Stoozing newby - help please with a few facts

wooders

Hi

Having just opened 2 new ISAa (1 for the wife) I'm contemplating becoming a stoozer for the 1st time. I already have a cash back cc so I'm looking purely at cash.
I see Martin recommends Virgin or MBNA platinum that give 0% of 15 and 12 months respectively (with a 2.98% and 3%) and to pay the minimum payment and throw as much as a credit limit I can into the ISAs

Qs - If I pay a virgin cheque in, will it be classed as a cash transacation (ie 15% or just the 2.98%)
Is this really worth it?
What is the general credit limit on the virgin card (as technically I have £7200 ISA space)
Is there any pitfalls I need to look out for?

Hope someone can advise me soon
Wooders:money: :beer:

YorkshireBoy

wooders wrote: »

I see Martin recommends Virgin or MBNA platinum that give 0% of 15 and 12 months respectively (with a 2.98% and 3%)

The MBNA Platinum Plus has 13 months with a 2.9% fee.

If I pay a virgin cheque in, will it be classed as a cash transacation (ie 15% or just the 2.98%)

No need to use a cheque. Virgin will transfer the money directly to your current account at 0% interest (2.98% fee still applies).

Is this really worth it?

"worth it" is very subjective. Run your figures through this calculator http://www.stoozing.com/calc.htm and make your own mind up.

What is the general credit limit on the virgin card (as technically I have £7200 ISA space)

There's no such thing as a "general credit limit", although MBNA are known to give some of the highest limits...relatively speaking.

Is there any pitfalls I need to look out for?

Loads! Read the stoozing forum on this site, and check out the guides/risks articles on the stoozing website at www.stoozing.com

wooders

It would appear that for £3600 using the MBNA plat plus would be just under £100 pa. And £195 pa if I did the full £7200. Obviously this would depend on the credit limit MBNA or whoever gave me.

Yorkie, what do you think???

YorkshireBoy

wooders wrote: »

Yorkie, what do you think???

I think you should seek out a better paying ISA, because those returns can be bettered. Did you enter £25 as the minimum payment?

As to whether it's worth it, I've taken deals for less profit than that.