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New to Stoozing
steviehud37
Posts: 166 Forumite
Hi
Am new to this ! Please bear with me
Am really interested in doing some stoozing with credit cards but surely my first assignment must be with Alliance and Leicester Direct current account ??
If i open account with them thru Quidco i get £50
Take out £2500 put it in a Isa 6.1% for a year £152.50
Make sure i transfer £500 from my Abbey current account every month (30th).I could then transfer it back on the 2nd every month
Leave the Alliance and Leicester with £2500 overdraft for a year
And i get £202 in a years time and no credit card balance transfer fees to
pay
Next year if i have the same overdraft i willl be charged £5 month so could make £92
So its win win?
Have i missed something out?
Should i start with this account first before moving on to Virgin credit card?
Am new to this ! Please bear with me
Am really interested in doing some stoozing with credit cards but surely my first assignment must be with Alliance and Leicester Direct current account ??
If i open account with them thru Quidco i get £50
Take out £2500 put it in a Isa 6.1% for a year £152.50
Make sure i transfer £500 from my Abbey current account every month (30th).I could then transfer it back on the 2nd every month
Leave the Alliance and Leicester with £2500 overdraft for a year
And i get £202 in a years time and no credit card balance transfer fees to
pay
Next year if i have the same overdraft i willl be charged £5 month so could make £92
So its win win?
Have i missed something out?
Should i start with this account first before moving on to Virgin credit card?
0
Comments
-
Egg Money card and Virgin Card should be high on your priorities. If you can get a 0% overdraft then so much the better.
I'd look to both I think."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Alliance and leicester is 0% overdraft for the first year.
Am worried i might only get couple of grand from virgin so thats why i want to start with something which is going to give me lots of profit
Will move on to Virgin wants i have got current account sorted0 -
I am pretty sure from reading todays A&L adverts you will only get a 0% overdraft to the value of £500.This is one of the reasons I closed my account with them.
If you have a partner and both of you open a A&L account you can maximise your free joining fee.
To keep the account active you cannot move balances from one account to the other A&L account the "salary" has to arrive from a external account so make sure you have another internet bank account up and running to speed the process up.
Don't wait for so long before moving the funds out again.As soon as the £500 appears in your online account move it out to your savings account.Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.:D0 -
Check out this thread before you use quidco
http://forums.moneysavingexpert.com/showthread.html?t=513795&page=6&highlight=allianceApparently I'm 10 years old on MSE. Happy birthday to me...etc0
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