Stoozing: Make Free Cash from Credit Cards article discussion

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Comments

  • JuliusCaesar
    JuliusCaesar Posts: 88 Forumite
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    khandslow wrote: »
    Hi, does anyone know if you can make a payment from a credit card with 0% on purchases to a Lifetime ISA without incurring charges? Many thanks in advance

    No, but I have just done this using the 'two card trick' which involves using an MBNA card. I have had an MBNA card for a few years that I don't use, but they keep offering me money transfers into my bank account at 4.9% with no transfer fee. I recently applied for a Tesco 24 months 0% balance transfer card with no transfer fee.

    I transferred money from the MBNA card to my bank account and the next day transferred the same amount from the Tesco card to the MBNA card leaving a zero balance. One day's interest (if it is charged at all) works out at 0.013% of the amount withdrawn, so about 54 pence on £4000.
  • surfsister
    surfsister Posts: 7,527 Forumite
    I've been Money Tipped!
    just opened a select account and a nationwide flex account to transfer to natwest. It too about 15 mins!!

    Thanks op!
  • Matiatus
    Matiatus Posts: 3 Newbie
    First Anniversary
    edited 14 November 2018 at 10:57PM
    Hi ppl!

    I am completely new to stoozing just received my first card.

    Like the guide says:
    Once accepted, use the card for everything you buy; replacing all credit card, debit card, cheque and cash spending up to the credit limit – though never withdraw cash as you're charged interest.

    Just want to confirm, since i can use my credit cards for everyday shopping like grocery at Tesco I will spend around 200/300 £ a month, but what about other products, can i buy a new handset (Pay as you go, not pay monthly), top upping or buying weekly/monthly oyster travelcard, or even using credit card to touch in-out in London Public Transport?


    @edit

    Currently planning to use stocked cash on Marcus 1.5% easyaccess acount. Not gonna play with BT yet, until i fully undestand it.

    Can someone explain me what's the cash limit on my card? As far as i know i have option to withdraw cash, but i will get charged fee by doing that, right?

    Card specs:
    Total credit limit - £3,800.00
    Total cash limit - £1,100.00
    Balance transfer limit - £3369.61
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    Matiatus wrote: »
    Just want to confirm, since i can use my credit cards for everyday shopping like grocery at Tesco I will spend around 200/300 £ a month, but what about other products, can i buy a new handset (Pay as you go, not pay monthly), top upping or buying weekly/monthly oyster travelcard, or even using credit card to touch in-out in London Public Transport?
    Yes, anywhere that takes credit card that is fine. [Other than where it is a cash-withdrawl type situation, such as currency conversion.]
    Just remember to always put aside what you spend on it as it will need to be repaid at some point. And don't ever be tempted to buy something "because it will help build the stooz pot".
    Can someone explain me what's the cash limit on my card? As far as i know i have option to withdraw cash, but i will get charged fee by doing that, right?
    The total amount of cash that you would be allowed to withdraw. As you say, you'd get charged to do so and it probably won't be on the 0% rate. So don't do it. Even in an emergency there are likely to be much better alternatives.
  • MallyGirl
    MallyGirl Posts: 6,610 Senior Ambassador
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    gambling is also counted as cash type transaction - including raffle tickets, lottery etc
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Browntoa
    Browntoa Posts: 49,298 Forumite
    Name Dropper Photogenic First Post First Anniversary
    dwight10 wrote: »
    Sounds interesting to making money by earning interest on cash that credit cards. Useful to discover and learn more solutions to make money , thanks for what you shared here.

    Thank you for spamming of this forum again
    Ex forum ambassador

    Long term forum member
  • LynnForest
    LynnForest Posts: 16 Forumite
    First Post
    Does Any one have any experience of using Santander Credit Card?

    I was using it to stooze and was told at the branch if I have a 123 account, there would be no 3 pound a month fee.

    After 7 months I am now being charged the 3 pounds fee.

    Is this normal? I thought it was free....

    Does any one have any experience of this?

    Thanks for any advice in advance
  • Fingerbobs
    Fingerbobs Posts: 1,638 Forumite
    First Anniversary First Post Name Dropper
    LynnForest wrote: »
    Does Any one have any experience of using Santander Credit Card?

    I was using it to stooze and was told at the branch if I have a 123 account, there would be no 3 pound a month fee.

    After 7 months I am now being charged the 3 pounds fee.

    Is this normal? I thought it was free....

    Does any one have any experience of this?

    Thanks for any advice in advance

    I had a 123 Credit Card (no longer available to new customers) between 2015 and 2017, and the £3 monthy fee on this was only waived for a period of time - looking back through my statements it looks like the fee kicked in after 12 months of holding the card. They wrote to me a month in advance to warn me that the fee would be charged on my next statement.
  • Jmb01
    Jmb01 Posts: 1 Newbie
    First Post
    Can i get a new credit card deal with the same company I'm with now and transfer my balance? I'm with virgin money
  • daivid
    daivid Posts: 1,230 Forumite
    First Post First Anniversary Name Dropper
    Jmb01 said:
    Can i get a new credit card deal with the same company I'm with now and transfer my balance? I'm with virgin money
    Almost certainly not. Its a standard condition that balance transfers must come from a different credit card provider, by all means check Virgin's Ts & Cs though.
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