Permanent Stoozing for Stoozing maniacs

deemy2004

Attention troops !  8)

The strategy to deploy in a pincer movement on two cards with particular attributes of being able to balance transfer to the card and NOT get charged interest from the DATE of the balance transfer so you have say 50 days interest free period, to then transfer the balance to a card with similar attributes.

Hence you have a perpetual 0% balance transfer rate.

Now I have found ONE card ! cahoot

I need another, a card that also counts balance transfers as eligble for the interest free period .

Where to find this elusive 2nd card ?

Over and out.

Lopo

Far too extreme IMHO...!

Lenders are likely to catch on and deny this frequency of transfer from taking place after a while.  The whole process is a little on the complex managing it side with increased likelihood of going wrong and getting stung with a interest or late charge at some point...

What happens if you forget to transfer, repay the ammount or whatever.....   Life has many distractions and situations may evolve in your life where making a transfer to cover yourself simply takes a back seat low priority, or even forget(!)....and then you simply pay as a result.

Not worth the risk/effort...I believe even extreme stoozers are likely to avoid this method....

(like I said IMHO)...:)

[glow=purple,2,400]Lopo... ![/glow][glow=red,2,400]Lopo... ![/glow][glow=orange,2,400]Lopo... ![/glow]  

Milarky

Main ones found [apart from cahoot] were:

Nationwide
Halifax [may have been withdrawn, however]
Liverpool Victoria [has a few different branded cards]
RBS 'affinity' cards [3 types]

EDIT 26/10/04: RBS affinity cards now appear to have stopped offering IFP transfers (shame!)  :(

Go to:

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1087367702

However, I do take Lopo's points - it isn't the same as going 1 day over the end of an itnroductory period where you only pay 1 day's interest - you could lose a lot!

I have Nationwide [just happened to have it!] and have used it once for this. there is a direct debit for the full balance amount set up, so it is theoretically bombproof. They also claim to adjust the amount collected to take account of partial payments [eg from other BTs, say] made by you. So far they have raised my limit after making the first such 'free' transfer. Egg is as good a place to put it as any - and from there to Nationwide current account!

cahoot works quite well also - but because they require a statement from you its best use is to 'rollover' a card at the end of its promo period and so extend the original interest free period  by a month or so.

Hobo_2

Need to be a good juggler for that, but not to be obvious best to have more than 2 of these & need to space statement dates to suit & High/decent credit limits
matching.
Lot of &`s there!

Lopo

Still a major thumbs down I think...

Going on the above comments....assuming you had 3 cards at 10k each...1 of these would carry a 10k debt happily being stoozed, the other 2 cards would be there to rotate the debt onto accordingly and offsetting the error and noticed risk as outlined previously.

Now technically you have a potential of 30k credit when your only using 10k in this case.

Common sense would dictate to abandon this whole process and the cards involved to acquire 30k of other 0% cards and have 30k stoozing in a high interest account say for 9 months uninteruppted.

The benefits of 30k's worth of interest over say a 9 month period for arguments sake is blatently going to be far far far far better than 10k of frequently interupted (...for a few days following every 50days ) interest !

Which would you prefer !? 10k interuppted or 30k !?

In short, its just a waste of credit ability and only achieves interupted interest for 50 days at best at a time - whatever the figures may be, there is an increased possibility in it getting noticed since the figures are frequently routine with a high risk horror factor for going wrong.

Maybe done once in while may actually prove literally short term beneficial and worthy of the hassles....long term, its not worth it.

IMHO

[glow=purple,2,400]Lopo... ![/glow][glow=red,2,400]Lopo... ![/glow][glow=orange,2,400]Lopo... ![/glow]

deemy2004

Yeh,

But I am running out of cards (or feel I am ?) , the limits are generally lower on new ones than the ones before. Okay I can close and reapply in a year or so.

So I thought in addition to the running 0% cards, to keep a revolving month to month balance transfer between cards until adequate offers on 6-9 month cards come through which take the strain. So I was wanting to maximise stoozing ability, by having the ability to shuffle the stoozed cash onto these cards and then plop them into a series of 0% cards 6-9 months, instead of having to go through the process of repaying the debt, then once the 0% is approved having to shuffle it through egg, the current and onto the savings account.




Cheers all !

Lopo

Logically, perhaps the problem is being created yourself by having too many cards/credit so your shooting yourself in the foot, hence the lower limits on new cards.

When functioning like a well oiled machine, the limits generally increase over time.

May be wise to simply tone it down, and wait for the next round of 0% cards in time.

What you suggest is still not worth the grief.....as you have all this wonderful credit not being used, resultantly having it is denying you new decent limit credit.

Cancel the unused credit perhaps....something to ponder over. ???

[glow=purple,2,400]Lopo... ![/glow][glow=red,2,400]Lopo... ![/glow][glow=orange,2,400]Lopo... ![/glow]

Gotabiscuit

If you're lucky and have a card that keeps sending cheques that are treated as purchases (ie no fee and standard interest free period such as 56 days) then you can achieve a similar thing.

For example, if you write yourself a cheque just after your statement date and pay it into a savings account you earn interest on the money for the best part of two months.

You then pay the balance in full on the due date and repeat until you run out of cheques.

deemy2004

I used one to loan someone some money saying look I am going to incurr lots of charges etc.. cos its a credit card cheque so you have to give me 8 % interest on top.

worked

Usually when people borrow (personally) you can't ask them for interest unless they think your incurring a cost , you both walk away happy, they think your subsidsing their loan and your making a packet tax free !  ;D

as for the permanent stoozing for maniacs - Ive abandoned the idea for now, and yeh I will cool down on apps - well just one more

Robert_Sterling_3

Is that 8% gross and 6.4% net of 20% tax or 4.8% after 40% tax.

bethyblue612

I was thinking about this on the boring drive home tonight, I didn't realise the thread was so old though, but hey, I'll resurrect it anyway!

There is a fairly easy way to permanently get 0% on up to half of your Nationwide credit limit (I think, feel free to point out any flaws in my logic) - all you need is Nationwide and Egg.

You create a balance of up to half of your credit limit on your Nationwide card, either by BT, or, like I did, by a holiday and a big shopping spree, then, as soon as your statement arrives, you do a BT of the balance (or a similar amount if you want to avoid suspicion) ONTO your Egg card.

Nationwide is now maxed out, Egg has a credit balance, which you can then either transfer straight back to Nationwide, or channel via your current a/c first. This 'pays' your original debt, but when your next statement arrives, it still has a balance outstanding of approximately half your credit limit ...

If you had other cards, you could BT to different cards each month (as long as the BT back again is fee-free) to really avoid all suspicion, but I don't reckon they'd notice if it went to Egg every month, as long as the amounts varied slightly each time.

Any thoughts? (It certainly worked when I did it this month, just got my statement today)