has being a card tart been a good idea

gfplux

benf90,
Can you help me, I have looked at the link you provided and there is one thing I do not understand about stoozing.
I know this is a bit of topic.
If I apply and am excepted by a 0% C/C with a credit limit of say £1000 how do I get cash from that card to put in a savings account. Can I use cash machine to draw out £1000, do I get charged anything for that? Is there another way say use the card to pay £1000 directly in to an account.

nearlyrich

It's not a good plan to take cash out on a credit card because it counts as a cash advance and it attracts interest from day 1. If you are accepted for a new CC with a £1000 limit don't take out the full amount of your credit limit because you will go over your limit with the BT fee. Some cards you can get the cash transferred to a current account, Egg is one example or another way to build a stooze pot is to get an interest free on purchases card and instead of paying off the balance monthly you transfer the money into a high interest account. My one piece of advice is don't try this without thinking about all the things that can go wrong.

YorkshireBoy

@gfplux,

There's a stoozing article on this site here:

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

...in which the 3 main methods are explained.

As nearlyrich says, don't start anything until you fully understand what you're doing...otherwise you'll be able to answer your own question in your OP, namely "Can I ask if this has added to some people's problems rather than solved them."

Bokkens

gfplux wrote: »

benf90,
there is one thing I do not understand about stoozing.

Can I use cash machine to draw out £1000, do I get charged anything for that?
Is there another way say use the card to pay £1000 directly in to an account.

You are presently not cut out for a career in stoozing do some serious reading from Martin's articles and at stoozing.com to learn how.
You should be answering these questions yourself,if you cannot then you are not ready to stooze.
By all means have a go but at this time expect to make a loss.
If you plan to stooze with a small limit of £1000 then you will maybe make £30 a year on that £1000 after BT fees.I would suggest a slow stooze so have a look at that ,read and learn otherwise your mistakes will be expensive.
Good luck.

neverdespairgirl

gfplux wrote: »

I do not understand. How can you "make a lot of from Stoozing" How much do you mean. have you done the maths!

Let me give you an example - I paid my tax on a 0% card. Then I stuck my tax savings (the money I would have used to pay it had I not taken out the 0% deal) in a high interest, fixed-term savings account. The 0% is for 15 months, so I make money from having the interest on the savings paid to me until the end of that time. Then I pay the full amount back, and keep the interest.