Fast stoozing using money transfer credit cards cards

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hi all,

Was wondering if anyone has done the above? Does it really work with any of the cards which have a nonzero transfer fee? I know that Creation has a card that has a zero money transfer fee & 15% on balances. Would it be a good idea to transfer cash using this Creation card & then immediately balance transfer the total money transferred onto a long 0% no fee BT card?

MSE is currently advertising a MBNA up to 28 months 0%, 2.99% fee money transfer card but what about the issue of the 2.99% fee? After you transfer 95% of your credit limit to your account one month, this will incur a the fee which is large enough to put you out of profitability for over a year (assuming that you're not investing this cash at more than 2.99%). Any smart, MSE way to get around this?

Cheers.
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  • ricky_v
    ricky_v Posts: 330 Forumite
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    I know that Creation has a card that has a zero money transfer fee & 15% on balances. Would it be a good idea to transfer cash using this Creation card & then immediately balance transfer the total money transferred onto a long 0% no fee BT card?
    Yes you can use the card as a mule card. Apply for a 0% balance transfer card before requesting the money transfer, find out your credit limit on the balance transfer card then money transfer 95% of the balance transfer credit limit, then balance transfer. Expect to pay a few pence in interest while the balance transfer takes effect.

    Any smart, MSE way to get around this?
    Yes by using a fee free money transfer card then immediately balance transfer the balance from the money transfer card onto the 0% balance transfer card, as described above.


    Curiosly, which creation card is offering a fee free MT? I cannot find it on the website and as far as I know only Lloyds offer fee free money transfer to existing customers once in a blue moon.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
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    edited 9 June 2019 at 2:30AM
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    I can't find the Creation card mentioned but the Creation Everyday card at 12.9% APR offers this.


    https://www.creation.co.uk/credit-cards/understanding-creation-cards/money-transfer-and-credit-cards
  • sultanoflondon
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    Yeah it’s the Creation card that Ben has posted a link to.
  • ricky_v
    ricky_v Posts: 330 Forumite
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    Yes it is possible to fast stooze using the creation card as a mule card. I've applied as well with that in mind however my stooze pot is currently about 3/4 of my annual salary over seven cards so unsuprisingly I was rejected using their eligibility checker.
  • ChrisJ1988
    ChrisJ1988 Posts: 60 Forumite
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    Is there any easy way to find money transfer cards with a 0% fee, having googled and checked various sites I am not seeing any.

    thanks.
  • MallyGirl
    MallyGirl Posts: 6,667 Senior Ambassador
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    there are few to none these days
    I’m a Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & 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 forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Fingerbobs
    Fingerbobs Posts: 1,651 Forumite
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    ChrisJ1988 wrote: »
    Is there any easy way to find money transfer cards with a 0% fee, having googled and checked various sites I am not seeing any.

    thanks.
    Looks like Halifax Clarity credit card still does fee-free Money Transfers.
  • ChrisJ1988
    ChrisJ1988 Posts: 60 Forumite
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    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    ChrisJ1988 wrote: »
    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.
    The interest cost will be zero. How could it be anything else?
  • Fingerbobs
    Fingerbobs Posts: 1,651 Forumite
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    edited 28 June 2019 at 2:10PM
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    ChrisJ1988 wrote: »
    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.

    Daily interest is just Annual interest divided by 365 :)

    If the MT and the BT both go through on the same day, you won't pay any interest at all.
    If the BT goes through on the following day, you'll get charged 1 day of interest (beware of weekends).
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