Stoozing end of the line - Some Advice Please

Brie

The deals on the cards I use are getting more expensive and for shorter periods.  So I'm out.  (well nearly.....been running them all down with actually only one left that will resolve itself over the next year.)

WYSPECIAL

sciennes said:

Hi

I have been stoozing for around 10 years, my current pot is £38K spread over 8 cards.

 I'm now finding new offers on my existing cards drying up. In the past I would empty a balance transfer card when it came to the end of its offer period, leave if for a few months and then a new attractive offer would pop up. I’ve an offer in from M&S bank today, but only for 9 months with a 3.9% fee, which does not seem worthwhile.

I’ve taken every offer I could have on 0% balance transfer cards on the market so there are no new ones I can see I can have - so if I was to continue it would be just a case of keeping existing cards and seeing if new offers arise. 

Interested to see what everyone else is finding.

 Also wondered if anyone knew if keeping hold of cards with a zero balance on them negatively affects your credit score - so maybe better to cancel some of the cards with nothing on them?

 

Thanks

 

 

With thoughts that the BOE regular increases may come to an end soon banks may want to lend more money. The marketing departments of all the cards you hold will have targets to meet.

All my recent offers have been too short term for the transfer fee they wanted but hopefully this will improve soon.

There seems to have been a shift in which lenders are making offers too. I haven’t had an offer from Barclaycard or Sainsburys for ages but get offers from MBNA and BOS every month and M&S every three months or so, albeit disappointing ones that aren’t really worth bothering with.

Volcane

I get decent offers from Barclaycard, Tesco, Sainsbury’s, Virgin and Creation every month for 18 months to 2 years with fees varying from 2.5% to 3.9%. I also get offers from M&S but whilst the offers are decent a £1750 credit limit that they won’t budge on is not much use.

vacheron

I'm at the frustrating point where all the current best buy BT cards I already own.

However, a couple are due to expire in the next 3-5months, so I would like something I can push their remaining balances on to, close these two down, then possibly re-apply for them again in 6 months or so.

I have definately noticed a few more knock backs in my applications than usual this year, but it looks like M&S have accepted me on a 28 month deal for a 3% fee.

Unfortunately I won't know the credit limit until the card arrives. If it is enough to clear the two soonest expiring cards, I can then stick everything I won't need into a 1 or 2 year fixed ISA at 5.45%. If not, I may have to pay one or both of them down, but I don't like that idea!   

adindas

A true stoozer is hardly ever mounting the debt. They always have the money sitting in the high interest saving account in the sideline to clear the balance anytime when needed.

pecunianonolet

I've got 8 CC of which 7 were used for stoozing (one paid off already, next one due in December). I opened them not all at once and spread them out a bit, when MBNA was a great mule for constantly new MT. In the same way as I took money I did a bond ladder of 6, 9, 12 months and some went into EA. Next bond matures end of Nov and next card repayment is mid December.

Alongside that I have an Excel file and calculated monthly minimum payments over the course so I see what my monthly repayments are, which I can fund from salary income, when promotional periods expire and card repayments are due. 

It is unlikely that all providers want all their cash at once, but there might always the odd one so I always try to stay afloat enough to repay in once if needed.

I still keep getting 0% BT offers but the terms are getting shorter, e.g. 12 months but the fees increase. With fees of 2.99% or 3.99% it is hardly worth the effort. You would still technically make profit but only under the assumptions saving rates remain stable and the credit file impact vs. gain isn't worth it. I'd rather try to melt down as planned and let the credit file improve with utilisation coming down and hard searches falling off. Bank switches and monthly rewards and incentives for holding direct debits, making purchases, etc are far more profitable and tax free. 

vacheron

vacheron said:

I'm at the frustrating point where all the current best buy BT cards I already own.

However, a couple are due to expire in the next 3-5months, so I would like something I can push their remaining balances on to, close these two down, then possibly re-apply for them again in 6 months or so.

I have definately noticed a few more knock backs in my applications than usual this year, but it looks like M&S have accepted me on a 28 month deal for a 3% fee.

Unfortunately I won't know the credit limit until the card arrives. If it is enough to clear the two soonest expiring cards, I can then stick everything I won't need into a 1 or 2 year fixed ISA at 5.45%. If not, I may have to pay one or both of them down, but I don't like that idea!   

Update:

My M&S card with 28 months @ 0% for a 2.99% fee arrived, but the credit limit was only £4,500 which is less than half of most of the other cards I am currently carrying a 0% balance on. 

I took them up on it anyway and filled it up by making a money transfer to my bank from my Halifax Clarity card then paying off the balance with the M&S card.

I have taken out a Barclays 1 year ISA at 5.5% as this allows 3 withdrawls of up to 10% of the ISA value with no loss of interest which will allow me to make sufficient withdrawls to clear the other two cards which ared due to expire in the next 12 months should I not find another BT deal in the meantime.