First Time Credit Card User: Advice Needed

Hello everyone hope you are all well and keeping safe 🙏
I am posting hear today as I have recently read the credit card stooging guide which I want to do but I'm unsure which credit card I need as I don't have any current debt to transfer to a balance transfer card but as my aim is to stooge will have to shift at the end of the 0% period. May seem like a very simple equation for some but I am unsure what happens if I don't have any debt to move in the first place as I've never had a credit card. I guess what I'm asking is do I need a balance and 0% spending or just a 0% spending card to start off with if my aim is to stooge.
Thank you in advance for anyone's knowledgeable and helpful answers and advice.

Replies

  • daividdaivid Forumite
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    You need to build up some debt, either on a regular cc that you then balance transfer or by spending on an interest free spending cc. 
  • SIO_WILLSSIO_WILLS Forumite
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    I didn't think I needed a balance transfer card to start off with as well as spending but just wanted to make sure so thanks for your helpful reply. 
  • edited 23 May 2021 at 5:52PM
    FarfetchFarfetch Forumite
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    edited 23 May 2021 at 5:52PM
    Stoozing worked when there were accounts paying good interest so you could save the money and earn more in interest than if you paid the balance. Now with savings rates so low it's almost not worth it.
    Example: £1000 on a card, BT it at say 2.9% fee = £29 fee
    Put all £1000 in a 2% Virgin current account in one go and you earn £20 on the year so you have lost £9
    Realistically, the Santander 18 month 0% fee card and putting money in the Virgin current account and say the Virgin Couch saver (1.75% up to £250? a month regular saver) or the HSBC card with £25 cashback are the only ones you could really make any profit on unless you gamble on a S&S ISA

    He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.

    -Harold Wilson


  • eskbankereskbanker Forumite
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    SIO_WILLS said:
    Hello everyone hope you are all well and keeping safe 🙏
    I am posting hear today as I have recently read the credit card stooging guide which I want to do but I'm unsure which credit card I need as I don't have any current debt to transfer to a balance transfer card but as my aim is to stooge will have to shift at the end of the 0% period. May seem like a very simple equation for some but I am unsure what happens if I don't have any debt to move in the first place as I've never had a credit card. I guess what I'm asking is do I need a balance and 0% spending or just a 0% spending card to start off with if my aim is to stooge.
    Thank you in advance for anyone's knowledgeable and helpful answers and advice.
    Apart from the fact that stoozing is almost dead (because of the derisory interest rates available on the money made available), the best credit card deals, such as 0% ones, are usually only available to those who've built up some history - if you haven't had a credit card at all then the prospect of getting a 0% card (with a meaningful enough credit limit to make the exercise worthwhile) is practically negligible....
  • PiPi2019PiPi2019 Forumite
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    At the end of the 0% period, use your savings to clear the balance, you can shift the debt again to another 0% balance transfer credit card to keep earning interest on the savings.
  • FarfetchFarfetch Forumite
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    PiPi2019 said:
    At the end of the 0% period, use your savings to clear the balance, you can shift the debt again to another 0% balance transfer credit card to keep earning interest on the savings.
    Unless you somehow get a couple of 0% fee cards then any savings interest earned is wiped out by the transfer fee

    He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.

    -Harold Wilson


  • LightKnowLightKnow Forumite
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    Sio_wills   Sorry for using thread to ask a question too.

    Like Wills I haven’t really used credit card or really heard of stoozing until few hours ago

    So am I wrong to think- you Get a credit card with o% use that card for shopping, paying bills etc but pay x amount each month  at same time you keep your money so builds up by interest and once you hit the end of 0% you pay it all off ? 
    And what you saved plus the internet - the amount to clear card? So you left with x amount?




  • zx81zx81 Forumite
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    LightKnow said:

    And what you saved plus the internet - the amount to clear card? So you left with x amount?

    Yes, although plus interest, rather than the internet.
  • LightKnowLightKnow Forumite
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    zx81 said:
    LightKnow said:

    And what you saved plus the internet - the amount to clear card? So you left with x amount?

    Yes, although plus interest, rather than the internet.
    Oppps haha thanks for correcting 
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