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
For people with a spotty credit history or bad credit,... Read More
1- Check your credit report regularly2- Secure personal information in... Read More
What do a shoe retailer, an online discount broker, and... Read More
You might not know it, but every time you take... Read More
Just when most people finish with school and can stop... Read More
This summary of the Fair Credit Reporting Act will explain... Read More
There are many misconceptions about credit scores out there. There... Read More
You've probably never heard of Frank X. McNamara, but he... Read More
While working through my own debt situation, and helping others... Read More
Credit counseling is a free service that many people with... Read More
Credit Worthiness is an important business and personal asset each... Read More
There is a big difference between looking after your own... Read More
If you want to enjoy your life out of spending,... Read More
Credit is currently and has been historically an integral component... Read More
One of the easiest ways to borrow money of a... Read More
There are three major factors that affect how much you... Read More
If you want to purchase a new home or refinance... Read More
Thanks to the Fair and Accurate Credit Act, American consumers... Read More
Even if you have heard of a credit report, you... Read More
As identity theft becomes more prevalent, the need to regularly... Read More
1. Choosing A new credit cardThere are many reasons for... Read More
Credit card debts problem is extremely common today. It is... Read More
Credit scores: all lenders use credit scores to determine interest... Read More
What is a balance transfer ? A balance transfer can... Read More
Individual banks elect to become members of ChexSystems, and to... Read More
By Federal law, you are entitled to one free credit... Read More
Whether or not you receive a loan and what interest... Read More
If you have considered credit counseling as an option to... Read More
Q: I'm opening a gift shop and want to be... Read More
It is estimated that billions of dollars in delinquent commercial... Read More
Now in a world with so many easy to get... Read More
"Easy Low Down Monthly Payment," "Buy Now Pay Later," "You... Read More
It is important to know your credit rating for a... Read More
Get your credit report online for FREE. Many financial advisors... Read More
If you intend to apply for a loan, you need... Read More
When applying for a loan to purchase a car, the... Read More
If you find that creditors are calling you almost daily... Read More
The Fair Credit Reporting Act (FCRA) and the recent update... Read More
When you're dealing with credit cards, you're playing with fire.... Read More
Credit card debt is a major social problem in some... Read More
If you're a college student, you probably already have a... Read More
Ok, let's face it, everybody hates high credit card rates,... Read More
Your credit report--a type of consumer report--contains information about where... Read More
If you have never heard of a FICO score before,... Read More
Let's face it, having credit is no longer a choice.... Read More
How many of you bank, shop, or transact other business... Read More
You're interested in getting the best credit cards for your... Read More
Have you ever been told you were over your credit... Read More
The average American knows very little about bankruptcy. Most people... Read More
Credit card debt is a growing sickness in the United... Read More
With so many low interest credit cards on offer, how... Read More
It is important to know your credit rating for a... Read More
A recent amendment to the federal Fair Credit Reporting Act... Read More
The moment I placed myself in front of the computer... Read More
And some practical advice too!My first credit card?I remember my... Read More
YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's... Read More
Getting worried that one of your clients, customers or patients... Read More
Commercial collections: fixture of the new B2B cultureIf you're in... Read More
Some credit cards offer a cash advance option. But how... Read More
Can you establish good business credit if you have bad... Read More
As of Thursday, December 1, 2004, one-third of Americans will... Read More
This article is about bailiffs who may call trying to... Read More
Credit score is one of the most basic, determining factor... Read More
Credit needed for real estate mortgage financing differs from credit... Read More
In addition to the APR (annual percentage rate) and the... Read More
Debt management programs can be of real help for people... Read More
Credit |