Running out of 0% providers to Stooze!

MickyT22MickyT22 Forumite
2 Posts
First Post
MoneySaving Newbie
I've been stoozing with 0% cards for over 15 years now and have a draw full of dormant cards. I don't usually bother closing accounts and wait for the provider to close it for me when they realise the account hasn't been used for years! Now, I'm running out of providers that I haven't had a card from previously.

Does anyone have any experience of closing accounts, waiting a few months and then re-applying for a new 0% card? Are applications denied?

Replies

  • zx81zx81 Forumite
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    You generally need to wait 6 months before being able to get new customer offers, though it varies.
  • SandtreeSandtree Forumite
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    MickyT22 said:
    Does anyone have any experience of closing accounts, waiting a few months and then re-applying for a new 0% card? Are applications denied?
    More often they are approved but you do not receive the new customer benefit of the 0% offer unless you've not been a customer for X months/years. 6 months is generally the minimum but some are longer.
  • BrieBrie Forumite
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    MBNA have been very good at continuing to provide 0% opportunities for me for the last 20 years.  And (knock on wood) they have never reduced the credit limit. 

    I get it down to zero at times and then max it out when I do something silly like need a new car.  Buy the car on one card that has cashback and then shift the debt to MBNA to be able to pay back at my leisure.  I've been stung a few times with interest when there's some awkwardness running more than 1 BT but it's never usually amounted to more than a pound or two.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • MickyT22MickyT22 Forumite
    2 Posts
    First Post
    MoneySaving Newbie
    Brie said:

    I get it down to zero at times and then max it out when I do something silly like need a new car.  
    Not just me then!  :smiley:
  • boxofficerboxofficer Forumite
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    Tenth Anniversary First Post Combo Breaker
    MoneySaving Newbie
    I'd second MBNA with repeat offers I also get repeats for Tesco, M&S and Halifax/Bank of Scotland. I think I used to run 3 MBNA cards but they've cut me down to just 2 but I kept my overall credit limit. Perhaps try MBNA for another card, they have several brands and offers. if you have them with a dormant account.
  • someonesomeone Forumite
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    Have this problem too. I usually look for 0% BT with 0% no transfer fee. Currently have two Balance Transfers sitting at 0%. One is up soon (RBS) and was hoping to snag the usual. Very limited number of issuers at the moment in that sweet spot.
    Last December I ended up with 12 month 0% with 0.5% fee (Sainsbury). This time the only cards that seem to fall into that category are
    • Sainsbury's - Already with existing BT due to expire in Jan 2022
    • Santander - Main bank, hold the Santander Everyday Credit Card (old purchase 0% card) which is dormant
    • Barclaycard - Card I BT'ed to Sainsbury's earlier in the year (never closed)
    • RBS/NatWest/Ulster - Can't BT to as Source is RBS
    I'm considering
    • Santander All in One Credit Card (need to check if you can apply and get the BT even though I have the Everyday Credit Card). One advantage of the Santander is because the fee is monthly come Dec/Jan there is something better I might be able to halt the fees buy BT both Santander and Sainsbury's when Sainsbury's is expiring
    • MBNA 27 months 0% with 1% fee
    But this is nowhere close the the usual options. As higher rate taxpayer / exceeding the PSA the fee really eats into the profit of Stoozing especially when outside an ISA.
  • someonesomeone Forumite
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    Just spotted MBNA's 15 months 0% BT with 0% fee so have applied. Proposed limit means some of my Stoozpot needs to be repaid but free money is still free money. Downside is the 2.5% min repayment with MBNA means beyond the BT window (where repayments can be re BT'ed) the balance is going to drop quickly

    With favourable BT's becoming harder to get I might start a 0% purchases card and shift day to day spending to grow my Stoozpot but also provide another BT opportunity in a different month further down the line.


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