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Stoozing advice

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  • Oaf,

    It's also worth setting up a direct debit to make the minimum payment automatically each month. This will help ensure you don't break their T&Cs, which could end your interest-free period early. You can do this with a quick call to customer services.

    Virgin are great for stoozers here too because the minimum monthly payment is the LESSER value out of £5 or 2.25% of your balance. So whereas most cards would have you paying at least 2-3% of your balance (£20-£30 per £1000), Virgin allow you to pay just £5 every month - whatever your balance!
  • Clariman
    Clariman Posts: 1,484 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Fat_Oaf wrote:
    Hi, I'm just wondering how you get a no fee balance transfer from Virgin? My understanding was that you use the credit card cheque facility of the Virgin card and that this was subjec to a 2% up to £35 fee. Is this the case or is there a way round this fee by calling Virgin direct?

    I have just bee approved for a card an it would be great if there was some way around this fee as it's going to eat into my stoozing profits before they even appear! :o

    Beware credit card cheques. The vast majority of card issuers (including Virgin) treat a credit card cheque as a cash transaction. This means that you get charged a transaction fee (typically 2% without a limit) and usually get charged interest from the date of the transaction. This is an absolute no-no for a stoozer. Stoozers use Balance Transfers rather than credit card cheques.

    As others have said - do your research. Feel free to take a look at https://www.stoozing.com which aims to give the most comprehensive guide (and is sponsored/supported by Martin Lewis of MSE).

    Clariman
    Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk
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