New stoozers

chxsom

I'd be interested to hear from you experienced lot how a 'new' stoozer gets started. I have a credit card which I use more like a 50 day 0% overdraft, paying it off in full every month.

So I have no 'balance' to transfer in the first place. I seem to have missed the boat with SBTs now drying up, and, as you lot say, the Egg card might be going bad with the other big boys soon.

I am looking at a month or two before getting into the business, but would like to start. I am, I think, fully aware of how the system works once you're into the swing of things, but how do you actually avoid the pitfalls when taking the initial plunge? There seem to be lots more boobie traps and I (and others I'm sure) would like some tips.

Cheers. :beer:

YorkshireBoy

chxsom wrote:

I have a credit card which I use more like a 50 day 0% overdraft, paying it off in full every month.

So I have no 'balance' to transfer in the first place.

Just like me 6 months ago.

chxsom wrote:

...as you lot say, the Egg card might be going bad with the other big boys soon.

Are you referring to a post I made recently, where I said I thought that the other providers might prohibit BT's from the Egg Mastercard? If so, I'm probably in the minority here (& I certainly hope so!) because nobody has so far come out to support me on this one!

chxsom wrote:

I am, I think, fully aware of how the system works once you're into the swing of things, but how do you actually avoid the pitfalls when taking the initial plunge? There seem to be lots more boobie traps and I (and others I'm sure) would like some tips.

You avoid the pitfalls by...

1. Reading all you can on the subject
2. Going at a steady pace
3. Thoroughly reading and understanding T&C's
4. Learning from the mistakes of others

* If you use "4.", you should also be prepared to post your own mistakes!

Tips & Traps
1. These forums
2. Martin's "Revenge - make money from credit cards" article
3. Martin's "What is an SBT?" article
4. Martin's "Best balance transfers" article
5. https://www.stoozing.com

Getting Started
1. Egg Money (at 4% you might not need another stooze pot)
2. Egg Green (but now with a 2%, max £50 (S)BT fee)
3. MBNA sub-brands (but now with (S)BT's at 2% max £50, although A&L capped at £35)
4. Mint (2% max £40 BT fee in first 3 months, free (S)BT's via cheques thereafter)

Martins articles are very good, and I recommend you read them all thoroughly before starting, but for the definitive "step-by-step" guide and other information go to https://www.stoozing.com and read everything.

Good luck

innovate

YorkshireBoy, why did you not list the cards that have no BT fee? Surely, with the EggMoney card now available, you'd be starting to 'load' it (once you have it) from those cards? (be gentle with me, I'm also a virgin stoozer)

YorkshireBoy

innovate wrote:

YorkshireBoy, why did you not list the cards that have no BT fee? Surely, with the EggMoney card now available, you'd be starting to 'load' it (once you have it) from those cards? (be gentle with me, I'm also a virgin stoozer)

I just listed the cards that allowed you to get "started", ie those that gave you an SBT route to your current account and on to the stooze pot. I added Egg Money to the list because it gives you an "instant" stooze pot - albeit only paying 4% AER.

Once the SBT route is established, you can then move on to the standard BT cards.

List of "no fee" BT cards here...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

and here...

https://www.stoozing.com/0fees.htm

innovate

That's what I meant - the Egg Money card is your fee-free SBT 'router' (or even your stooze pot), so as a newbie-stoozer, you get that one first, come hell or high water.

The next card(s) to get are the no-fee BT cards, BT to your Egg, and then Bob's your uncle! At least that's how I would do it.

Rickyplym

Hi just a quickie - does anyone know who is doing SBTs - I've been looking about but cant find anyone? Cheerz

innovate

Rickyplym wrote:

Hi just a quickie - does anyone know who is doing SBTs - I've been looking about but cant find anyone? Cheerz

Did you not find that on stoozing.com ? I did

Rickyplym

Been there looked at that '0% Credit Card Suppliers' but it doesn't tell me who is doing SBTs - I would like to get the cc supplier to transfer some money directly into my bank -stooze pot- but I can't find one that will do that - Any ideas please?

YorkshireBoy

Rickyplym wrote:

Been there looked at that '0% Credit Card Suppliers' but it doesn't tell me who is doing SBTs - I would like to get the cc supplier to transfer some money directly into my bank -stooze pot- but I can't find one that will do that - Any ideas please?

Can you not see the legend?

There's a red asterisk with the words "represents a card that can be used for SBT's".

Rickyplym

Egg, Virgin - that is MBNA - I've got those already. I was wondering if there were any others? I feel I'm missing something! Cheerz

YorkshireBoy

Rickyplym wrote:

I feel I'm missing something!

Mint cheques?

2% (max £49) fee if used before end of November. Free after that. 0% until next July.

EDIT: If you already have Egg and Virgin, why do you need another SBT card? Can't you route BT cards through the SBT cards you already have?