Hoq to quickly build up a stooze balance
seatbeltnoob
Posts: 1,309 Forumite
Hi
I heard about stoozing for a long time now but earning 1.2% savings by stoozing never appealed to me.
I have a different purpose for it. I find that when I get credit card debts I tend to be highly motivated to pay it off fast. I am also more focused and work hard and do lots of side things to make more money.
I was thinking of building up a stooze pot and keeping the stoozed money in the bank and using my salary earnings to pay off the 0% cards. having large repayments to meet at end of the month will motivate me to earn more money to pay them off.
This way I will spend more cautiously and use all free cash to pay the credit card and the stooze pot will effectively be my savings [until the credit cards are paid off].
I am curious though, how do I quickly build up a balance on my credit cards without doing an expensive money transfer?
I see some people have stooze pot of £50K. How on earth do you rack these up? In 1yr? Or is it racked up over several years?
I heard about stoozing for a long time now but earning 1.2% savings by stoozing never appealed to me.
I have a different purpose for it. I find that when I get credit card debts I tend to be highly motivated to pay it off fast. I am also more focused and work hard and do lots of side things to make more money.
I was thinking of building up a stooze pot and keeping the stoozed money in the bank and using my salary earnings to pay off the 0% cards. having large repayments to meet at end of the month will motivate me to earn more money to pay them off.
This way I will spend more cautiously and use all free cash to pay the credit card and the stooze pot will effectively be my savings [until the credit cards are paid off].
I am curious though, how do I quickly build up a balance on my credit cards without doing an expensive money transfer?
I see some people have stooze pot of £50K. How on earth do you rack these up? In 1yr? Or is it racked up over several years?
0
Comments
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Manufactured spending can be used to "slow" stooz rapidly - £50k within a month is child's play. Might be worth Googling to find a route that works for you and keeping it to yourself once you do!0
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You go to get the ferry at the port.
and it's Gone...long time ago.
work your way though the thread's
there is no easy way now.a.days0 -
The_Urbanite wrote: »Manufactured spending can be used to "slow" stooz rapidly - £50k within a month is child's play. Might be worth Googling to find a route that works for you and keeping it to yourself once you do!
Any tips on how to manufacture spend? I have a business that takes card payments and in theory could charge my card (pay the 1.5% card fee) and then refund the payment via bank transfer. But with such low savings interest, the 1.5% fee is going to cause a big hit to the stooze profits.
Most manufactured spending have some sort of transaction fee.0 -
There are many instances where you can pay in money by credit card and later withdraw the funds to your bank account. The abolition of credit card fees increases the number of options.
For example, I am signed up with Ovo for my gas and electricity. I can pay money into my account by credit card and later withdraw it into my bank account. There's nothing in their terms and conditions that specifically prohibits this and I've transferred several thousand pounds into my bank account from my credit card by this method over a period of several months. There are probably lots of other examples like this, and it is simply a case of looking for them.0
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