virgin stooze posible

Dandytf

crumpet_man said:

Dandytf said:

Deleted_User said:

It's certainly an idea, but a terrible one.

Example current fund is 8-9% -so potential 3% profit, no guarantees of course.

Also the potential to lose all of the money.

possibly, maybe not my best idea,  Sipp cash top up.

Dandytf

does rbs 20 mths 0% purchases qualify me for stoozing.
0% on balance transfers made in 3 months -though I only have 1-2% utilization. 

thanks

[Deleted User]

There's no qualification for stoozing.

All you need is to be be able to borrow money at a lower rate than you can earn on it.

Dandytf

Deleted_User said:

There's no qualification for stoozing.

All you need is to be be able to borrow money at a lower rate than you can earn on it.

does it work with purchase rates or specific to transfer rates.

[Deleted User]

Stoozing means having a debt which costs you less than you earn on savings.

You should steer clear of it if you don't understand it. You need a proper understanding of credit and finances to make use of it.

MallyGirl

Stoozing via 0% purchases would normally be a 'slow stooze' but a limit of £1,800 is simply not worth the effort even if you spend it all in the first month.
The best savings rates for 1 year fixed are 1.5% so you would make £27 interest in a year. Compare that to the potential costs if you don't get your timing right on repaying before the 0% expires. You should definitely not try to gamble with it on S&S.
Just stop thinking about this sort of thing - the days of stoozing being worth it are gone for all but the most die hard with excellent borrowing power. Back in the day I carried credit of over £80k all at 0% offsetting a mortgage with higher rates than we have right now. That was worth the effort to track everything and move money around.
You seem addicted to applying for credit even when you are not sure what to do with it, 

Dandytf

@MallyGirl

thanks I continued with what was Virgin 0% card thread.
This latest card is rbs 4.85K 0% 20 mths purchases.

my recently opened isa's are from cash deposits.

thanks

Se1Lad

Dandytf said:

1800 limit virgin zero % all rounder.
is it possible to make use of purchase or transfer or money, each 0% 12 mths.
I don't have any other balances that warrant transferring from

thanks

I’ve just managed to do a nice stooze on virgin. They offered me 0% with 1.2% fee for 27 months.  I was able to get them to move over most of my existing credit limit from a previous card with them to give me a 25k limit.

I don’t currently have any outstanding balances so I did a money transfer from my MBNA card for the maximum they would allow (£23,250) to my current account - this was fee free with 3.9% APR.  I then did a balance transfer from MBNA to Virgin.  The balance was only on the MBNA card for one day, so should only cost me £2.50 in interest.

Dandytf

@Se1Lad

Very nice Snooze info- congrats.
I'm not sure way forward from 1800 VM card as i did use small purchase to be re paid in a day or two.
I noticed Balance and Money Transfers are seen via App in 24.9% apr range -no mention of continuous Zero 20 mths.

Thanks

phillw

MallyGirl said:

The best savings rates for 1 year fixed are 1.5% so you would make £27 interest in a year. Compare that to the potential costs if you don't get your timing right on repaying before the 0% expires. 

If you aren't on top of your finances so that you pay it off on time, then you shouldn't be stoozing at any return.

I still have a 0% purchases stooze with regular savers though, it's small amounts of money but it's better in my pocket.