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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 requires cast iron discipline in never spending on the
cards.
But, I hear you all ask - what is stoozing and can I do
it?
Stoozing, in the simplest terms is borrowing money from
credit cards that offer a 0% introductory deals and saving that
money in a savings account for the duration of the offer on
the credit card. Then, the stoozer will apply for another 0%
introductory credit card deal from another provider and transfer
the whole balance from the first card onto it. This way the cash
balance never has to leave the savings account and can be held
like this for a long period of time earning 5% + interest!
Find a 0%
Credit Card suitable for stoozing
Stoozing and Offset mortgages
Offset mortgages allow your savings 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 savings account containing £10,000 the
bank will only calculate and add interest on the outstanding
£70,000; effectively saving you interest by the savings
amount, at the same APR as your mortgage. This APR is often equal
or greater than their typical savings account. This is similar to
overpaying on your mortgage or other loans except the money is
not locked in, and still accessible to remove again later.
As the money residing in your other accounts is no longer
earning interest, but reducing outstanding debt, it also means
the savings money is also not subject to tax unlike a normal
savings account. By offsetting in this way with savings, it is
possible to greatly reduce the number of years that the mortgage
will run for. Instead of paying off the mortgage for a typical 25
year period, with regular capital payments at the existing level,
you can shave several years of the completion date. Once you have
an offset mortgage, the more savings you have, the lower your
mortgage interest will cost. This is where Stoozing comes in.
Instead of using your own money locked away to reduce your
mortgage, use the 0% balance transfers from the credit cards to
put money into your linked savings account using the same
Stoozing methods.
Find a 0%
Credit Card suitable for stoozing
Stoozing cannot last much longer...
The situation can't last though. Already Barclaycard and MBNA
have introduced one-off charges on transferred debt, based on a
percentage of the amount, and other card providers are expected
to follow this strategy. Also, as the PricewaterhouseCoopers'
report notes, card issuers are likely to become increasingly
selective about which customers they offer balance transfers to
and there will be a much stronger focus on customer retention.
They may also increase other fees, such as those imposed for
exceeding credit limits.
Useful information has been brought to you by Phil Sproson,
owner of http://www.quote-engine.com - a
comparison engine for loans, credit cards and everything
financial
MORE RESOURCES:
Credit - Google News
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