What is Stoozing? – Stoozing is where you make free cash by cleverly manipulating credit cards. By withdrawing money on credit cards that have 0% interest and placing that money in a savings account you make interest on the money you’ve borrowed.
We’re seeing some of the best 0% deals ever on credit cards and lots of cards are now lending new customers money at 0% and so if you’re in a position to do so, grab the cash, sae it at as high an interest rate as possible and you’ve begun stoozing.
As you can imagine stoozing can be quite lucrative, but make sure of the following:
Be credit card debt free – Only attempt stoozing if you don’t have any credit card debts and have a good credit score.
Stay on the ball – If you do it right this can earn you some serious cash. Do it wrong and it’ll cost you.
So having decided you want to give this a go – how do you go about it? Quite simply you get yourself an interest free credit card and do all your spending on it up to the maximum limit, and place the equivalent cash money into a bank account to earn interest. Be careful you don’t spend money you wouldn’t normally spend, this is about money making, not spending extra! Don’t draw cash out from your card as you almost certainly WILL be charged interest for doing this, so only use it for making purchases.
These are the current top 0% cards:
Tesco Clubcard Credit Card – 0% on spending for 15 months. It has a representative variable rate of 16.9% APR after the 0% ends. In addition to making interest on any money you spend, you also receive clubcard points for spending too – 1 point for every £4 spent.
M&S Credit Card – 0% on spending for 15 months with a representative variable rate of 15.9% APR afterwards. Like with the Tesco Clubcard Credit Card, this also offers points when you spend. In this case you get 0.5% back in points on most purchases and the points can be spent in M&S.
Virgin Money Credit Card – 0% on spending for 13 months, representative variable rate of between 18.9 and 20.9% APR.
RBS Credit Card – 0% on spending for 13 months, representative variable rate of 17.9% APR afterwards. You do need to be an existing
Natwest or RBS current account customer to receive this card.
Make sure you don’t get card protection insurance as this will cost you and you have no need for it when stoozing as the money is safe in a bank account waiting to be paid back if required.
Each month just make the minimum repayment – the idea is to keep as much 0% debt on the card and as much cash money in your savings as possible, but DO make certain you make the minimum monthly payment or you could lose the 0% interest rate.
When the end of your 0% period gets close, pay off the debt with the money in your savings account leaving the interest you’ve earned in there and your stoozing is complete. Alternatively shift the debt to another card that’s offering 0% on balance transfers and continue the money making process.
