have i snoozed and missed the stooze?

b3lly

Hi all

Ok I am new to the stoozing game and wondered if i have missed the boat?
I pay off all my credit cards in full - I only buy what I can afford (so no angel!)

However the time has come for me to pay off my mortgage and I have a few questions that I hope u stoozing wizards can help with! -

I need £13k to pay the mortgage - what is the likelyhood I will get this credit limit on a card? My abbey card limit is £16k and Marks and Sparks £6k.
Would I need to take out to cards?
Do i need to tell them when applying for the card that i am wanting a bal transfer of £13k? Does this make a difference?

I have read the links about bal transfers and think that Virgin would be best as it offers 15mths 0% and only 2.98 fee.

I am not sure I understand the SBT's and how u know which cards are etc. Also do they really just pay the money into your bank account?????

I can pay the mortgage off but it would mean cashing in all my isas - so I know that i can save the money over 15mths and then pay off the balance.


The last question is - when do i know which is the final date to pay?


Thanks in advance for all your help :A

Jo

sniperpenguin

Belly, In my own perosnal opinion you are a very good position here....

1. Apply for an Egg Money card, this is the most common SBT (super Balance Transfer) card out there, since it allows you to have a positive balance. DOnt worry about the credit limit they give you, since you wont be in the red on it.

2. Ring up Abbey (with whom you have a £16K limit) and tell them you would like ot CANCEL the card, since you are going to use another card instead for a balance transfer... I bet you my cats that they will offer you a 0% deal ON THE SPOT. If its any good (9mths +) take it and do a £13,000 BT to the Egg Money card..... You how have a £13,000 POSITIVE balance on the Egg Money card.

3. Whilst this is going on, open an egg savings account (takes £1). This is down to a loophole to earn cashback that has been described here many times.

4. Once the cash is in your Egg Money account, send a private message via the Egg Online banking to transfer the £13,000 from the Egg Money card to the Egg savings account (Do NOT CALL them). This wil give you a tidy £130 cashback instantly, since it will treat the transfer as a purchase!

5. Transfer the cash from the Egg savings account to your mortgage!

You will now have paid off your mortgage and be £13K in the RED on 0% on your Abbey card.... from there you can throw money at it at your own pace, changing 0% deals as they are due to expire

sicker

sniperpenguin, I think you may find this egg savings 'loophole' has been closed for many months now. The rest of your post applies however.

John

YorkshireBoy

sniperpenguin,

If the Abbey card is run by MBNA, then Egg Money is not necessary since the MBNA cards have SBT capability as well.

Also, I believe the Egg Cashback loophole was officially closed some time ago. Indeed, because Egg were starting to clawback previously obtained cashback through these BACS transfers, I and many other stoozers have stopped asking for these transfers.


OP,

The big danger with paying off your mortgage like this, is that if you find it difficult to switch cards later your 'mortgage' will revert to circa 15.9% APR, the card's variable rate.

Perhaps a better alternative would be to switch your mortgage to an offset type with your existing provider. It may even be free to do this.

Alternatively, simply run your stoozing alongside your mortgage by using a savings account stooz pot. You'll pay tax on your interest (presumably?), but it's better than nothing if your mortgage lender won't allow a (free) product switch due to the very low outstanding mortgage.

Then, if there's a lull between cards it's not the end of the world!