, it comes with a fee from what I remember.

I know that the point of stoozing is to make more than you pay out, but as I have the amounts in savings, I don't really want to shell out a fee.

RG2015

The Nationwide Select credit card has 0% purchases and 0% balance transfers both for 1 year. The balance transfers have no fee if they are made within 3 months of opening the credit card.

Did Nationwide quote you a credit limit?