Stoozing: Make Free Cash from Credit Cards article discussion

A question about : Stoozing: Make Free Cash from Credit Cards article discussion

The calculator could do with a 'balance transfer fee' box as so many 0% deals have a transfer fee which reduces the amount you earn stoozing by quite a bit.

Best answers:

• The calculator could do with a 'balance transfer fee' box as so many 0% deals have a transfer fee which reduces the amount you earn stoozing by quite a bit.
• Amount Stoozed: is that your present balance on your bill?
  Credit Card Interest Rate: if you card is 0% for x amount of should you enter it here?
  How long for?: is that how long you've had the card for or how long the 0% interest offer is for?
  Pre Tax: is before tax is deducted so if you're with A&L for example it should be 6.5% correct.
• 1) Correct - easiest to think of this as the amount of stoozed debt you currently have in savings accounts
  2) + 3) The How Long is the period over which you want to work out your profits. So, if you have a 0% card for 9 months, you either enter 0% and 9 months, or if you intend toswitch to other 0% cards once the first one runs out, enter however long you intend to keep stoozing for in the "How Long?" box.
  4) Correct, enter the interest rate at which the account is advertised - we take of the correct amount of tax for you
• Just to verify, if my present amount of stoozed money is say £500, after use of only three months, Savings Account Pre-Tax Interest Rate is as mentioned 6.5% and my Credit Card Interest Rate is 0% for 12 months would that mean I've saved £26. This is just an example by the way.
  Or would it be better to wait till the end of the 0% offer to get a real idea of how much I've saved. :confused:
• Has anyone had a go at this yet? Are you sure that you can transfer money from your egg card to your current account? I tried to apply for the card but it just looked like you could transfer money into your egg current account.....
• Thanks Dan, just thought I'd double check.
• Users should also be aware that, in practice, you'll never get 9 months interest out of a 9 month deal. Personally, I always knock off a month to allow for start up and pay off delays (just in case you can't get another card and you have to make two transfers (and including a weekend) to repay the card.
  This is particularly important now that BT fees have become more prevalent. For example, it's quite possible (on shorter deals) that the first 6 months 'profit' will be used to repay the BT fee, leaving only the remaining 3 months as pure profit for the stoozer. Now if you lose a month of this, as you may well do under the circumstances I've detailed above, that's 33% of your 'true' net profit lost.
• A quick suggestion...
  current longest deal is 0% for 13 months.
  Go with Yorkshireboy and knock a month off.
  At zero%, you should enter the card interest rate as 2% (the balance transfer fee) to reflect the real "stoozed" return.
  Simple eh?
• Hi,
  I've probably got a fair bit of activity on my credit file at the moment as I'm changing my mortgage and have recently opened a couple of new bank accounts (Nationwide Flex for holiday spends, and Bank of Scotland Hi Interest account - all as recommended by Martin :-) )
  In order to avoid another search this month I was wondering if it is entirely necessary to have Egg Money? Can you do the balance transfer to a credit card that issues cheques? I have an exisitng MBNA card that regularly sends me cheques. It has a zero balance, but if I requested a balance transfer from the 0% card to MBNA could I then use the MBNA credit card cheque to transfer the surplus to my ICICI HiSave account (via my current a/c as HiSave is internet only)?
  Anyone have any experience with this?
• Was about to start try and make some money by stoozing....i already have an egg card with no debt onit and use egg money. do i have the correct egg card to start opening up other cards and doing balance transfers to it and then earn interest.....am trying to make about Ј500 over 12 months from this
  many thanks
  apprentice stoozer
• Something which hasnt been mentioned is by using banking tricks on banks themselves not only makes money but saves money.
  I always use my Ј3000 (Ј3600 next April) cash ISA allowance to save tax free.
  On only a modest wage and with other bills I used to pay Ј250 per month standing order into my ISA. By stoozing that means I save that amount each month as the credit card company funds my ISA. Double whammy...for them.. is it all goes in April 5th to gain maximum 12 months interest instead of monthly installments by me.
  Im far too mathematically backward to calculate the overall benefits but I do know Im Ј250 better off a month and I have satisfaction of getting one over on them for the damage they caused my family some years ago.
  Immoral is too tame for how I feel about banks.