Credit Card Stoozing - Time To Stop Snoozing
Lets stop snoozing and start "stoozing"
Do not think that we are trying to get you involved in any
criminal activities here, we're not and the whole process is
legal and above board and will give you the chance to get one
over on the credit card companies, who have been relieving us of
our cash for many years now.
First of all you will be itching to know what "stoozing" is,
well the way that it works may sound a little complicated, but
when put into practice it is a lot easier than trying to explain.
Step 1
This is how it works, what you have to do is to apply for two
separate credit cards that are giving you a introductory deal
with a 0% interest free period and make sure that one of your
new credit cards will let you transfer your credit limit into a
bank account. So make sure that you have opened a high savings
account at your bank, if not then putting the money into your
current account will be fine, until you can open up a savings
account afterwards.
Step 2
Then you come to the second of the two credit cards and this
where you may find that things become a little confusing. If the
second credit card does not have the facility that lets you
transfer the cash from the credit card straight into the bank
account, then here is what to do, ask the issuer of the second
credit card to balance transfer from the first card onto the
second credit card, this is a back to front way of doing things
but this will move money from the second credit card to the
first one. This transaction is regarded as moving a negative
balance on to the other credit card, so will work in reverse.
Once completed all you have to do is ask the lender of the first
credit card to transfer this balance to your high interest
savings account.
After you have navigated all of this, you will now be in
possession of a bank balance that is gathering interest, with
the satisfaction of knowing that the money that is making you
money, has come from a couple of credit card companies, who have
given you an interest free loan.
Remember to pay the minimum payments!
All of this doesn't come without a couple of problems that may
trip you up. Firstly always and I will stress ALWAYS make
sure that you meet the minimum payment and the minimum payment
only and make sure that it is paid on time.
Plan ahead...
Secondly make sure that you have your next set of two 0%
interest credit cards applied for 5 to 6 weeks before the
original two cards are coming to the end of the 0% introductory
period. (Remembering that one must have the facility to transfer
the cash straight into your savings account)
For credit card advice please visit here http
://www.creditcards-gb.co.uk/creditcardadvice.html
As soon as these new credit cards have arrived transfer what you
owe over to the first two cards to clear them and then cancel
the original two credit cards, making sure that you tell the
issuer to let their credit agency's know.
If for some reason that your next two credit cards are not in
place, then you will have to withdraw the cash that you owe to
the cards from your account and pay them off in full, because
remember you are doing this to make money on the interest, not
to pay it.
This can be carried on again and again, as long as you can get
the 0% interest free period and you are willing to let the cash
lie in the bank without touching it.