- Joined
- Feb 22, 2016
- Messages
- 9
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- 113
So I’ve been reading up on a technique known as Stoozing which is essentially taking advantage of long-term 0% credit cards and high-interest savings accounts.
After all of your bills have been paid, you move the remaining balance out of your current account and dump it all into a high interest savings account (First Direct are offering 5% for 12 months)
Anything you need to pay for for the rest of the month, you pay using your 0% credit card.
Every month, you pay the minimum amount to maintain the 0% rate and also keep as much money in the savings account.
When it comes to the end of the 0% term on your card (or you are close to maxing out the cap) you use the money you have been saving to pay it all off, however you will have accrued interest over this time, too.
Has anyone tried this or doing this? Also, I only have one credit card at the moment with a limit of £5500... this wouldn’t last for the whole year so I would need more than one credit card, does anyone have experience with owning more than one credit cards? And is there a personal credit limit you are allowed? If I have 5k with one card, will a different company give me another 5k card?
After all of your bills have been paid, you move the remaining balance out of your current account and dump it all into a high interest savings account (First Direct are offering 5% for 12 months)
Anything you need to pay for for the rest of the month, you pay using your 0% credit card.
Every month, you pay the minimum amount to maintain the 0% rate and also keep as much money in the savings account.
When it comes to the end of the 0% term on your card (or you are close to maxing out the cap) you use the money you have been saving to pay it all off, however you will have accrued interest over this time, too.
Has anyone tried this or doing this? Also, I only have one credit card at the moment with a limit of £5500... this wouldn’t last for the whole year so I would need more than one credit card, does anyone have experience with owning more than one credit cards? And is there a personal credit limit you are allowed? If I have 5k with one card, will a different company give me another 5k card?