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0% Credit Cards;

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certainly seems to be getting harder for those people using 0% BTs to stooze money away. I wonder if a lot of people juggling debt are experiencing the same

http://www.rpoints.com/bb/viewtopic.php?t=1001026

Is anyone else having problems? I've been playing the CC game for 2 years now. Had between 25 and 42k stashed away at 0%. Now my current 0% deals are expiring, and I've been unable to get replacements.

I've recently closed down (last 4 months):

Marbles (9 months at 1.9%)

Barclaycard (18 months at 0%)

Halifax One (9 months at 0%)

Liverpool Victoria (6 months at 0%)

Morgan Stanley (6 months at 0%)

I closed all these by phone, and asked for an extension, but was turned down each time

I've managed to get an M&S card, but have been rejected by MBNA, Citicard, plus Beneficial.

I'm going to wait a few months, and then try again. But are the CC companies getting wise to us? It's the first time in 2 years I've not been able to sustain a 25k debt.

Yup, me and the Mrs have been getting turned down consistently for the past few months now. Managed to get round a few on appeal, but with measly limits. I suspect they're looking at credit records more closely and trying to identify people flitting between offers.

We've both got decent salries, home-owners and spotless credit records.

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Ditto Morgan Standley... but I'm not a pro stoozer. For a start, I don't spend that much!

You don't spend anything to stooze. Simply transfer your entire available balance into a high interest savings account for the period of the 0% deal and pocket the interest at the end. It's one of the very few ways you can make money literally for doing nothing.

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What's a credit card? Get dozens of offers every week - some at 0% still. Never had one and hope I'll never need one (though I do have a debit card I'm afraid).

Edited by gruffydd

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What's a credit card? Get dozens of offers every week - some at 0% still. Never had one and hope I'll never need one (though I do have a debit card I'm afraid).

Stoozing is nothing to do with needing a credit card, it's using them to play the banks at their own game. But, if you've got so much money you can afford to turn it down, good luck to you.

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Mmmm all this is new to me. Sorry - didn't read the thread properly - I've just been working on a rather taxing account. Anyway, how do you transfer a balance from a credit card and into a bank account? And can the CC company sting me for fees even if I pay back the balance on time. Can the CC company get rid of the 0% offer all of a sudden and forget to tell you? Will stoozing have an impact on my ability to get good deals from the bank in the future, e.g. for my business account?

Edited by gruffydd

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Guest growl
I just got a new Virgin card at 0% and no fees.

It wasn't untill January was it?

Virgin sent me an offer through the post yesterday for 0.9% untill January. Wow :lol: all of 3 months once it is set up. The offer went in the bin. After they have stiffed you £50 arrangement fee, it is not worth it.

If you got a better offer good for you. :)

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Guest growl
What's a credit card? Get dozens of offers every week - some at 0% still. Never had one and hope I'll never need one (though I do have a debit card I'm afraid).

According to a news article the other day debit cards are now out performing credit cards in usage. This is good news for changing our debt culture to one that spends within its means. :)

Although it may take about twenty years to do that, as the report suggested it had taken as long since the first debit cards were introduced. <_<

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Stoozing is nothing to do with needing a credit card, it's using them to play the banks at their own game.  But, if you've got so much money you can afford to turn it down, good luck to you.

I don't think Gruffyd said he/she had too much money, just no CC.

I too don't have a CC but I do have a debit card, this doesn't mean I have too much money just no debt :blink:

Stoozers should be shot on sight for stealing the banks money :lol:

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Tried to get into the stoozing game. Opened an Egg Card 0% for 6 months. Credit limit .............

£500!

Great. Cheers Egg, a whole £1.50 interest per month.

This will be reviewed once the 0% period is up. Thanks again.

The SBT cards are the key to this. Can't find any decent ones these days, too much small print + charges.

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You don't spend anything to stooze.  Simply transfer your entire available balance into a high interest savings account for the period of the 0% deal and pocket the interest at the end.  It's one of the very few ways you can make money literally for doing nothing.

Really? I thought that cash withdrawals were typically subject to ridiculous interest charges? Or is that not a cash withdrawal?

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I have recently been refused the virgin credit card.

This has never happened before, and I do not have huge debts, I have however, been stoozing amounts for 2 years also.

luckily RBS have issued me one for 9 months.

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Mmmm all this is new to me. Sorry - didn't read the thread properly - I've just been working on a rather taxing account. Anyway, how do you transfer a balance from a credit card and into a bank account? And can the CC company sting me for fees even if I pay back the balance on time. Can the CC company get rid of the 0% offer all of a sudden and forget to tell you? Will stoozing have an impact on my ability to get good deals from the bank in the future, e.g. for my business account?

Not done it myself, but the theory is that you transfer it into an interest bearing account from your current card (which they charge a fee and a higher interest rate for) but then immediately get a new card for 0% with a free transfer of balance. The old card interest rates become redundant because you've paid off the balance and closed the account. Pay it off as normal, but when the 0% period is up you apply for a new card at 0% and close the old one. If you could manage to gather 6 cards ever rotating then you would have a nice little earner.

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Not done it myself, but the theory is that you transfer it into an interest bearing account from your current card (which they charge a fee and a higher interest rate for) but then immediately get a new card for 0% with a free transfer of balance.  The old card interest rates become redundant because you've paid off the balance and closed the account.  Pay it off as normal, but when the 0% period is up you apply for a new card at 0% and close the old one.  If you could manage to gather 6 cards ever rotating then you would have a nice little earner.

Are you an accountant? The only other person I know who does this is. :)

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Is it something they teach you at accounts school then? ;)

She's been playing the game for a while now.

NOOOO. I'm too lazy. For 2K p/a I just can't be bothered chasing up that much paper work :lol:

EDIT: PS - do you really look like that cartoon?

Edited by Elizabeth

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So do we think that (in general here, not meaning the original poster) the banks have finally cottoned on to this legal scam or have people finally reached their credit limits?

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So do we think that (in general here, not meaning the original poster) the banks have finally cottoned on to this legal scam or have people finally reached their credit limits?

Banks are just starting to limit the total available credit to any one person. Currently 1.5x Gross wage is not uncommon for total CC balance (for those stoozing), with some users over on the stoozing forums at moneysavingexpert having seriously BIG pots.

Plus the BT fees get them them something which all helps keep the overall profit up.

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Really? I thought that cash withdrawals were typically subject to ridiculous interest charges? Or is that not a cash withdrawal?

A few cards will allow you to transfer money directly into your bank account at 0% with no fee! I have a virgin card at 0% which allows this. I have had a revolving balance on 0% for over 3 years.

Then I phoned them up to transfer a balance to the card they asked me whether I would like to do this, the woman on the phone said 'It's like free money" :o .

I'm giving up this year though. Lots of the companies are starting to crack down on it. Most now charge a balance transfer fee of 2%.

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