Continue stoozing?

mrs_T · 16 May 2018 at 9:00PM

After many years of stoozing my final 0% stooze has just ended so I have no debt/balance. I am tempted to apply for a new card but can't see where I could put money to make anything on it. I have 2 tsb classic ac's but they only pay interest on £1.5k each and are full up. I have had the nationwide current ac and regular saver but the year is nearly up for them. I have no mortgage to offset. How can I make money from stoozing?

ricky_v · 16 May 2018 at 9:16PM

With a bit of work and faff there's Tesco 3% up to £3k. Several linked reg savers e.g HSBC group's 5% reg savers. You can start a new Nationwide 5% reg saver when the current account drops its 5% - just pay £250 into the current account and pay that £250 into the reg saver.

Or play the lottery for free and buy premium bonds

unkle · 17 May 2018 at 11:32PM

As it's free and interest free, premium bonds? No guarantee's but you could win big!

mrs_T · 19 May 2018 at 8:55PM

Tempted by premium bonds but they can't be bought with a credit card according to ns&i so the only one way to do it would be money transfer card which I can"t see fee free. Any ideas?

ricky_v · 19 May 2018 at 9:02PM

It has to be a slow stooz. Usual spending on the CC and put the cash what would be spent into premium bonds or whatever savings product. I would personally use the 5% Nationwide reg saver over premium bonds for this.

planteria · 21 May 2018 at 9:09AM

i have wondered re carrying on too.. i have a balance on an MBNA card that is due to start charing interest in early September. on balance i think i will try to get a good repeat deal from Barclaycard and keep playing with the funds, via current accounts and regular savers, rather than focus on paying down the balance.

Peak Stooze is certainly behind us though. it's difficult to get a good return unless you are prepared to take some risk with the funds, by investing or perhaps P2P - which i haven't engaged in, or by doing some work. Premium Bonds is an interesting shout. and it's not just a matter of buying them with a credit card: buying with the funds you would otherwise use to clear the balance/pay for your purchases is the alternative.

Yam · 3 July 2018 at 3:56PM

I am using ratesetter, the best rate was 6% which seemed too good to be true until they paid that contract back early after only a couple of months. I am still averaging 4% though, set your own rate and wait.

I realise the lack of government protection isn't for everybody but they do have a 200% security pot.

MallyGirl · 9 July 2018 at 5:51PM

I am gradually winding down the stooze as the transfer deals just aren't there any more.

seatbeltnoob · 13 July 2018 at 2:44AM

New to stoozing, Im doing it with regular savers as I have just started off it works fine for me.

I was wondering what level of utilization should I get on a given card? At what percentage of the utilization do banks look at your lending pattern unfavorable?

just went 66% utilization on my first card and applied for a new one.

MallyGirl · 13 July 2018 at 9:35AM

I have never worried too much about utilisation - when you BT the max on a card and then just pay off the 1% minimum you are going to have very high utilisation. I do have one card - John Lewis Partnership - with a £10k limit which I always pay off in full as I am only after the vouchers with that one.
At the height of my stoozing I had combined credit limit of over £80k with 80+ % utilisation.

binaryuniverse · 13 July 2018 at 9:53AM

Indeed. The point of stoozing is to absolutely max out the 0% offers, and you can put your money to one side. If you're not using the full amount available, and you are in a position to, you are losing out on interest gains.

Therefore, if you are balance/money transferring, use as much as you can. If it's a purchases card, and you hit 66% utilisation, just keep using it.

Continue stoozing?

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