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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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 Posted: Fri Jan 07, 2005 12:13 am Post subject: Credit Card Stoozing - Step by Step Guide |
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cashrich
Stranger
Joined: 26 Jan 2005
Posts: 11
Cash Points ££ 55.00
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| Posted: Thu Jan 27, 2005 12:06 pm Post subject: |
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I earn less than £8k per year, and am thinking of exagerating how much I earn on the applications , is it risky to do so ?
Would I be able to easily get away with it ? |
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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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| Posted: Mon Jan 31, 2005 7:50 am Post subject: |
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You should NOT lie about your earnings on your credit card applications for obvious reasons. As if your salary was every queried and you were not able to supply evidence to match your application, you would technically have obtained the credit fraudulently.
Saying that sometimes on the application forms, the request is for total income and not just salary, this could thus include income from savings (including the stoozed interest), social benefits etc. |
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kreampie
Beginning Saver
Joined: 27 Feb 2006
Posts: 27
Cash Points ££ 293.00
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| Posted: Fri Mar 17, 2006 12:27 am Post subject: |
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| With all these balance transfer charges i.e. 2% and some without an upside cap. Is it still worth stoozing ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Fri Mar 17, 2006 12:35 am Post subject: |
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It still is viable, say if you take the MBNA
Which is 2% fee capped at £75. Thus £10k over 6 months would have an effective annualised fee applied to it of 1.5% thus viable against a return of say 4.8% |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Thu Oct 19, 2006 9:21 pm Post subject: |
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Stoozing may be makign a comeback as many card compnies offer 12 months or more at 0% thus its worth paying a 2% balance transfer fee.
One recent one that popped through my letter box is the HSBC credit card at 0% for 12months with a 2% fee. |
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housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
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| Posted: Thu Oct 26, 2006 4:49 pm Post subject: |
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Those were the good old days when you could stooze as much as a mortgage at 0% !
The limits now when I apply are very poor, talking less than £3k.
When it used to be 10k !
Is it the same for others ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Thu Nov 02, 2006 11:25 am Post subject: |
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Yes the limits offered and the balance transfer charges mean I have to be more selective and with a smaller stoozed pot
But again there are many 12 month 0% offers out there so its not hard to keep stoozing, albeit with a small total stoozed pot. |
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Soulman
Stranger
Joined: 17 Apr 2006
Posts: 7
Cash Points ££ 242.34
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| Posted: Fri Nov 10, 2006 5:03 pm Post subject: |
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Egg MOney and ICICI don't charge a fee for their 0% Balance transfer cards  |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Wed Nov 15, 2006 4:54 am Post subject: |
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| Soulman wrote: | | Egg MOney and ICICI don't charge a fee for their 0% Balance transfer cards |
Was not aware of the ICICI card.
thanks  |
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