I literally just discovered this term like this minute. Any thoughts / advice on it?

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A little context: I am unemployed and am renting atm. I have abank account, no credit cards and I do not use the credit card function on my Bank/Debit card;

Seeing as how this 'Stoozing' thing is 0% Interest and I have seen that some people use it to profit, how in theory could one generate a small amount of money from it?

Purely the theory of how one would do that, and the types of people likely to use that or be able to / viable for such a thing. I have a lot of catching up to do with matters of finance and am eager to learn. Thank you in advance to any kind souls willing to share their thoughts on this matter.

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  • eskbanker
    eskbanker Posts: 31,521 Forumite
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    nfmg said:
    A little context: I am unemployed and am renting atm. I have abank account, no credit cards and I do not use the credit card function on my Bank/Debit card;

    Seeing as how this 'Stoozing' thing is 0% Interest and I have seen that some people use it to profit, how in theory could one generate a small amount of money from it?

    Purely the theory of how one would do that, and the types of people likely to use that or be able to / viable for such a thing. I have a lot of catching up to do with matters of finance and am eager to learn. Thank you in advance to any kind souls willing to share their thoughts on this matter.
    Best bet will be to read up on all the links at the sticky post at the top of this board:

    https://forums.moneysavingexpert.com/discussion/6288253/stoozing-free-cash-from-credit-cards-sticky

    No idea what you mean by "the credit card function on my Bank/Debit card", either you have a credit card or you don't, but if you don't have a credit card then getting a decent one with a 0% promotional offer is highly unlikely, and this would be necessary in order to benefit from stoozing.

    However, to be honest stoozing has pretty much dried up in recent times with poor interest rates decimating potential returns, which is why this board sees hardly any action anymore, compared with its heyday when stoozing could be lucrative, so don't build your hopes up that this is a path to riches....
  • cymruchris
    cymruchris Posts: 5,320 Forumite
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    You'll also likely find that while currently unemployed - until you become employed again - nobody will give you a credit card (Not even one of the credit building ones) - until you can demonstrate some kind of solid income. Credit is all about history and risk. As a renter without a job and no existing lines of credit - even when you find employment, you won't easily get the best lines of credit. (Even if you had £200k in the bank - it wouldn't matter - as savings don't count in credit applications). As above, if you're thinking this might get you on the path to riches - it's not a viable option these days (it wasn't when it was popular - but it did allow people to make a couple of quid on the deals that were once available).
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • nfmg
    nfmg Posts: 13 Forumite
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    eskbanker said:
    don't build your hopes up that this is a path to riches....
    Why my good man I thoguht nothing of the sort. I am here for the long game. That is why I signed up here at all you see - so that I may better inform myself in the long term. Every little helps, does it not? I thank you for your honesty. Between the eyes is fine by me as I do well in yes or no scenarios. Quicker to move on from them and work from there. I thank you.
  • [Deleted User]
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    Stoozing only really worked when you could get the 0% transfer and say the fee for £1000 was maybe £30 - you'd put the £1000 in the savings account earning say 5% and you'd pay the minimum each month so ideally you get ~£50 interest so a profit of £20. On a small scale it's not worth it even when rates were high but if you could bounce balances along for years and keep the money in your pocket you could do alright. 
  • nfmg
    nfmg Posts: 13 Forumite
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    Deleted_User Thank you, that was all I really wanted to know. Even if something is no longer relevant, that is relevant if you follow my thinking. Helps me focus on possible options by process of elimination. Thanks again.
  • Fingerbobs
    Fingerbobs Posts: 1,652 Forumite
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    Speaking for myself, I've never bothered with cards that charge a balance transfer fee.
    If you can get a 0% fee-free BT card, or a 0% spending card, you can still make a little bit of pocket money, but it'll be peanuts, and in my opinion it's not worth bothering at the moment.
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