First go at Stoozing

timberford

This is my plan, any advice would be appreciated as I'm a total new comer to this...

1. Open Halifax 10% regular saver
2. Get Credit Card with Super Balance transfer at 0%
3. Transfer an amount (depending on limit given) into my Alliance & Leicester savings account (has 5.25% interest)
4. Transfer the max per month into the Halifax account (£500) for 1 year and leave the rest in the A&L account
5. Pay off the card in a years time when the Halifax 10% rate is finished.

I'd like a 15 month card to give me a few months overlap to sort out paying off the balance and I was looking at the Virgin Money card but on the website it doesn't mention the super balance transfer. Have they withdrawn it or are they just no so vocal about advertising it?

Thanks.

beranabus

timberford the super balance transfer is a phrase used by stoozers which actually means balance transfer to a current account which Im sure is mentioned on the virgin site somewhere

sorry I cant point you in the right direction but Im sure someone else who knows more will

welcome mse :beer:

Bisoy

timberford Virgin money is a good SBT card as it is one of many MBNA branded cards which has the capability of transfering to your current account. When you apply for the card don't request for a BT on application just wait for the card ( if successful ) and on activation request BT to your current account. hope this helps.

midnite

As Bisoy says Virgin will allow the payment straight into your current account. Do this over the phone with their CS department.

Don't forget to setup the direct debit to make the minimum payment each month whilst you are there, you wouldn't want to miss a payment!

Also when your BT period is up why pay it back, just find another card to BT to and keep the money in a high interest account.

saad

I have got my virgin credit card with £6200 credit limit with 15 month 0% on balance transfer last week. Transferred £5500 in to my bank account at 2.98% service charge.

Any suggestion how to make most of it?

Thanks

Saad

midnite

First thing, have you got an offset mortage if so it seems that would be the best place to put it. After that then have you used up your ISA allowance, if not get it in there? Barclays offer a good one at the mo but there maybe better now. Look up the best savings accounts links.

If you have done that then a high interest account. Again check the best savings links.

CannyJock

saad wrote: »

I have got my virgin credit card with £6200 credit limit with 15 month 0% on balance transfer last week. Transferred £5500 in to my bank account at 2.98% service charge.

Any suggestion how to make most of it?

Thanks

Saad

With a £ 6200 credit limit you could have transferred £ 5890 being 95%, was £ 5500 just a round number?

The 2.98% fee on your £ 5500 will be £ 163.90 so you need to find a way to generate more than that in interest to make it worthwhile.

As a tip for future, best to line your stooze pot up before you get your cards, they can be sitting there with just £ 1 in them waiting on a balance.

Like Midnite says, offset mortgage and cash ISA's are good. I'd also point you towards a Kaupthing Edge online account @ 6.5% and the Halifax regular saver @ 10%.

One of the great things about the MBNA cards is that after the first payment of roughly 3%, future payments are only £ 25 that you should be able to make without touching your stooze pot.

brenda_p_a

g2255 wrote: »

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