what CC next? Just moved house.

goldmercury

Hi,

I'm new to all this 0% juggle but find it very intersting. I would like to start stoozing but am going to wait until I have my first mortgage.

Anyway back in Januray I got an egg card with 7k limit, which I used to buy a car.

My only other credit card is a MBNA which I'm just about to close.

I need to apply for a new card soon to transfer the egg balance, which is at 6K now. So i need recommendations to what is the best offer. Also is it worth keeping my egg card open? Thanks.

N9eav

The biggest problem is gettign the credit limit. That depends on your income declared..... I got an M & S card recently only 6 months but £8000 credit limit, and 10% off your shop that day if you do it in store. ( the shop does not go on the card)

Richie(UK)

Hi gm,

You can see a list of some of the 0% cards here and here.

Its probably worth keeping the Egg card for 2 reasons:
1. Its ability to perform SBTs (act as a mule for your other 0% cards)
2. The 0% anniversary offer.

However, stoozing is using the funds on the cards to earn interest in a savings account or on an offset mortgage. Using the 0% deals for purchases is not the same thing (although it still makes sense if you can continue to transfer the liability like a true rate tart).

Leave yourself enough time when applying to repay the Egg balance (circa 6 weeks).

fatboyonadiet

Defo keep Egg, close your MBNA and apply for a Virgin, 0% for 9 months and fee free, also they can transfer the credit limit from your old card too.

goldmercury

N9eav, I just lied about my income to get the higher credit limit, from what I'm aware of they have no way to check your income, you have to let them know, correct?

I'll probably go with the Virgin card but its leaving it a bit short as my 0% on egg runs out in september and I have to wait till the end of this month before I can pay off the current MBNA card..any advise thanks

Chadsman

If you are closing an MBNA card they may offer you a lower interest rate for 6 or 9 months... unlikely to be 0% but could be 0.9%.

Richie(UK)

goldmercury wrote:

... I just lied about my income to get the higher credit limit, from what I'm aware of they have no way to check your income, you have to let them know, correct?

Congratulations, you've just committed fraud!

As you say, the chances of detection are probably slim. However, if you are discovered then your chances of obtaining credit (including a mortgage) in the future could be seriously damaged. You'll also probably have the existing credit withdrawn. And finally, fraud is a criminal offence ... be careful.

N9eav

goldmercury wrote:

N9eav, I just lied about my income to get the higher credit limit, from what I'm aware of they have no way to check your income, you have to let them know, correct?

Nooooooo, don't say that, some things are best kept secret. This is an offence called ' obtaining a pecuniary advantage' What it means is to give false information in order to obtain something you would not normally be entitled to. Which in simple terms was described by richie as fraud. It is most common in things like faking a CV, or insuring a car as having no modifications and then tarting it up. Anyway at the M & S application in store, they just asked for our combined income, I told her and that was that credit limit set. No proof requested.