New to Stoozing - can you check my plan

The_JinJ

Hi

Recently debt free and savings where I'm happy(ish) - was thinking of giving stoozing a go to squeeze a little more and wanted to run the plan by the experts, you guys...

Secure a 0% spending CC (eg M&S 21months)

Setup direct debit for minimum amount

Setup easy access savings (eg Chase 2.7%)

Spend on CC for everyday purchases

Weekly/Monthly transfer spent amount from current account to easy access savings to earn interest

Continue doing this until CC limit is maxed

If 0% period allows transfer amount in savings to fixed savings (eg Atom for 12 months)

Prior to 0% period on CC expiring and on savings maturing pay full balance to credit card

Close credit card once clear

Just double checking this is correct, unknown is what the credit limit on the CC will be.

Cheers

Neil

MalMonroe

Hi, even better than that, why not have a look at the info in the following link -

https://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards/

Updated by Martin himself in October last year.  It explains stoozing step by step better than we can, probably. 

Good luck with it.