Revenge! Make free cash from credit cards/MoneySavingExpert.com Discussion

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  • tasha38
    tasha38 Posts: 29 Forumite
    im a very very new moneysaver and as appealing as this sounds, i also feel hesitant.

    however ive been giving some thought to the new savings account from alliance and leciester at 10%. perhaps apply for a SBT and stick the money in A&L.

    the article says not to stooze if theres existing debts....i have debts of 2500...if i wait to clear these im going to miss the A&L offer..... any advice from anyone ???

    :confused:
    tasha38
  • Milarky
    Milarky Posts: 6,352
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    tasha38,

    There is no reason why you could not successfully borrow more than £2500 from a 'life of balance card' now - in order to transfer some/all of your existing debt to a lower long term rate than it is AND also put the rest towards saving into the A&L regular saver for 10%. Also, there is nothing to stop you opening a A&L Premier or Premier Direct account and receiving £50 [as being 'referred' by another A&L customer who also gets £50] since opening the bank account is the first step - whether or not you actually have any cash to pay in.

    What sort of rate are you paying on your borrowings at the moment. And is this credit card or overdraft or a personal loan [which may have redemption penalties of course]?
    .....under construction.... COVID is a [discontinued] scam
  • tasha38
    tasha38 Posts: 29 Forumite
    milarky...thanks.......at present im on 0% credit card till march 2006....wouldnt it make more sense to borrow on another 0% rather than 'life of balance' card?
    tasha38
  • however ive been giving some thought to the new savings account from alliance and leciester at 10%. perhaps apply for a SBT and stick the money in A&L.

    Good idea, but unfortunately you can only pay 250 in per month to this. Easier is to go with Halifax ISA (5% Tax free)
    Former MSE team member
  • Clariman
    Clariman Posts: 1,484
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    MSE_Dan wrote:
    Good idea, but unfortunately you can only pay 250 in per month to this. Easier is to go with Halifax ISA (5% Tax free)

    .... but only assuming that you are not already using your ISA for 'real' savings. Also, most stoozers would amass a stooz pot well in excess of the £3000 that you can put in a mini cash ISA.

    I'd look at the NewcastleNet account offering 4.9%, Bradford & Bingley at 4.8%, ING at 4.75 (but very consistent). You could look at ICICI which has the best rate, but there have been far too many reports of poor customer service for my liking.

    Clariman
    Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk
  • Should one consider tax on stoozing? You probably have this somewhere but I have only just found out about it.
  • Isn't this normally deducted at source from a savings account? I know mine is, so not much to worry about.

    Also what about Cahoot online savings, which I think is currently 5.25%?
  • Hi

    This sounds very interesting, such got me cerdit card cleared there a few months ago using the old 0% balance tranfers tick.

    Say you had a 3k cerdit card 0% purchases for 12 months is there anyway to get the 3k into you saving quickly rather than the dip purchasing method. As it could take a few months to max the card out.

    If there is a way then stick the 3k in a isa (typ5%) then dip feed that into the A&L monthly saver (10%).

    Mr.P
  • shays_mum
    shays_mum Posts: 1,693
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    Now.....how do i transfer the money into a savings account?, is a straight forward balance transfer to your a/c?, thanks in advance!:confused:
    No one said it was gonna be easy!
  • lipidicman
    lipidicman Posts: 2,598 Forumite
    If we follow Martins advice and gain a 0% debt by balance transferring from a 0% card to 'egg money' (putting the egg money into credit) how do you move this positive egg balance to you savings account?
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