The Art of Stoozing to Make Money from Credit Cards

Make Money from Stoozing

Stoozing, this is a sophisticated method of making money from credit cards that offer 0% introductory periods, the method necessitates project Fe subject in never disbursement on the cards.

But, I hear you all inquire - what is stoozing and can I make it?

Stoozing, in the simplest terms is borrowing money from credit cards that offer a 0% introductory deals and economy that money in a nest egg account for the continuance of the offer on the credit card. Then, the stoozer will apply for another 0% introductory credit card deal from another supplier and transfer the whole balance from the first card onto it. This manner the cash balance never have got to go forth the nest egg account and can be held like this for a long clip period of time earning 5% + interest!

Find a 0% Credit Card suitable for stoozing

Stoozing and Offset mortgages

Offset mortgages allow your nest egg and current accounts to be used to lower the amount of interest you pay on your outstanding mortgage balance e.g. if you have a mortgage outstanding for £80,000 and a nest egg account containing £10,000 the bank will only cipher and add interest on the outstanding £70,000; effectively saving you interest by the nest egg amount, at the same APR as your mortgage. This APR is often equal or greater than their typical nest egg account. This is similar to overpaying on your mortgage or other loans except the money is not locked in, and still accessible to take again later.

As the money residing in your other accounts is no longer earning interest, but reducing outstanding debt, it also intends the nest egg money is also not subject to tax unlike a normal nest egg account. By offsetting in this manner with savings, it is possible to greatly reduce the number of old age that the mortgage will run for. Instead of paying off the mortgage for a typical 25 twelvemonth period, with regular capital payments at the existent level, you can shave respective old age of the completion date. Once you have got got an offset mortgage, the more than nest egg you have, the lower your mortgage interest will cost. This is where Stoozing come ups in. Instead of using your ain money locked away to reduce your mortgage, usage the 0% balance transfers from the credit cards to set money into your linked nest egg account using the same Stoozing methods.

Find a 0% Credit Card suitable for stoozing

Stoozing cannot last much longer...

The state of affairs can't last though. Already Barclaycard and MBNA have got introduced one-off charges on transferred debt, based on a percentage of the amount, and other card suppliers are expected to follow this strategy. Also, as the PricewaterhouseCoopers' report notes, card issuers are likely to go increasingly selective about which clients they offer balance transfers to and there will be a much stronger focusing on client retention. They may also increase other fees, such as as those imposed for exceeding credit limits.