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Accelerating my stoozing :)
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QrizB
Posts: 18,037 Forumite

I've been slow stoozing with 0% purchase cards for a few years now but am thinking of stepping it up a notch.
I've got a 0% fee, 5.9% interest money transfer deal on Card A. I've also got a 2.4% fee, 0% interest 18-month balance transfer offer on Card B.
Can anyone see me coming unstuck if I take a £9k money transfer from Card A, then within a day or two move that by balance transfer to Card B?
I'll pay £216 in BT fees but if I put the £9k into my T212 cash ISA paying 4.79% (until April next year when the promo interest rate falls off) and earn about £600 over the 18 months, so I'm £400-ish up?
There's a risk the BoE cuts interest rates again, but they'd have to fall below 2% for me to actually make a loss over the period.
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.
Not exactly back from my break, but dipping in and out of the forum.
Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!1
Comments
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Works fine, technically the profit is slightly impacted by the monthly minimum payments. Sounds like it might be Nationwide though, which is usually only 1%.1
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This is what I did, when I started stoozing last year- 0% fee money transferred 30k onto 0% fee, 0% interest cards, so I was super lucky I think. Not getting any 0% fee offers now though and comparatively small limits.
I did each money transfer and corresponding balance transfer on the same day - still got charged a couple of pounds interest on the money transfer as the balance transfer took a couple of days.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.2
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