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  • FIRST POST
    • kartingmad
    • By kartingmad 14th Nov 19, 12:09 AM
    • 82Posts
    • 80Thanks
    kartingmad
    Money transfer stoozing
    • #1
    • 14th Nov 19, 12:09 AM
    Money transfer stoozing 14th Nov 19 at 12:09 AM
    Hi

    So Iím totally new to this. The only thing I remember is my grandad doing this in the good ole days,always remember he had about 20 credit cards stacked up in the draw.

    So the only reason I am querying now is that I have just noticed on barclaycard I have a money transfer 0% offer until nov 2021😀 with a 2.4% fee.

    How can I utilise this as Iíve got around 12k I could move?

    I noticed people talking about the 2 card trick.....

    Any help appreciated

    Tom
    £10 a day - 2015 - £1173.06


    check out ukroadcycling
Page 1
    • Ben8282
    • By Ben8282 14th Nov 19, 2:02 AM
    • 4,293 Posts
    • 2,365 Thanks
    Ben8282
    • #2
    • 14th Nov 19, 2:02 AM
    • #2
    • 14th Nov 19, 2:02 AM
    24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
    If you use your Barclaycard up to it's limit hope you have other cards to use for purchases and normal day to day spending.
    You pay a fee of 2.4% on £12,000 which is £288.
    Just how much interest do you think you will get on this money?
    You put it in which account? What is the interest rate?
    • eskbanker
    • By eskbanker 14th Nov 19, 10:29 AM
    • 11,879 Posts
    • 14,663 Thanks
    eskbanker
    • #3
    • 14th Nov 19, 10:29 AM
    • #3
    • 14th Nov 19, 10:29 AM
    24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
    If you use your Barclaycard up to it's limit hope you have other cards to use for purchases and normal day to day spending.
    You pay a fee of 2.4% on £12,000 which is £288.
    Just how much interest do you think you will get on this money?
    You put it in which account? What is the interest rate?
    Originally posted by Ben8282
    A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!
    • Ben8282
    • By Ben8282 14th Nov 19, 3:59 PM
    • 4,293 Posts
    • 2,365 Thanks
    Ben8282
    • #4
    • 14th Nov 19, 3:59 PM
    • #4
    • 14th Nov 19, 3:59 PM
    A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!
    Originally posted by eskbanker
    Don't forget tax as well. Not to mention the improbability of this existing customer offer being as stated.
    • kartingmad
    • By kartingmad 14th Nov 19, 11:40 PM
    • 82 Posts
    • 80 Thanks
    kartingmad
    • #5
    • 14th Nov 19, 11:40 PM
    • #5
    • 14th Nov 19, 11:40 PM
    Wow Ben your quick to jump down peopleís throats
    £10 a day - 2015 - £1173.06


    check out ukroadcycling
    • Ben8282
    • By Ben8282 15th Nov 19, 2:47 AM
    • 4,293 Posts
    • 2,365 Thanks
    Ben8282
    • #6
    • 15th Nov 19, 2:47 AM
    • #6
    • 15th Nov 19, 2:47 AM
    No not jumping down your throat. Just suggesting that you may have misread the existing customer offer that you think you have. A money transfer for 24 months at 0% interest with a 2.4% fee. That is why I asked if you were sure.
    • noh
    • By noh 15th Nov 19, 10:28 AM
    • 5,335 Posts
    • 3,644 Thanks
    noh
    • #7
    • 15th Nov 19, 10:28 AM
    • #7
    • 15th Nov 19, 10:28 AM
    My current offer from Barclaycard is 2.4% fee zero interest until May 2021 ie 18 months.
    The OP quite likely has a 2 year offer as not everyone is offered the same.
    As to whether it is worthwhile you can use the stoozing calculator to calculate your likely profit.
    The drawback with Barlaycard is that it requires a minimum monthly repayment of 2.5% of outstanding balance which reduces the potential profits.
    • blitzboy
    • By blitzboy 15th Nov 19, 12:37 PM
    • 469 Posts
    • 258 Thanks
    blitzboy
    • #8
    • 15th Nov 19, 12:37 PM
    • #8
    • 15th Nov 19, 12:37 PM
    24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
    Originally posted by Ben8282
    This is the offer i have on my account too (slightly less than 24 months now we're half way through the month, but it was there at the end of October initially).

    0% interest on balance transfers until 1 November 2021
    Balance transfer fee 2.4%
    • Ben8282
    • By Ben8282 15th Nov 19, 5:34 PM
    • 4,293 Posts
    • 2,365 Thanks
    Ben8282
    • #9
    • 15th Nov 19, 5:34 PM
    • #9
    • 15th Nov 19, 5:34 PM
    This is the offer i have on my account too (slightly less than 24 months now we're half way through the month, but it was there at the end of October initially).

    0% interest on balance transfers until 1 November 2021
    Balance transfer fee 2.4%
    Originally posted by blitzboy
    No. OP specifically states money transfer.
    • YorkshireBoy
    • By YorkshireBoy 15th Nov 19, 6:55 PM
    • 31,047 Posts
    • 19,062 Thanks
    YorkshireBoy
    A 2-year fix at 2.17% AER with Al Rayan would (or perhaps 'should') earn £526, so not an insignificant net return after fee deduction, albeit not a match for the glory days of stoozing!
    Originally posted by eskbanker
    With a 2.25% minimum payment, the OP would need a 1.55% AER return just to break even. And that rate would need to be fixed...variable rates are the enemy of the stoozer paying BT/MT fees. I don't think I'd take the 2.17% deal for £2/week profit.

    OP is making me feel old though with their grandad statement. In my glory days I had £80K making 5% AER...over £250/month in interest after tax.
    Last edited by YorkshireBoy; 15-11-2019 at 7:24 PM.
    • Vortigern
    • By Vortigern 17th Nov 19, 9:04 PM
    • 2,844 Posts
    • 1,973 Thanks
    Vortigern
    24 months at 0% with a 2.4% fee existing customer money transfer offer? Are you sure?
    Originally posted by Ben8282
    No need for such incredulity. My current offer from Barclaycard is 0% interest for 24 months on either BT or MT for a fee of 1.9%

    I paid off my last Barclaycard stooze only 2 months ago.

    Obviously some customers get better offers than others.
    • Ben8282
    • By Ben8282 17th Nov 19, 9:09 PM
    • 4,293 Posts
    • 2,365 Thanks
    Ben8282
    Problem is anybody can claim anything. I could post staying Barclaycard were offering me 36 months 0% no fee money transfers. No way to prove anything.
    • Vortigern
    • By Vortigern 17th Nov 19, 10:07 PM
    • 2,844 Posts
    • 1,973 Thanks
    Vortigern
    Problem is anybody can claim anything. I could post staying Barclaycard were offering me 36 months 0% no fee money transfers. No way to prove anything.
    Originally posted by Ben8282
    I could post a screenshot, but you'd probably claim it was faked.

    I've no need to prove anything.
    • Fingerbobs
    • By Fingerbobs 18th Nov 19, 11:11 AM
    • 811 Posts
    • 331 Thanks
    Fingerbobs
    No need for such incredulity. My current offer from Barclaycard is 0% interest for 24 months on either BT or MT for a fee of 1.9%

    I paid off my last Barclaycard stooze only 2 months ago.

    Obviously some customers get better offers than others.
    Originally posted by Vortigern

    I've got exactly the same offer as the OP on my long-held Barclaycard. 24-month 0% for 2.4% fee. Same deal for either BT or MT.
    • jay1804
    • By jay1804 19th Nov 19, 12:04 AM
    • 37 Posts
    • 12 Thanks
    jay1804
    When do the offers get loaded onto accounts?
    • SuperAllyB
    • By SuperAllyB 22nd Nov 19, 7:29 AM
    • 623 Posts
    • 473 Thanks
    SuperAllyB
    No need for such incredulity. My current offer from Barclaycard is 0% interest for 24 months on either BT or MT for a fee of 1.9%

    I paid off my last Barclaycard stooze only 2 months ago.

    Obviously some customers get better offers than others.
    Originally posted by Vortigern
    Only yesterday I did a money transfer for £5k on exactly those terms. A useful cheap loan for me rather than stoozing though.
    • Matthewhall267
    • By Matthewhall267 23rd Nov 19, 7:58 PM
    • 2 Posts
    • 0 Thanks
    Matthewhall267
    Stoozing
    Hello,
    Further to the original post and concept, regardless of what offers anyone can get... Another thing to consider with stoozing is that it doesn't necessarily have to sit in a standard savings account. For example, I recently did a money transfer of £4000 with a card from MBNA with a fee of just under 4% with a 0% rate of just over 24 months (I forget the specifics). Rather than sticking it in a standard savings account, I've invested it across 4 different P2P platforms, with the sign up offers the returns average out at around 10% for the first year (and around 5% without the bonuses in the 2nd year).
    Obviously there are risks with P2P, but on 3 of the platforms I'm using nobody has ever lost a penny.

    Happy to go into specifics with more detail if it's of interest, just message me

    Cheers

    Matt
    • swindiff
    • By swindiff 29th Nov 19, 3:37 PM
    • 603 Posts
    • 338 Thanks
    swindiff
    Ben likes to post on threads telling people they don't know what they are doing or they must have it all wrong. Maybe it makes him feel superior and important. He tried to do the same on my thread about applying for multiple cards at the same time. Apparently I could not have been stoozing applying for lots of balance transfer card with no balance to transfer and I was completely wasting my time. If he had bothered to read the thread properly he could have seen that clearly this was not the case.
    • Vortigern
    • By Vortigern 29th Nov 19, 11:10 PM
    • 2,844 Posts
    • 1,973 Thanks
    Vortigern
    When do the offers get loaded onto accounts?
    Originally posted by jay1804
    I received a letter today with December's offer. Not as good as November's. It's now 3.4% fee for 2 years 0% interest on BT or MT.
    • BakingC
    • By BakingC 1st Dec 19, 4:24 AM
    • 99 Posts
    • 152 Thanks
    BakingC
    Interesting mine are normally 18 months and fees have varied for various % my current offer I am paying off was at 1.8% I believe (taken early this year) .

    New offer for December is till 1st December 2021 and is 2.9%
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