Stoozing... Please can anyone help?

Motley9735

Hi there,
I'm just about to start stoozing, but have a question before hand...

I'm going to try the card trick method (balance transfer) into the Egg Money account. However, I already have a £1,000 debt with another credit card. Is it worth me adding this to the balance transfer into the Egg Money account, or just carry on paying this off per month as normal?

Any help would be much appreciated!

CLAPTON

if you are going to learn how to stooz then you need to work out for each transactions
a. the cost of the transaction and
b. the income from the transaction.
can you give us these figures and we'll be better placed to advise.

Motley9735

Hi Clapton,

Thanks for your reply.
I'm looking at transferring £3,000 from the Barclaycard 14 months 0% card (2.5% fee = £75). Plus £1,000 from my current credit card (2.5% fee = £25) to my Egg Money Account.

I will then aim to transfer this money into two accounts (£3,000 into a NS&I at 6.3% and £1,000 (as NS&I has a £3k limit) into HISave account at 6.3%.

Also, would it be beneficial to use to my 0% purchases Halifax credit card, then transfer the equivalent amountof money from my bank acc into the HISave account, or is it not advisable to stooz through the two different methods?

Hope this is enough info.

Thanks again.
Andy

CLAPTON

In rough terms 3000 invested at 6.3% for 12 months in an ISA wil give you about £150 once you take into account the decreasing balance as you pay the minimum payments each month. You need to build a spreadshett to work these things out taking into consideration the monthly minimum payment and how long you can get 0% for (dont assume the full 14 months as you need a safetly margin to pay it off. so net profit is about £75.

You can work out the other one the same way but you haven't said whether its a 0% card and for how long. but with this you have to take tax into account.

You try working out how much you make using the slow stooz technique... go on have a go.

cm233lh

hang on Motley, you said you had £1000 debt on the other card didn't you? So shouldn't you be transfering the £1000 from the barclaycard to pay that off, which leaves only 2000 to invest. You still win if the current deal is > 0%, but don't forget to transfer it again when the 0% runs out.

Motley9735

Thanks all.

For some reason I overlooked the fact that if I have a £1,000 debt on another card, I would have to use £1,000 from the £3,000 credit limit on the new 0% BT card to pay this off!!

Is it worthwhile stoozing as well through the slow methhod with a 0% purchases card? Seems like it's a good idea to try and stooze as much as possible to get started.

Your help has been much appreciated.

housebuyer_abc

Motley9735 wrote: »

Thanks all.

For some reason I overlooked the fact that if I have a £1,000 debt on another card, I would have to use £1,000 from the £3,000 credit limit on the new 0% BT card to pay this off!!

Is it worthwhile stoozing as well through the slow methhod with a 0% purchases card? Seems like it's a good idea to try and stooze as much as possible to get started.

Your help has been much appreciated.

Only you can answer this. Stoozing is a complicated idea, not in itself but in the fact that it relies on human beings to work. The biggest issue is remembering to pay of the debt before the deal runs out, if you miss and end up paying interest for a month or two the whole benefit of the year is wiped out.

If you can't answer the question on which is the best way for you yourself then I'm inclinded to suggest that you are not ready for stoozing, you need to research it more and then get yourself heavily organised