Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • mrs T
    • By mrs T 16th May 18, 9:00 PM
    • 990Posts
    • 1,185Thanks
    mrs T
    Continue stoozing?
    • #1
    • 16th May 18, 9:00 PM
    Continue stoozing? 16th May 18 at 9:00 PM
    After many years of stoozing my final 0% stooze has just ended so I have no debt/balance. I am tempted to apply for a new card but can't see where I could put money to make anything on it. I have 2 tsb classic ac's but they only pay interest on 1.5k each and are full up. I have had the nationwide current ac and regular saver but the year is nearly up for them. I have no mortgage to offset. How can I make money from stoozing?
    Last edited by mrs T; 16-05-2018 at 9:00 PM. Reason: Spell
Page 1
    • ricky_v
    • By ricky_v 16th May 18, 9:16 PM
    • 311 Posts
    • 177 Thanks
    ricky_v
    • #2
    • 16th May 18, 9:16 PM
    • #2
    • 16th May 18, 9:16 PM
    With a bit of work and faff there's Tesco 3% up to 3k. Several linked reg savers e.g HSBC group's 5% reg savers. You can start a new Nationwide 5% reg saver when the current account drops its 5% - just pay 250 into the current account and pay that 250 into the reg saver.


    Or play the lottery for free and buy premium bonds
    • unkle
    • By unkle 17th May 18, 11:32 PM
    • 84 Posts
    • 52 Thanks
    unkle
    • #3
    • 17th May 18, 11:32 PM
    • #3
    • 17th May 18, 11:32 PM
    As it's free and interest free, premium bonds? No guarantee's but you could win big!
    • mrs T
    • By mrs T 19th May 18, 8:55 PM
    • 990 Posts
    • 1,185 Thanks
    mrs T
    • #4
    • 19th May 18, 8:55 PM
    • #4
    • 19th May 18, 8:55 PM
    Tempted by premium bonds but they can't be bought with a credit card according to ns&i so the only one way to do it would be money transfer card which I can"t see fee free. Any ideas?
    • ricky_v
    • By ricky_v 19th May 18, 9:02 PM
    • 311 Posts
    • 177 Thanks
    ricky_v
    • #5
    • 19th May 18, 9:02 PM
    • #5
    • 19th May 18, 9:02 PM
    It has to be a slow stooz. Usual spending on the CC and put the cash what would be spent into premium bonds or whatever savings product. I would personally use the 5% Nationwide reg saver over premium bonds for this.
    • planteria
    • By planteria 21st May 18, 9:09 AM
    • 5,027 Posts
    • 1,116 Thanks
    planteria
    • #6
    • 21st May 18, 9:09 AM
    • #6
    • 21st May 18, 9:09 AM
    i have wondered re carrying on too.. i have a balance on an MBNA card that is due to start charing interest in early September. on balance i think i will try to get a good repeat deal from Barclaycard and keep playing with the funds, via current accounts and regular savers, rather than focus on paying down the balance.

    Peak Stooze is certainly behind us though. it's difficult to get a good return unless you are prepared to take some risk with the funds, by investing or perhaps P2P - which i haven't engaged in, or by doing some work. Premium Bonds is an interesting shout. and it's not just a matter of buying them with a credit card: buying with the funds you would otherwise use to clear the balance/pay for your purchases is the alternative.
    • Yam
    • By Yam 3rd Jul 18, 3:56 PM
    • 7 Posts
    • 0 Thanks
    Yam
    • #7
    • 3rd Jul 18, 3:56 PM
    • #7
    • 3rd Jul 18, 3:56 PM
    I am using ratesetter, the best rate was 6% which seemed too good to be true until they paid that contract back early after only a couple of months. I am still averaging 4% though, set your own rate and wait.

    I realise the lack of government protection isn't for everybody but they do have a 200% security pot.
    • jeepjunkie
    • By jeepjunkie 9th Jul 18, 5:34 PM
    • 1,463 Posts
    • 1,367 Thanks
    jeepjunkie
    • #8
    • 9th Jul 18, 5:34 PM
    • #8
    • 9th Jul 18, 5:34 PM
    Stoozing stopped for me at present. Tis not the first time, will watch the market and see if worthwhile opportunities come round again. Cheers
    • MallyGirl
    • By MallyGirl 9th Jul 18, 5:51 PM
    • 3,058 Posts
    • 8,086 Thanks
    MallyGirl
    • #9
    • 9th Jul 18, 5:51 PM
    • #9
    • 9th Jul 18, 5:51 PM
    I am gradually winding down the stooze as the transfer deals just aren't there any more.
    • seatbeltnoob
    • By seatbeltnoob 13th Jul 18, 2:44 AM
    • 514 Posts
    • 119 Thanks
    seatbeltnoob
    New to stoozing, Im doing it with regular savers as I have just started off it works fine for me.

    I was wondering what level of utilization should I get on a given card? At what percentage of the utilization do banks look at your lending pattern unfavorable?

    just went 66% utilization on my first card and applied for a new one.
    • MallyGirl
    • By MallyGirl 13th Jul 18, 9:35 AM
    • 3,058 Posts
    • 8,086 Thanks
    MallyGirl
    I have never worried too much about utilisation - when you BT the max on a card and then just pay off the 1% minimum you are going to have very high utilisation. I do have one card - John Lewis Partnership - with a 10k limit which I always pay off in full as I am only after the vouchers with that one.
    At the height of my stoozing I had combined credit limit of over 80k with 80+ % utilisation.
    • binaryuniverse
    • By binaryuniverse 13th Jul 18, 9:53 AM
    • 780 Posts
    • 490 Thanks
    binaryuniverse
    Indeed. The point of stoozing is to absolutely max out the 0% offers, and you can put your money to one side. If you're not using the full amount available, and you are in a position to, you are losing out on interest gains.

    Therefore, if you are balance/money transferring, use as much as you can. If it's a purchases card, and you hit 66% utilisation, just keep using it.
    • seatbeltnoob
    • By seatbeltnoob 13th Jul 18, 11:31 AM
    • 514 Posts
    • 119 Thanks
    seatbeltnoob
    Indeed. The point of stoozing is to absolutely max out the 0% offers, and you can put your money to one side. If you're not using the full amount available, and you are in a position to, you are losing out on interest gains.

    Therefore, if you are balance/money transferring, use as much as you can. If it's a purchases card, and you hit 66% utilisation, just keep using it.
    Originally posted by binaryuniverse
    I am doing slow stooze so I can only spend about 600 a month on cards so it's not in my capacity right now to max out these cards.

    I am more concerned about the ability to get new cards when I need them. I have credit cards with limits of 3.5K, 7.5K, 4.5K, 3K in the order at which I got them.

    The 3.5K card has no promotion and has a 0 balance. But I have to keep it open as I have a potential chargeback claim with them. As I was typing this I realised I don't need the fill limit on this and reduced the limit down to 1000

    The 7.5K card is an old debt at 0% balance transfer which I am paying off 200 a month. As I was typing this. I just realised I don't need the fill limit on this. I have a balance of 1500. So I reduced the credit limit down to 2K

    The 4.5K card is my first balance transfer card and I'm on 60% utilisation on that.

    The 3K card is my new stooze card, just applied and got approved.

    Sorry to be so long winded. I just thought I put that out there to explain my situation. I have 2 credit card accounts open which I don't need to use.
    Last edited by seatbeltnoob; 13-07-2018 at 11:42 AM.
    • MisterMotivated
    • By MisterMotivated 22nd Aug 18, 10:47 PM
    • 196 Posts
    • 174 Thanks
    MisterMotivated
    I'm also getting to a point where I could do with winding down my stoozing (might be looking for another mortgage soon, so don't want any CC debt when that time arrives). Two of my stoozing cards have recently ended their 0% period so I'm down to just one, running until 2020. I've kept the two cards open and spend a small amount on them each month just to keep a balance for direct debits for one of my Halifax Reward accounts (though with the recent drop to 2 a month reward, it hardly seems worthwhile).
    • No_6
    • By No_6 24th Aug 18, 9:34 PM
    • 683 Posts
    • 139 Thanks
    No_6
    OH and ME have 9 different 0% purchase cards on the go at the moment,
    ranging from 15 months to 29 months, with limits up to 5k / 8k
    mostly maxed out with last years and next years HOLIDAY's

    Money is there to pay when required but I do not like spending
    MY money !!

    and people say stooze is dead
    6
    • ChopperST
    • By ChopperST 31st Aug 18, 3:42 PM
    • 1,134 Posts
    • 745 Thanks
    ChopperST
    Two cards on the MSE weekly email (M&S and MBNA) actually pay you to stooze this week so its not dead!
    • No_6
    • By No_6 6th Sep 18, 9:34 PM
    • 683 Posts
    • 139 Thanks
    No_6
    2 cards and you call it stooze ,, are they 10K + each ?
    are you using ALL your daily purchases, to add to 0% purchase cards ?
    • Supernova
    • By Supernova 15th Sep 18, 12:15 AM
    • 690 Posts
    • 43 Thanks
    Supernova
    Before applying for another card, is there any long-lasting hit on the Credit Check if you keep stoozing? I guess I have about 13K outstanding now and still an 80-95% chance of getting new ones.

    My income has been a lot lower for the last 5 years but plenty of savings to pay them off, however my loans and CC affordability in MSE Credit Check now shows as V.Weak.

    Thanks
    S
    Last edited by Supernova; 15-09-2018 at 10:38 AM.
    • No_6
    • By No_6 16th Sep 18, 10:12 PM
    • 683 Posts
    • 139 Thanks
    No_6
    If you haven't applied for another card for a few months,
    then try 2 at the same time.
    ?
    • Fingerbobs
    • By Fingerbobs 18th Sep 18, 9:50 PM
    • 500 Posts
    • 139 Thanks
    Fingerbobs
    I'm also seriously considering winding down my stoozing activities. I've got a 0% ending next month and another ending early next year, and planning to just pay them off when the time comes and stop. It's just not worth bothering any more, and there's still the possibility I may want to take out a mortgage in the fairly near future, so I really don't want any unnecessary credit searches on my file at the moment.
    Once the mortgage is underway I might reconsider, but for now, I'm out.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,682Posts Today

9,530Users online

Martin's Twitter