Stoozing first time queries

surreysaver

ZeroSum said:

Think theres a few key points on this that have been over looked

Firstly, keep all stooze activity separate from main finances. With this in mind, open up a new current account to set all your DDs up, preferably one that pays interest. Doesn't matter if its only on first couple of grand as youd only be using it for min payments anyway. Then use something like MS money to plan the cashflow, this is to avoid mistakes happening & makes admin way easier. And you can avoid doing what some have suggested in paying a bit over the min payments. Then from your cashflow you can see how much you can place into 1 year fixes, reg savers etc.

I can understand the logic of keeping stoozing activity separate from main finances, but I've been stoozing over twenty years and have always mixed it up - mainly because I've a flexible offset mortgage, which I've borrowed money from when the interest rate has lended itself to it.
It depends how controlling you are with your finances. I just make sure I have easily accessible funds available for when 0% deals expire in case I cannot obtain a new deal.

Fingerbobs

I don't see much advantage in having a separate current account for the min-payment DDs. I always have these coming out of my 'main' current account into which my salary is paid every month, so they just come out of my general 'float' and I don't have to think about them. 
I try to arrange the DD collection dates to be close to payday, but obviously that's not always possible. 
I always have the stoozpot in a separate, ring-fenced, instant-access account, though. That account is only touched when I need to pay off a card, or occasionally to shift the stoozpot to a higher interest account. 

clairec666

I'm fairly new to stoozing, and not really intending to become a serious stoozer. I have enough money in savings to cover my credit card spendings several times over, so it's just about making a little bit more money from savings interest while I can make use of 0% on purchases. I'm likely to pay it off at the end, rather than balance transfer.

What I would like to know is, once I have used a 0% deal with a particular provider, are they likely to offer me another similar deal once my current deal has ended? Or is it like switching bonuses, where they won't offer you another deal until a set period of time has passed?

surreysaver

I find 0% on purchases are only for new credit cards, not for existing holders.
Existing holders tend to get 0% balance transfer deals. I don't think I've ever had a 0% offer on purchases from an existing credit card, whereas balance transfer offers are quite regular.

Nasqueron

surreysaver said:

I find 0% on purchases are only for new credit cards, not for existing holders.
Existing holders tend to get 0% balance transfer deals. I don't think I've ever had a 0% offer on purchases from an existing credit card, whereas balance transfer offers are quite regular.

Agreed, MT and BT are the only ones I get, but those are sufficient

clairec666

surreysaver said:

I find 0% on purchases are only for new credit cards, not for existing holders.
Existing holders tend to get 0% balance transfer deals. I don't think I've ever had a 0% offer on purchases from an existing credit card, whereas balance transfer offers are quite regular.

Thanks. But what if I closed the credit card once the 0% period ended (which I intend to do anyway)? Am I still able/likely to get future offers from the same bank? I'm currently with Natwest.

surreysaver

I imagine you'd be classed as a new customer after a certain period of time has elapsed. Myself, I tend to build up credit card debt on a 0% purchase card then balance transfer it away, then after a while I find that the original card offers me a 0% balance transfer so I transfer balance back.
I don't really close credit cards, so cannot really advise on that!

Nasqueron

clairec666 said:

surreysaver said:

I find 0% on purchases are only for new credit cards, not for existing holders.
Existing holders tend to get 0% balance transfer deals. I don't think I've ever had a 0% offer on purchases from an existing credit card, whereas balance transfer offers are quite regular.

Thanks. But what if I closed the credit card once the 0% period ended (which I intend to do anyway)? Am I still able/likely to get future offers from the same bank? I'm currently with Natwest.

Varies by bank, I closed a Santander one and was getting 0% on their soft checker for a while, got one maybe a year later, I can't remember. You could experiment after a few weeks on their site and see if you qualify

Fingerbobs

clairec666 said:

I'm fairly new to stoozing, and not really intending to become a serious stoozer. I have enough money in savings to cover my credit card spendings several times over, so it's just about making a little bit more money from savings interest while I can make use of 0% on purchases. I'm likely to pay it off at the end, rather than balance transfer.

What I would like to know is, once I have used a 0% deal with a particular provider, are they likely to offer me another similar deal once my current deal has ended? Or is it like switching bonuses, where they won't offer you another deal until a set period of time has passed?

May or may not be of interest to you, but I've never had any repeat 0% MT or BT offer that's fee-free, and the fees on repeat 0% offers tend to be pretty high - of the order of 3 or 4% in my experience. Fee-free deals also seem to be for "new" customers only. 

ZeroSum

clairec666 said:

surreysaver said:

I find 0% on purchases are only for new credit cards, not for existing holders.
Existing holders tend to get 0% balance transfer deals. I don't think I've ever had a 0% offer on purchases from an existing credit card, whereas balance transfer offers are quite regular.

Thanks. But what if I closed the credit card once the 0% period ended (which I intend to do anyway)? Am I still able/likely to get future offers from the same bank? I'm currently with Natwest.

It varies by bank
For example, Tesco allow you to have 2 cards on the go, and can get a new one fairly shortly after you close a card.
Nationwide make you wait 12 months after closing card before they'll offer a new 0% deal. But if you have a few on the go, then by the time the cycle goes round having to wait a year to apply again isnt a big deal & helps spread the cards out a bit