Stooze, How to start?

What’s the best way to start a stooze pot? Looking for mid 5 digits-ish

My journey so far:
- Accepted for Halifax CC, small limit, hoping for a no fee Money Transfer offer
- Waiting for NatWest 22month BT card
- Waiting for a curve card metal card

As far I can tell, my only option to  accrue debt with minimal fee’s is via Halifax to bank money transfer, then I credit transfer from NatWest. Given Halifax is a low limit, can anyone recommend other low cost avenues?

Are there any mule type cards I can use, like Egg was back in the day?

Any feedback welcome, thanks in advance!
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Comments

  • The cheap/free option is a purchases card. 

    You won't get a no fee money transfer card.
  • And just use that for the everyday and accumulate slowly month on month? Or are there other tricks to ramp it up quicker on a purchase card?
  • noh
    noh Posts: 5,789
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    edited 2 December 2022 at 2:31PM
    Halifax Clarity is a no fee money transfer card.
    I currently have that a BoS Platinum card and two MBNA cards that have no money transfer fees.

    I have recently used all of them in conjunction with balance transfer cards to stooze around £38k
  • So push Halifax to bank, then bos & mbna‘s to Halifax for the 0% term? Was that what you did?

    Are there any other No/Ultra-Low fee money transfer to bank cards?
  • And just use that for the everyday and accumulate slowly month on month? Or are there other tricks to ramp it up quicker on a purchase card?
    There are definitely ways around getting an effective money transfer on a purchases card. You just need to use your imagination in thinking of what you can "purchase"
  • noh
    noh Posts: 5,789
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    I already had the zero fee money transfer card (MBNA, Halifax Clarity and BoS Platinum)

    I applied for a number of 0% no or very low fee balance transfer cards all on the same day.

    Once I had been accepted for the balance transfer cards I requested a money transfer to my current account from one of my existing zero fee money transfer cards and then on the same day a balance tansfer request of the same amount to one of my new balance transfer cards.

    For example I initiated a money transfer from Halifax Clarity to my current account for £4600 and then requested a balance transfer for the same amount to my new NatWest Balance transfer card.
    This results in £4600 being available to me for 22 months at zero cost. I have placed that money in a 18 month fixed rate account at 4.6%
    I then repeated this with the other balance transfer cards

    I don't recommend this approach to anyone that cares about their "credit score" or will need any credit for any other purpose in the next 2 years or so.
    You also need to be very organised in paying minimum payments when due.

    You can use this calculator to see your potential profit.
    https://stoozing.com/stoozcalc.php
  • Thanks dude, really appreciate the info. I guess BT arrives same day so no fee’s charged by Halifax? 

    stoozing website used to be a great site for up to date info, cards, technique’s, gotcha’s etc. but it’s a bit of a wasteland these days. Are good replacements out there?

    noh said:
    I already had the zero fee money transfer card (MBNA, Halifax Clarity and BoS Platinum)

    I applied for a number of 0% no or very low fee balance transfer cards all on the same day.

    Once I had been accepted for the balance transfer cards I requested a money transfer to my current account from one of my existing zero fee money transfer cards and then on the same day a balance tansfer request of the same amount to one of my new balance transfer cards.

    For example I initiated a money transfer from Halifax Clarity to my current account for £4600 and then requested a balance transfer for the same amount to my new NatWest Balance transfer card.
    This results in £4600 being available to me for 22 months at zero cost. I have placed that money in a 18 month fixed rate account at 4.6%
    I then repeated this with the other balance transfer cards

    I don't recommend this approach to anyone that cares about their "credit score" or will need any credit for any other purpose in the next 2 years or so.
    You also need to be very organised in paying minimum payments when due.

    You can use this calculator to see your potential profit.
  • noh
    noh Posts: 5,789
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    Not all of the BTs arrived the same day some arrived the following day.
    When that happened I estimated one days interest and made a payment of slightly more than that to stop any more interest charges.
  • Not sure if NS&I will be treated as a ‘cash-like transaction’ but your curve metal card would allow you to utilise this route, amongst others, however the monthly fee on curve could outweigh any interest gains you may receive.

    Ultra-low BT and MT cards are really the best bet. 

    Tesco used to do a savings account that allowed you to add money in via debit card at the checkout, not sure if still a thing (the Sainsburys saveback function has been discontinued).

    Not sure if there’s a PayPal workaround without being flagged as fraud or if you could utilise a Paypoint option with a pre-paid card. Either way I think curve card is going to be your greatest ally here.
    Save £12k in 2023 challenge #32
    Saved Total = £12,000 / £12,000
    Save £5k in 2024 challenge #32
    Saved Total = £1,184.85 / £5,000

    Secured/Unsecured loans x 0
    Credit Cards x 6 (total limit £24,250)
    Creation FS Retail Account x 1
    0% Overdraft x 1 (£250)
    Mortgage x £140,250
    Debt = £1,014 (0%APR due 22nd July 2024)

    Charity fundraising goal for 2024 = £1,000 for animal rehoming / dog fostering etc
  • Thanks dude, any cheaper/better alternatives to curve?
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