Money transfer stoozing 14 November 2019 at 12:09AM in Stoozing: free cash from credit cards 25 replies 6.9K views

kartingmad

Hi

So I’m totally new to this. The only thing I remember is my grandad doing this in the good ole days,always remember he had about 20 credit cards stacked up in the draw.

So the only reason I am querying now is that I have just noticed on barclaycard I have a money transfer 0% offer until nov 2021😀 with a 2.4% fee.

How can I utilise this as I’ve got around 12k I could move?

I noticed people talking about the 2 card trick.....

Any help appreciated

Tom

Ben8282

24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
If you use your Barclaycard up to it's limit hope you have other cards to use for purchases and normal day to day spending.
You pay a fee of 2.4% on £12,000 which is £288.
Just how much interest do you think you will get on this money?
You put it in which account? What is the interest rate?

eskbanker

Ben8282 wrote: »

24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
If you use your Barclaycard up to it's limit hope you have other cards to use for purchases and normal day to day spending.
You pay a fee of 2.4% on £12,000 which is £288.
Just how much interest do you think you will get on this money?
You put it in which account? What is the interest rate?

A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!

Ben8282

eskbanker wrote: »

A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!

Don't forget tax as well. Not to mention the improbability of this existing customer offer being as stated.

kartingmad

Wow Ben your quick to jump down people’s throats

Ben8282

No not jumping down your throat. Just suggesting that you may have misread the existing customer offer that you think you have. A money transfer for 24 months at 0% interest with a 2.4% fee. That is why I asked if you were sure.

noh

My current offer from Barclaycard is 2.4% fee zero interest until May 2021 ie 18 months.
The OP quite likely has a 2 year offer as not everyone is offered the same.
As to whether it is worthwhile you can use the stoozing calculator to calculate your likely profit.
The drawback with Barlaycard is that it requires a minimum monthly repayment of 2.5% of outstanding balance which reduces the potential profits.

blitzboy

Ben8282 wrote: »

24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?

This is the offer i have on my account too (slightly less than 24 months now we're half way through the month, but it was there at the end of October initially).

0% interest on balance transfers until 1 November 2021
Balance transfer fee 2.4%

Ben8282

blitzboy wrote: »

This is the offer i have on my account too (slightly less than 24 months now we're half way through the month, but it was there at the end of October initially).

0% interest on balance transfers until 1 November 2021
Balance transfer fee 2.4%

No. OP specifically states money transfer.

YorkshireBoy

eskbanker wrote: »

A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!

With a 2.25% minimum payment, the OP would need a 1.55% AER return just to break even. And that rate would need to be fixed...variable rates are the enemy of the stoozer paying BT/MT fees. I don't think I'd take the 2.17% deal for £2/week profit.

OP is making me feel old though with their grandad statement. In my glory days I had £80K making 5% AER...over £250/month in interest after tax.

Vortigern

Ben8282 wrote: »

24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?

No need for such incredulity. My current offer from Barclaycard is 0% interest for 24 months on either BT or MT for a fee of 1.9%

I paid off my last Barclaycard stooze only 2 months ago.

Obviously some customers get better offers than others.