stoozing question

lucielamb

Hi there

I have applied for an egg card a few months back and got a SBT of £4500. The )5 period ends at the beginning of Sept so I am going to apply for a virgin card and ask for a balance transfer. Is there any way of getting more money??

Thanks

Lucie

YorkshireBoy

lucielamb wrote:

Hi there

I have applied for an egg card a few months back and got a SBT of £4500. The )5 period ends at the beginning of Sept so I am going to apply for a virgin card and ask for a balance transfer. Is there any way of getting more money??

Thanks

Lucie

Your question is a little vague. Can you elaborate?

lucielamb

Sorry about that, I just wondered if there was any way of getting virgin to pay off the £4500 outstanding from egg and also increasing my credit limit with them so that I could make another SBT and stooze some more cash. Hope thats a bit clearer, I new to all this.

also I forgot to ask, should i cancel my egg card or should I keep it?

Thanks alot

Clariman

lucielamb wrote:

Sorry about that, I just wondered if there was any way of getting virgin to pay off the £4500 outstanding from egg and also increasing my credit limit with them so that I could make another SBT and stooze some more cash. Hope thats a bit clearer, I new to all this.

also I forgot to ask, should i cancel my egg card or should I keep it?

Thanks alot

If Virgin give you a credit limit > £4500 then you could pay off the Egg card and stooz the remainder. I would be tempted to put the Egg BT request on your Virgin application form in the hope that they will give you a credit limit which is sufficient to pay off Egg and leave some head room for spending. There is no guarantee that they will do so, but there is no harm in trying.

The other way to increase your stoozing is to apply for more cards. They don't need to be SBT cards because you can always route the money via the Virgin card.

If your Egg card intro period ends on September then I presume you have had it since March 05. This means that (a) it will have the old Ts & Cs which gives you free Balance Transfers and (b) it will have an anniversary BT offer of next March when you can BT at 0% for a further 5 months. Assuming that is correct, I would hang on to the Egg card so that you can the anniversary BT.

Clariman

Clariman

Forgot to mention. If you are new to stoozing then read the available information on the subject. There are lots of things to watch out for and lots of tips around. Take a look at Martin's "Stoozing" link above and also take a look at https://www.stoozing.com which Martin sponsors.

Clariman

YorkshireBoy

Clariman wrote:

...is sufficient to pay off Egg and leave some head room for spending.

Just for clarity, Clariman's "room for spending" comment means "room for some more stoozing" as, of course, you should definately not make any purchases on the Virgin card.

This is because purchases attract 15.9% interest, with payments going towards the lowest debt (ie 0% BT's) first.

Clariman

YorkshireBoy wrote:

Just for clarity, Clariman's "room for spending" comment means "room for some more stoozing" as, of course, you should definately not make any purchases on the Virgin card.

This is because purchases attract 15.9% interest, with payments going towards the lowest debt (ie 0% BT's) first.

Thanks YB. From the lenders point of view, they may wish to give you headroom for "spending" because they want you to incur charges. However, as YB correctly points out, you should not spend on a card you use for stoozing.

Clariman

lucielamb

Thanks to both of you for your advice, I will get on with my virgin application form

Thanks again
Lucie :rotfl: