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Fast stoozing using money transfer credit cards cards

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  • pinknsparklypinknsparkly Forumite
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    ChrisJ1988, and anyone else reading this thread in the future.... I thought you might be interested to know that you can money transfer multiple times from a Halifax Clarity card. I have a limit of just under £6k on my Halifax Clarity card and opened a Natwest 0% Balance Transfer card that gave me a limit of just over £12k and allows interest and fee free balance transfered in the first 90 days of opening the account. I money transfered 95% of my limit from the Clarity card to my bank account, balance transfered this to my new Natwest card and then repeated the process a few days later (today!) and the second lot of money and balance transfers went through fine. I thought that Natwest might pick up on the fact that it's the same card that I've already balance transfered from and refuse to let me do it but the lady on the phone didn't even mention it. I had been wondering whether to ask to increase the limit on my Clarity card (it's not set to automatically increase the limit) but was a little reluctant to do so in case it reduces the limits I get offered on stoozing cards, and the current limit is plenty enough for my daily and holiday purchases! We're also doing slow stoozing with 0% purchase credit cards opened under my husbands name but this money transfer--> balance transfer definitely speeds up the process!!
    MFW2020 challenge #99: £2,367.60 / £3,600
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £13,363.81 / £30,000
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Sep 2051 :D
    Last updated: 31/05/2020
  • MariiaRMariiaR Forumite
    2 posts
    It's great!
  • il638il638 Forumite
    48 posts
    i cant find this halifax clarity card people are talking of with 0% fee on money transfers? has it now finished? all seems to be around 3% fee atm
  • pjcox2005pjcox2005 Forumite
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    I could be wrong but i think a "Curve" card which basically allows you to pay by Curve and then assign each transaction to the credit card/account you want (e.g. if you had personal current account, personal credit card, business account) allows you to effectively pay into an ISA from your credit card without any charges.


    WARNING - I've not done this yet, comment came from a friend, but could be worth looking into as an easier way than the options outlined above.
  • Somerset_La_La_LaSomerset_La_La_La Forumite
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    Don't do this with a Tesco bank card, they charge as cash.

    I believe RBS/Natwest do too

    I used to pay my cards with Curve (sometimes using the same card, went about 12 months without reducing balance, whilst having all the money invested instead) - they've tightened up and started blocking it recently though (or just got fed up with my account....).

    Did manage to pay my entire LISA with a credit card too.

    The Curve card has uses, but they've tightened up on the abuse (sadly). I'd personally try a small transaction on a new card, wait a few days for it to appear on your statement (check it's not counted as a cash transaction) then look at repeating.

    My personal best way for stoozing going forward will either be genuine spend on a 0% purchases card, or using a Money Transfer card then BT to that. Curve has too many risks/variables IMO - that could cost a significant sum if you're doing it with several £k!
    Used to work in Underwriting. Only the lender can give a definitive answer to queries
  • pinknsparklypinknsparkly Forumite
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    il638 wrote: »
    i cant find this halifax clarity card people are talking of with 0% fee on money transfers? has it now finished? all seems to be around 3% fee atm

    https://www.halifax.co.uk/creditcards/landing/cards/clarity-card/all/

    Under Summary Box --> Fees:

    Promotional balance transfer fee = 3% of transfer (min £3).
    Promotional money transfer fee = 3% of transfer (min £3).

    Non-promotional balance transfer fee = 0% of transfer.
    Non-promotional money transfer fee = 0% of transfer.
    MFW2020 challenge #99: £2,367.60 / £3,600
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £13,363.81 / £30,000
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Sep 2051 :D
    Last updated: 31/05/2020
  • OceanSoundOceanSound Forumite
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    Don't do this with a Tesco bank card, they charge as cash.
    .....
    Yep!, I was stung. About 48 quid cash transaction fee. Spoke to Tesco Bank today and luckily (after pleading) he said he will refund fee. Won't be using Curve + Tesco bank credit card together again (for paying other card).
  • edited 20 August 2019 at 1:54PM
    swindiffswindiff Forumite
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    edited 20 August 2019 at 1:54PM
    I did this about 3 years ago using my Halifax Clarity Card. Withdraw cash from card into current account transfer balance on clarity card to 0% BT card, rinse and repeat. I quickly got a £50k stooze pot doing this. Rates were 4 or 5% then though, I would not bother now with 1 - 2% rates available today.

    https://forums.moneysavingexpert.com/showthread.php?t=5459702
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