Newbie needs clarification re. Egg Money - stoozing

Suzkin

Hi All,

I'm a bit confused: I've had an 'Egg Money' card (it's green at the moment) for years, but have never used it. Egg tell me that my credit limit is £1,500. I could borrow 95% of this amount from them. The minimum amount I would need to pay back to them would be 2% of the balance per month if providing I pay all the funds off each month. However, they also say that they would charge me 10.9% over the year in interest, for having this facility.

Is this correct? I don't understand it - I was hoping to use this card to 'stooze'. I do not have any debt on credit cards, and so would need to raise money.

Thank you.

YorkshireBoy

The Egg Money Card Trick article will explain, but in short you deal with positive balances.

See also the Egg Money - Stoozing Analysis article (and subsequent discussion) on the stoozing site.

Suzkin

Aaahhh, after reading this tricks article again - I think I get it...

Does it mean: I need to get cash from somewhere else 'for free', and then move it to Egg Money, who will charge me 2% per month, and then put this money into a high interest account?? Therefore, I will not be charged 10.9%??

I'm still a bit confused - evan after reading the artcile...

YorkshireBoy

Suzkin wrote: »

Does it mean: I need to get cash from somewhere else 'for free', and then move it to Egg Money, who will charge me 2% per month, and then put this money into a high interest account?? Therefore, I will not be charged 10.9%??

Where does the 2% per month come from? You're using a positive balance on Egg Money, so won't have any negative balance to collect.

I'm still a bit confused - evan after reading the artcile...

Did you read both articles I linked to?

I think you should read them again...they're very clear (IMHO).

Suzkin

Well, they're not to me - I need more help, as I don't understand it.

If someone else would like to help me out as well, I'd really appreciate it.

thanks.

NickX

Suzkin wrote: »

Well, they're not to me - I need more help, as I don't understand it.

If someone else would like to help me out as well, I'd really appreciate it.

thanks.

Please don't take this the wrong way, but I think stoozing may not be for you, indeed it is not for everyone.

Stoozing does require an eye for detail as a single mistake can result in the profits rapidly dissappearing and even making a loss. I'm sure every stoozer has made the odd slip up, but if you are struggling to understand the guides then I suspect you will find managing stoozing difficult too, so perhaps have a think about it.

YorkshireBoy

The first article (on this site) has a table on it labelled "EXAMPLE OF HOW TO DO THIS".

Could you take another look at this and see if it 'clicks'?

You start out with a zero balance on Egg Money
You ask a 0% BT card provider to BT a ficticious £3K balance from Egg Money
The 0% card provider sends £3K to Egg Money
You ask Egg Money to send the £3K to your current account
You move the £3K from your current account to your savings account
You make your monthly minimum payments on the 0% card
You repay the outstanding amount on the 0% BT card before the introductory period ends (either from your savings account or by BT'ing the debt to another card)
The interest paid on your savings account is your 'profit'

Any clearer?

Suzkin

yes yes yes!! Thank you - Just what I needed. Thanks for putting it REALLY simply for me. I actually get it now, and shall follow your guidelines. :beer:

Suzkin

NickX wrote: »

Please don't take this the wrong way, but I think stoozing may not be for you, indeed it is not for everyone.

Stoozing does require an eye for detail as a single mistake can result in the profits rapidly dissappearing and even making a loss. I'm sure every stoozer has made the odd slip up, but if you are struggling to understand the guides then I suspect you will find managing stoozing difficult too, so perhaps have a think about it.

Hi NickX: Whilst I appreciate your reply, and that you do not know me in person, I would beg to differ: I am VERY carefeul with my funds - watch them like a hawk and regularly search out best ISAs etc. I just didn't understand the exact procedure of stoozing, and living on my own, needed to ask the Forum, for clarity and reassurance.

NickX

Suzkin wrote: »

Hi NickX: Whilst I appreciate your reply, and that you do not know me in person, I would beg to differ: I am VERY carefeul with my funds - watch them like a hawk and regularly search out best ISAs etc. I just didn't understand the exact procedure of stoozing, and living on my own, needed to ask the Forum, for clarity and reassurance.

That is good that you are careful, I wasn't meaning to be critical, but just warning that stoozing does need an eye for detail, and it is relatively easy to make mistakes, but if you have it sussed then that is great.

Good Luck with stoozing and hope you find it profitable and enjoyable :money:

P.S. Yorkshireboy is something of a guru when it comes to stoozing and summarized the procedure far better than I could have done, so glad it made sense.

Suzkin

Thanx NickX. You mention eye for detail: I think I'd use the tart alert facility. Thanks again for replying to my request for help - much appreciated.:beer: