Make Ј150 of free cash. Legal credit card stoozing trick

A question about : Make Ј150 of free cash. Legal credit card stoozing trick

Is it just me or is this slightly mis-leading in Martins e-mail this week?

Ј150 from a Ј5000 CL.

Have I missed something here. According to the calculators this isn't possible, based on the BT Fees of 3% and 2.98%. Unless you are a non-tax payer or put the money into an Offsett Account, I suppose, which isn't everyone. Just a thought.

Best answers:

• I'm also confused about this..
• Using the MSE calculator, 5k for 11 months at 6% (before tax) for a basic rate tax payer gives Ј219.57 interest.
  I didn't work this out myself though - used the calculator
• Some people could make £150 on a £5000 balance using these cards, but not everyone will. I think the critical words in the email and article are "can" and "could" make £150 ... not "will".
  IME the stoozing calculator on this website has some major ommissions which could lead some people to have over-optimistic estimates of the stoozing profit that can be made on any one card (although this certainly isn't the intent). It does not take into account the significant Balance Transfer fees on these cards, nor does it take into account monthly payments.
  That said, these cards could earn you approx £150. Taking the Virgin 15 month deal, a basic rate tax payer would earn £142.78 when taking into account minimum payments and the BT fee. This assumes that the money was in an account earning 6% AER. In an account earning 6.4% the profit would be £162.39. A higher rate tax payer would earn significantly less!
  Looking at the 12 months MBNA deal, the only way you could make £150 on a balance of £5000 would be if you were a non-taxpayer. So, in practice that would only apply to a few people.
  There are better calculators out there.
  Clariman
• Sorry didn't mean to cause an 'issue'
  I didn't mean it was misleading anyone per se, just that the man on the street might not be able to make the Ј150 from it, as simple as it kind of inferred.
  In hindsight I now realise this is possible based on the responses.
  Thank you for reponses.
• I have 2 MBNA cards - one Virgin and the other VIP Entertainment card.
  The VIP Entertainment card gave me an offer (on-line) to do a balance transfer with NO fee.
  I rang MBNA and they allowed me to use this offer on my MBNA Virgin card.
  I transferred Ј4500 (0% until Jan 09) to my bank account (with NO fee at all), then put Ј3000 in ISA and Ј1500 in ICICI savings account...
  I have not used a calculator but expect to earn more than Ј150 over the year...
  A double loop-hole for MBNA...
  rather proud of myself for this one...
• I'm expecting over £600 net this year from stoozing ( MBNA existing cards - offered 0%, no fee!)
• I've never been offered a fee-free transfer Purely my own fault I guess; I always see the Ј signs at 2%.
  Does holding a certain type of card make lower fees more possible, or is any MBNA card the same as any other MBNA card when it comes to retentions/offers?
• Martin, you have quite frankly let me down and I have lost trust in your 'honest approach' system. greed has got the better of you.
  You will make, Ј8.50 for every sucessful applicant who applies to the MBNA. You didn't mention, 'go through quidco and get cashback', all you are thinking is getting the majority to believe they can reap the benefits a non tax payer can...
  seriously, clean up the act.
• Hi guys,
  The calculation to get £150 was done like this:
  On the Virgin 15 month 0% card with the 2.98% fee
  In December, put 2000 into ICICI 6.41% (basic rate taxpayer), and 3000 into NS&I Direct ISA 6.3%
  For jan, Feb and March, make the minimum payments out of the ICICI account, keeping ISA at 3000
  In April, move the remaining £1570 from ICICI to NS&I, and pay the minimim payment from there for the remaining part of the 0% period.
  Even accounting for the £150 fee, there is a profit of £150 there.
  Dan