We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Stoozing newby - help please with a few facts
wooders
Posts: 159 Forumite
in Credit cards
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:
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:
One day I'll be rich me tells ya.....rich.....hahaha:D
0
Comments
-
The MBNA Platinum Plus has 13 months with a 2.9% fee.I see Martin recommends Virgin or MBNA platinum that give 0% of 15 and 12 months respectively (with a 2.98% and 3%)
No need to use a cheque. Virgin will transfer the money directly to your current account at 0% interest (2.98% fee still applies).If I pay a virgin cheque in, will it be classed as a cash transacation (ie 15% or just the 2.98%)
"worth it" is very subjective. Run your figures through this calculator http://www.stoozing.com/calc.htm and make your own mind up.Is this really worth it?
There's no such thing as a "general credit limit", although MBNA are known to give some of the highest limits...relatively speaking.What is the general credit limit on the virgin card (as technically I have £7200 ISA space)
Loads! Read the stoozing forum on this site, and check out the guides/risks articles on the stoozing website at www.stoozing.comIs there any pitfalls I need to look out for?0 -
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???One day I'll be rich me tells ya.....rich.....hahaha:D0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards