Question About Stoozing

A question about : Question About Stoozing

I cant get my head around how you actually make money out of it.

The best fixed rate account is 2.05%

The best rate balance credit card is 2.99% fee.

So surely all the money you make at the end of the year is wasted when you balance transfer onto the next card.

Please could someone correct me if im missing something.

Thanks Chris.

Best answers:

• Your logic is correct.
• Nationwide flex direct current account overdraft @ 0% APR
  Paid into my Lloyds TSB cash ISA @ 3.7%
  Cash being built up outside ISA to pay it back after 12 months
  Nice stooze ;-)
• You can use 0% for purchase cards to get money at no net cost while making money on the savings. You don't have to balance transfer at the end of the deal, you can just repay from the savings. You can get balance transfer cards with longer durations than 12 months, though even so you'll struggle to make a profit if using a savings account.
  Using investments you have more opportunities and more risk.
• Also you can use it to offset on a mortgage. Which could be 4% so the difference is greater, and potentially profitable
  (Hi everyone, it's actually the real Stooz here )
• Look here https://www.stoozing.com/credit-cards...sfer-cards.php, balance transfer fee from 0.9%.
• Stooz is the reason stoozing is called stoozing. Named after Stooz, who gets a nice wikipedia entry as a result.
• If it was you it could have been called JPEsqing. Just the name which Stooz used on a message board.
• However beware the minimum payment, e.g. barclaycard is 2.25%.
  After 12 months you will only have 76% of your original balance left, 58% after 24 months. So your principal over 2 years is on average approx 80% of the original balance, but the BT fee is assessed on 100% of the original balance.
  Add in tax on interest, and you'd need to earn something like 2.4% just to break even on a BT fee of 1.5%, more if higher rate taxpayer. And you need that rate on an unlimited instant access account, because your savings would still stay in accounts with a max balance even if you didn't get the card
  1% min payment is good.
• Hi Stooz , 'tis me the real Rodent lol
• Stoozing
  Trying to get my head round this have I got it right.
  I need a new credit card now Amazon has pulled the plug on its card I was going to do this:
  Get a Santander 123 card as I have a 123 current account so 1year no fee.
  Hopefully get as big a credit limit as possible.
  Use card for all purchases until limit is reached and also get cash back.
  Just pay minimum payments for 18 months then pay of the rest before I get charged.
  The only problem I can see is after 1year I will get hit with an annual fee of Ј24 but short of paying money back at 12 months and ditching card I can't see a way round that any thoughts.