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

Martinslovechild · 6 February 2006 at 12:58AM

Selby Dave,

Extensive details on how to do this are given at the stoozing website.

YorkshireBoy · 6 February 2006 at 1:05AM

Selby_Dave wrote:

Using the Middle route from the website (The Egg Route). How exactly can I end up with money in my savings account, or egg card ? I am currently debt free on cards. Think I need a simpler explanation of the "transfer" procedure.

Example:

Apply for Egg Money card.
Apply for HSBC card
Ask HSBC to transfer a £5K balance from Egg Money
You now have £5K cash as a positive balance on Egg Money earning 4% AER
Carry out an online £5K SBT from your current account to Egg Money, or call and ask them to BACS transfer the money
This moves £5K cash to your current account
Move the £5K cash from your current account to a high interest stooz pot account
Make 3% minimum payments to HSBC for 8 months
Repay the remaining balance to HSBC in month 9 (or transfer the balance to another card).
Repeat as required

grumbler · 6 February 2006 at 12:17PM

YorkshireBoy wrote:

Ask HSBC to transfer a ficticious balance of £5K from Egg Money

I am afraid that OP will follow this advice too literally :eek: .
Selby Dave, don't use the word 'ficticious' when asking HSBC to transfer a balance, please

YorkshireBoy · 6 February 2006 at 12:28PM

grumbler wrote:

I am afraid that OP will follow this advice too literally :eek: .
Selby Dave, don't use the word 'ficticious' when asking HSBC to transfer a balance, please

Thanks grumbler, I've modified my original post.

YorkshireBoy · 10 February 2006 at 10:48PM

daveybaby wrote:

Hi folks its davey.....<snip>.....

It's a loooonnnng post, and apologies if I've not grasped it all, but a couple of things spring to mind...

1. You've tagged it onto the end of an article about 'making' money - it might have been better to post on the debt-free wannabe board.

2. Why do you have such high savings at 5% when you have debts at 10.9%?

3. It's not 100% clear (to me anyway), but are you saying that you're writing out 2 mint cheques? If so, it'll cost you an extra £49 (the fee is capped at £49).

Anyway, good luck with whatever it is you're doing! :rotfl:

Rockefeller's_boy · 26 February 2006 at 6:40PM

Things I don’t understand:

1) For my attempt at stoozing I have chosen to go with the middle
route. There is just a few things I don’t quite get about the
whole process and I’m hoping one of you pound savvy lovely’s
could help me out with some “for dummies” explanation. Here goes
then, Martin talks about getting one of those new Egg money
credit cards. Then he says you should get a credit card that offers
you 0% on balance transfers. He goes on to say that you should
ask “THEM” to balance transfer from the Egg money card to it’s 0%
offer. Excuse me if I am slow but who is “THEM” and should the
money then go from your Egg money card to you second credit
card offering the 0%? He says that now you have credit on Egg
money equal to the 0% on the new credit card. How is it that you
have credit on Egg money…(once again, please excuse my
daftness, I don’t speak money)

2) Now he talks about having debt on the credit card….Which card is
he talking about and how did this debt come about? If you read on
the next point is that you need to move the money into the highest
interest safe savings vehicle possible. What money must you move
and from where?

3) In step three he talks about the fact that the credit card debt is
now at 0%, is this the debt on the new credit card and not the Egg
card?

4) If anyone could shed light on these questions I have asked I would
be most grateful. Or even if you could just explain to me as if I am
an idiot how “The middle route” works, that would be just as
cool…….thank you!!!

Rockefeller's_boy · 26 February 2006 at 6:47PM

I found the post to the stoozing website on one of the replies and therefore I don't think I'll be needing anybody's reply on that post. Much obliged however if anyone has taken it upon themselves to furnish me with any info on how to stooz..........RB

grumbler · 26 February 2006 at 6:58PM

Rockefeller's_boy wrote:

1) For my attempt at stoozing I have chosen to go with the middle
route. There is just a few things I don’t quite get about the
whole process and I’m hoping one of you pound savvy lovely’s
could help me out with some “for dummies” explanation. Here goes
then, Martin talks about getting one of those new Egg money
credit cards. Then he says you should get a credit card that offers
you 0% on balance transfers. He goes on to say that you should
ask “THEM” to balance transfer from the Egg money card to it’s 0%
offer. Excuse me if I am slow but who is “THEM” and should the
money then go from your Egg money card to you second credit
card offering the 0%? He says that now you have credit on Egg
money equal to the 0% on the new credit card. How is it that you
have credit on Egg money…(once again, please excuse my
daftness, I don’t speak money)

"THEM" is the card that offers 0%.
"Balance" here is a credit card balance, i.e. debt (or debit). To move the 'debt' from Egg Money the other card pays the equivalent amount of money to Egg Money and your 'debt' moves to the other card.

2) Now he talks about having debt on the credit card….Which card is
he talking about and how did this debt come about? If you read on
the next point is that you need to move the money into the highest
interest safe savings vehicle possible. What money must you move
and from where?

The debt is on the 0% card now and the money on the Egg Money card (to be moved to a saving account)

3) In step three he talks about the fact that the credit card debt is
now at 0%, is this the debt on the new credit card and not the Egg
card?

Yes

See also this guide: http://www.stoozing.com/full.htm

bolo · 11 March 2006 at 4:40PM

A newcomer here. thanks for all the tips...
I have a mbna card which offered me a 0.9% promotional rate til september. Not as good as 0% obviously but saves me the hassle of applying for another card (and i have just got a CB credit card so that would have been bad!). Just transferred some cash from the credit card to my current account. People should have a look at there current cards to see if they can get do this with their current credit cards. Just my two cents worth.

Bokken_2 · 12 March 2006 at 12:56PM

bolo wrote:

A newcomer here. thanks for all the tips...
I have a mbna card which offered me a 0.9% promotional rate til september. Not as good as 0% obviously but saves me the hassle of applying for another card (and i have just got a CB credit card so that would have been bad!). Just transferred some cash from the credit card to my current account. People should have a look at there current cards to see if they can get do this with their current credit cards. Just my two cents worth.

Bolo
Have a good read through the links for SBT and BT at the top of the page you maybe able to fine tune your balance transfers and credit cards that you are using so that they are at 0% when you SBT to your account thereby incurring no interest charges at all.

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

Comments

Categories

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