Death of Stoozing ?

deemy2004

With more and more cards now starting to introduce charges on balance transfers. Are we at the end of the stoozing boom ?

The last stoozers piling into the stoozing market, to take advantage of high interest rates on savings with their 0% acquired lolly

I fear that all us stoozers are starting to make a significant difference, and the card companies have noticed US !

You can hear it in their voice when you talk to them on the phone, they KNOW its a another stoozer on the end of the line !

This time next year, both due to the cut in new card credit limits for the 0% offers and the ever increasing fees on bal transfers will make stoozing unviable.

Egg will probably be the last to succumb, since they are pretty inept at managing their business ! i.e. france egg fiasco and the poor performance of the company relative to others.

So drink up fellow stoozers this may be our last cash windfall 9 months ! Apply now - don't wait !

System

I look at it two ways.

Yes, we all want to save money. If it's a multi million pound profit making company then I'm all for it.

If it's a smaller company, I'm not in for 'doing one over'.

The reason quite simply is......

....me saving a few quid may well cost someone their job.

There are so many people using this site that it is inevitable that banks etc and other companies will close ranks.

One day the job that is lost could be yours (depending where you work of course).

Cue the snotty, up your self, you are wrong replies.....

Remember, this is my own view, there are others....

deemy2004

Business make BIG mistakes just as easily as anyone else

remember the daft telecoms buying worthless 3G liscences for tens of billions. Look what happened to the likes of Marconi, BT, cable and wireless et-al they virtually went bust from a position of strength.

The credit card stoozing is on a much smaller scale than the disasters that companies have created for themselves.

The only one I see that may not be here in the future in its present form is egg, because business wise their decisions suck big time.

The market will always force companies that are unable to run their business efficiently either out of business or taken over by someone who can run them more wisely.

As stoozers we have every right to maximise our earnings for as long as we possibly can. For in the end the bank always wins !

Smitty

Egg have got some things right, their website is easy to use and they respond to your messages promptly. I have been quite impressed. And they might have the last laugh, if they continue to provide their current service, as it is, their customer base will increase.... and there are bound to be some stoozers who get tempted to blow their stooze pot on a new motor or something.

Galstonian

"Piling in"?

I'm not sure about that, I have personally tried to convince many people of the benefits but so far I have not managed to convince one person to actually do anything about it. Yes, this website attracts a lot of poeple and a lot of them might start but the audience here is definitely not representative of the general public, its a bit like going to an AA meeting and deciding that the majority have a drink problem.

Do you have anything more concrete than fears or suspicions?

Robert_Sterling_3

I was a reluctant late entrant to the game which I first saw expounded by JL at rpoints and themoneybag.  I think he is also here and only slightly diguised.
I did not take much notice for a long time.
Three months ago I made a start with Mint, Halifax One and Barclaycard.   Within weeks I had a borrowed £14000 plus and put it in a websaver account at 4.9%.
This produces about £60 pre tax as profit per month.
I have told several people how easy it is. None of them has shown a glimmer of interest.  I think they do not really believe it works.
Hmmm.

Doh

Agree 100% i too have been prompting the benefits of stoozing to many family a friends with almost zero success, i did convince one friend to get an egg and transfer it, but thats long expired and no further cards were used.

I think the percentage of people successfully stoozing compared to people successfully upto their eyeballs in debt is tiny :P

"Piling in"?

I'm not sure about that, I have personally tried to convince many people of the benefits but so far I have not managed to convince one person to actually do anything about it.  Yes, this website attracts a lot of poeple and a lot of them might start but the audience here is definitely not representative of the general public, its a bit like going to an AA meeting and deciding that the majority have a drink problem.

Do you have anything more concrete than fears or suspicions?

Smitty

My experience is very similar, Ive told a number of family members and close friends. They either don't trust themselves to manage it, don't think it's ethical, or don't really take it in... ah well, no skin off my stooze pot ::)

deemy2004

"Piling in"?
Do you have anything more concrete than fears or suspicions?

That a number of companies have started charging fees for balance transfers, and that infact the fees are going up. Which is a new development.

Galstonian

That a number of companies have started charging fees for balance transfers, and that infact the fees are going up. Which is a new development.

Which is surely just a restriction, a reduction in the profitability rather than a death knell?

It may be an indication of things to come but there is nothing to point to what or when that might be.

Big_Dazza_2

I too think that Stoozers are in the minority......I am also a fairly young in service stoozer and a convert of the highest order..........However, I too have told loads of people about the benefits and so far not one has been converted. I honestly believe that too many people are either not confident, no trust with themselves not to touch the money, or too lazy to bother with this scheme. For the few companies that have started to charge, there are many more newcomers that have jumped on the 0% bandwagon, some going for longer and longer 0% periods. I can't remember seeing a 0% card a few years back. Out of interest, Can anyone remember who and when the first 0% card arrived?

Dazza.