Stoozing: Make Free Cash from Credit Cards article discussion

ruddocg · 3 October 2007 at 8:50PM

on how this all works before I take the plunge into Stoozing.........

The way I see it:
1) I get an Egg Money Card
2) I get a 0% (fee free) balance Credit Card
3) I transfer as much balance as I can from Credit Card to Egg Card - lets say £3,000
4) Transfer the money on the Egg Card to highest Interest savings/ ISA I can find.... anyone any thoughts on which would be best Bank Savings or ISA (I currently don't have an ISA)
5) As the Credit card is 0% I don't pay any interest on the £3,000 for length of 0% period - lets say 12 months
6) I do however need to repay the minimum amount back each month on the balance of the credit card - lets say 2% per month ie. £60 which comes off the balance I owe so I repay some of the balance back.
7) Once the 0% period is up I either repay the balance ie. £3,000 minus whatever minimum repayment I have made - approx £600 for the 12 months so pay back £2,400 from the savings account which should have rose to approx £3,115 with the interest or I get another 0% card and transfer the balance to that card and just keep the money in high interest account.

Does that sound about right.... does the amount gained seem right. The main bit I was unsure about was point 6 the need to pay back some of the outstanding balance.

Thanks

Ruddocg

metalfury · 3 October 2007 at 11:01PM

That seems about right.

Check out http://www.stoozing.com/ for some comparison tables and a calculator to check your figures.

I've gone for a sainsburys account (6.25% I think)

skaff · 15 October 2007 at 5:30PM

Hi all

I have just paid off all my cards (finally!!) and was about to cut them up (Egg, sainsburys, barclaycard and HSBC). They don't have any 0% but they do have over 20k of credit limit. The LAST thing i want to do is run them up again but is there any way i can utilise what i have? I am very confident i can manage them correctly in paying off the totals without incurring any interest but is buying everyting on them and paying it off 6-7 weeks later really going to add pennies to my coffers. Stoozing isn't an option on these is it? Any ideas you all have would be gratefully received.....Or do i get the scissors now!!

Thanks in advance

Landprofits · 19 October 2007 at 8:10PM

Ok ok, I know that this will probably be the biggest concern and a regularly asked question but.......

Does stoozing adversley affect your credit score/rating?

I have a good credit score, I have no debt, and am interested in stoozing as it's free money.

However, I will be applying for a mortgage as soon as I can, so is stoozing a good choice for me or not

Matt

Bokkens · 19 October 2007 at 8:28PM

Stoozing has not affected my credit rating/score.
If you are about to apply for a mortgage it is generally accepted that stoozing should be halted and then continued once the mortgage and other expenses are taken care of.
I would concentrate on the mortgage first and come back to stoozing in six months.

YorkshireBoy · 19 October 2007 at 8:42PM

Landprofits wrote: »

Does stoozing adversley affect your credit score/rating?

In a word, yes! In slightly more words, check out www.stoozing.com/risks.htm

I will be applying for a mortgage as soon as I can, so is stoozing a good choice for me or not

All lenders have their own mechanisms for assessing affordability. By way of a practical example, Yorkshire Building Society will subtract 36% (approx 12 x 3% minimum payments) of your credit card debt from your salary before applying their lending multiple.

YorkshireBoy · 19 October 2007 at 8:44PM

Bokkens wrote: »

Stoozing has not affected my credit rating/score.

Then you're not trying hard enough!

Landprofits · 19 October 2007 at 9:45PM

Thanks guys, ok so, my next question is.....what sort of returns are commonly made from stoozing?

chugalongzoe · 20 October 2007 at 8:03PM

Hi all, well I have finally joined the stoozing club and I hope it works. I just have one question to ask you all. I have applied for my Egg Money card which has been approved and also a Barclay card. If my egg card has been approved and they say my lending is £2000 and Barclay say they will borrow me £3000 can I still do a balance transfer of £3000 from my barclay card to my egg card or can I only transfer the limit of £2000 thats on my egg card?

Yours help would be much appreciated.

Zoe

danthemoneysavingman · 5 November 2007 at 1:29PM

chugalongzoe wrote: »

Hi all, well I have finally joined the stoozing club and I hope it works. I just have one question to ask you all. I have applied for my Egg Money card which has been approved and also a Barclay card. If my egg card has been approved and they say my lending is £2000 and Barclay say they will borrow me [sic] £3000 can I still do a balance transfer of £3000 from my barclay card to my egg card or can I only transfer the limit of £2000 thats on my egg card?
Yours help would be much appreciated.
Zoe

You seem to not have understood stoozing properly?
The balance transfer is from egg money to barclaycard, so the bcard limit is the relevant one, the egg limit is not relevant as you wont be borrowing from them. You would transfer 3K to Bcard, hence your egg money would be 3K in credit. you then move this 3K to a svings account, e.g. ICICI at 6.41% today. hope this helps

Stoozing: Make Free Cash from Credit Cards article discussion

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free