Continue stoozing?

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  • No_6
    No_6 Posts: 835 Forumite
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    it was a dig at you :)

    because you should have loaded many more accounts
    with 0% purchases and the odd transfer at a good rate.
    If you have good rates over many years,,,,,
    then just keep applying.
    I think I'm maxed out but lets do another and get them.
  • toshi
    toshi Posts: 308 Forumite
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    HSBC advance Credit Card offers 32months free BT with 0.6% fee but £25 cashback.
    https://www.hsbc.co.uk/credit-cards/products/advance/


    You need to have an HSBC advance Account, but if you would switch to this account, you also get £200 cashback, so some of you would be interested ?
    https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#hsbc
  • No_6
    No_6 Posts: 835 Forumite
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    There are always deals out there
    but people think they have already got 2 or 3 cards, so stop.

    If you have never missed payments, closed some
    old cards (not ALL...play the game ) then apply for more
  • buyhighselllow
    buyhighselllow Posts: 243 Forumite
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    edited 15 October 2018 at 12:05PM
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    toshi wrote: »
    HSBC advance Credit Card offers 32months free BT with 0.6% fee but £25 cashback.
    https://www.hsbc.co.uk/credit-cards/products/advance/


    You need to have an HSBC advance Account, but if you would switch to this account, you also get £200 cashback, so some of you would be interested ?
    https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#hsbc

    I've bagged the £200, just taken the CC..am I reading the T&C right that minimum repayment is 2.5% on balance transfers for the interest free period ..?
    Over £2K made from bank switches and P2P incentives since 2016 :beer:
  • Alexland
    Alexland Posts: 9,653 Forumite
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    buyhighselllow wrote: »
    I've bagged the £200, just taken the CC..am I reading the T&C right that minimum repayment is 2.5% on balance transfers for the interest free period ..?

    Yup that's how I read it too - the higher of 1% plus interest, 2.5% or £5.

    Repaying 2.5% over 32 months makes a big dent in the balance.

    Just took out the Advance card today too.

    Alex
  • DragonQ
    DragonQ Posts: 2,193 Forumite
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    I've been stoozing for years and have been approved for two mortgages during that time without issue. It's not as lucrative now due to crap interest rates but still, it's better to get 1.5% than nothing.


    I recently got a 0% balance transfer card and was hoping to transfer £9k to it from a card that is due to have its 0% offer expire next month. Annoyingly I only got a £5k limit so I'll have to pay £4k off. I'll then only have one 0% card left that expires next year but I've already maxed it out and the process to increase the limit is annoying. Not sure if I'll wait for that one to be paid off before getting another one or not.
  • toshi
    toshi Posts: 308 Forumite
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    Alexland wrote: »
    Yup that's how I read it too - the higher of 1% plus interest, 2.5% or £5.

    Repaying 2.5% over 32 months makes a big dent in the balance.

    Yes, it turned out that the minimum payment is 2.5%. This isn't ideal... I have got another BT card, SANTANDER 27MTHS 0%, NO FEE; this requires only 1% minimum payment.

    https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/#santander
  • Alexland
    Alexland Posts: 9,653 Forumite
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    toshi wrote: »
    Yes, it turned out that the minimum payment is 2.5%. This isn't ideal... I have got another BT card, SANTANDER 27MTHS 0%, NO FEE; this requires only 1% minimum payment.

    I guess it depends on the balance as the £25 reward would cover the 0.6% Advance Card fee on a BT of £4.1k. it also depends why you stooze - my priority is to push debt back as far as possible so I can make full use of our ISA allowances each year.

    Alex
  • toshi
    toshi Posts: 308 Forumite
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    Alexland wrote: »
    I guess it depends on the balance as the £25 reward would cover the 0.6% Advance Card fee on a BT of £4.1k. it also depends why you stooze - my priority is to push debt back as far as possible so I can make full use of our ISA allowances each year.

    Alex

    I am still new to stoozing, I just realised "minimum payment value" is a very important factor for the return.

    http://www.whatsthecost.com/stoozing.aspx

    In my case, stoozing fund (debt) is separated from other savings completely. I myself would pay 0.6% fee over 4.1k for BT transfer as I would make a deposit of a half of stoozing fund to 30 months fix 2%+ saving account. This interest covers one-off 0.6% fee easily.

    There would be many ways to stooze, Happy stoozing :)
  • Alexland
    Alexland Posts: 9,653 Forumite
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    toshi wrote: »
    In my case, stoozing fund (debt) is separated from other savings completely. I myself would pay 0.6% fee over 4.1k for BT transfer as I would make a deposit of a half of stoozing fund to 30 months fix 2%+ saving account. This interest covers one-off 0.6% fee easily.

    Happy stoozing to you too! In the end I transferred £7.5k which cost £45 so £20 after the incentive. Even with low interest rates and the declining balance that's a few hundred quid profit over the next couple of years.

    Alex
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