Stoozing: Make Free Cash from Credit Cards article discussion

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  • Poppycat
    Poppycat Posts: 19,913 Forumite
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    Post above by james79 is :spam: Reported
  • Open a current account and a Premier Direct Saver account with A+L. They will automatically send you a credit card as well as a debit card. Phone them up and borrow up to 95% of your credit limit in cash, interest free for 10 months. The cash is credited to a current account of your choice. Fee is 2.5% of the amount borrowed. Put the cash in the Direct saver account earning 6.3%. All you have to do now is pay back the minimum for 9 months and the full balance in month 10. It works out to 4.3% interest earned, if you speak nicely to them they will often increase your credit limit first.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    mrwoof wrote: »
    They will automatically send you a credit card...
    'Subject to status', of course! ;)
    interest free for 10 months...Fee is 2.5%
    Is this 'bundled' card different from their stand-alone product (12 months, 3% fee)?
  • mrwoof

    I recently open an A&L acc. so as to use the 12% regular saver. At the time I decline the offer of the credit card. Do you think that if I call them the offer will still be there?

    quote from mrwoof
    borrow up to 95% of your credit limit in cash, interest free for 10 months. The cash is credited to a current account of your choice.

    Are you sure? No SBT?
    Si Deus pro nobis quis contra nos?
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    I've just applied for a NatWest credit card to stooze with.
    Picked up a leaflet in one of their branches last week as it offered 0% for 13 months with a 2% fee. Thought that sounded good.
    Was surprised to see the offer not on this web site. But then was even more surprised to see the offer not on the NatWest website! On their web site they quote 2.5% fee.
    I phoned them up (0800 200 400 - better than the 0870 number quoted for questions on the leaflet!) and the guy agreed I could have it for 2%. Applied there and then on the phone.

    As to why the website has 2.5% I don't know.

    Jim
  • Hi and Hope i Can learn a little bit on these pages!!
  • Hi I think that what you are suggesting would be ok Providing you stay in your credit limit with MBNA. Also if they send you offers of 0% with cheques to transfer balances etc to top up your current account,then you could transfer it to the hisave for the 0% period.
  • Been thinking about the idea of this for ages, finally checked out all the advice on the site today. Even though everything is so well explained I still feel scared to make that first jump into doing it.... I am not afraid of doing it the hard way (ie not the simple way) and I am very organised so forgetting deadlines wouldnt be a problem, but where do I start? I currently have no debts, I own an HSBC credit card and a Barclaycard although I have no debt on them. Would these cards be ok to use? I dont remember what they offer me! Also, on average how much can i expect to make from doing this say once a year?
    By the way, a MASSIVE thanks to everyone who leaves such helpful posts, its so nice to read from people who actually have an active interest in improving their lives and then still find the time to help others! x
  • Been thinking about the idea of this for ages, finally checked out all the advice on the site today. Even though everything is so well explained I still feel scared to make that first jump into doing it.... I am not afraid of doing it the hard way (ie not the simple way) and I am very organised so forgetting deadlines wouldnt be a problem, but where do I start? I currently have no debts, I own an HSBC credit card and a Barclaycard although I have no debt on them. Would these cards be ok to use? I dont remember what they offer me! Also, on average how much can i expect to make from doing this say once a year?
    By the way, a MASSIVE thanks to everyone who leaves such helpful posts, its so nice to read from people who actually have an active interest in improving their lives and then still find the time to help others! x
    Hi.
    I assume by "not the simple way" you mean by using balance transfer to stooze.
    You would need to find out if either of your current card issuers can offer you a 0% balance transfer deal. Then compare it to the best available deals elsewhere - see articles on this site, or search forums. You will need an Egg Money card to transfer balance from (unless you opt for Virgin/MBNA where you can just transfer the available limit to your current account).
    Then follow the instructions carefully!

    If you're not with me at this point then I suggest you re-read the instructions a bit more!

    Good luck.
    DtMSM
    Let me Google that for you...
  • dee100
    dee100 Posts: 73 Forumite
    First Post First Anniversary Combo Breaker
    Hi, I am going to get my 1st stoozing card. Halifax, 15 mths interest free, but has 3% t/fer fee. I presume this is the fee I will be charged when I t/fer to another card at end of 15 mths?
    HSBC, 12 mths interest free, don't know their t/fee.
    Which is best?
    I got a Nationwide credit card 3 mths ago for holiday cash withdrawals. Is this too early to apply for another card?
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