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

A question about : Revenge! Make free cash from credit cards/MoneySavingExpert.com Discussion

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• im a very very new moneysaver and as appealing as this sounds, i also feel hesitant.
  however ive been giving some thought to the new savings account from alliance and leciester at 10%. perhaps apply for a SBT and stick the money in A&L.
  the article says not to stooze if theres existing debts....i have debts of 2500...if i wait to clear these im going to miss the A&L offer..... any advice from anyone ???
  :confused:
• tasha38,
  There is no reason why you could not successfully borrow more than Ј2500 from a 'life of balance card' now - in order to transfer some/all of your existing debt to a lower long term rate than it is AND also put the rest towards saving into the A&L regular saver for 10%. Also, there is nothing to stop you opening a A&L Premier or Premier Direct account and receiving Ј50 [as being 'referred' by another A&L customer who also gets Ј50] since opening the bank account is the first step - whether or not you actually have any cash to pay in.
  What sort of rate are you paying on your borrowings at the moment. And is this credit card or overdraft or a personal loan [which may have redemption penalties of course]?
• milarky...thanks.......at present im on 0% credit card till march 2006....wouldnt it make more sense to borrow on another 0% rather than 'life of balance' card?
• Should one consider tax on stoozing? You probably have this somewhere but I have only just found out about it.
• Isn't this normally deducted at source from a savings account? I know mine is, so not much to worry about.
  Also what about Cahoot online savings, which I think is currently 5.25%?
• Hi
  This sounds very interesting, such got me cerdit card cleared there a few months ago using the old 0% balance tranfers tick.
  Say you had a 3k cerdit card 0% purchases for 12 months is there anyway to get the 3k into you saving quickly rather than the dip purchasing method. As it could take a few months to max the card out.
  If there is a way then stick the 3k in a isa (typ5%) then dip feed that into the A&L monthly saver (10%).
  Mr.P
• Now.....how do i transfer the money into a savings account?, is a straight forward balance transfer to your a/c?, thanks in advance!:confused:
• If we follow Martins advice and gain a 0% debt by balance transferring from a 0% card to 'egg money' (putting the egg money into credit) how do you move this positive egg balance to you savings account?
• Egg money is a savings account too - although the rate isn't the very best out there.
  Be a bit careful about moving big sums in and out of egg too - they seem to be getting a bit shirty and closing accounts down who do this repeatedly.
  R.
• Moving Ј6k once shouldn't be a problem. The guy on the phone said Ј99k was the limit! However, point taken. I wont be doing this regularly!
• Has anybody managed to do a balance transfer from Egg Money to the new Amazon Master Card, run by Halifax?
  I went to the Amazon/Halifax website and tried to do a balance transfer of Ј3000 into Egg Money but found that it would not accept such a transfer, stating that the BIN number won't allow such transfers.
  What am I doing wrong??
• Hello, I'm a stoozing virgin (sounds rude). I've SBT from Egg to my current account, Ј3,000 into a Halifax mini cash ISA, Ј200 a month into 2 Halifax childrens regular savers and I calculate with a minimum monthly repayment the balance should be used up by April 2006. What are my options then and am I doing this right?
  Thank you in advance.
• Martin, I just looked at Halifax One CC today. The 0% interest offer is now 3 mths for new purchases and 12mths for Balance Transfers (2% fee). So probably need to update your article.
• Has anybody been able to BT from a HSBC card to egg money. In their terms and conditions its states the following: "a transfer to an account of an amount you owe another lender".
  Also with Egg money - when do the give you interest. If I have a 9 month 0% BT and have to pay it back after 9 months and the egg money is a 12 month interest, how do I go about ensuring the cash is still in the account.
• You dont need the money to still be there. The interested will be calculated daily on the balance.
• I have an excellent credit history and scoring and have been successfully stoozing, doing SB/T's etc, for 2-3 years now. Card companies, it would appear have caught up with me as I am getting refused for every 0% card I apply for, even if there is a B/T fee! I have had ~Ј40k 'stoozed away', some from 0% for 9/12mths (Halifax, Sainsburys etc), SBTs like Virgin, over the past couple years earning 5.3% (remember the Cahoot 5.6% Martin!) but it now looks like Im gonna have to give it all back over the coming mths as the 0% deals all end....?
  Any ideas?
  Joclam
  PS Have been a 'member' far longer than Apr 05 (Martin, remember the Charcoal mortgage cashback deal?! I was one winner!)