Can we balance transfer to a card with no balance?

eddi · Apprentice Joined: 01 Aug 2005 Posts: 23

Yesterday, I accidentally overheard two colleagues talking about stoozing. As I managed to understand, it is some way to borrow money from the bank, earn some interest on it and then return it in the bank. I do not know how that could be possible. Would charges not eat all the interest? Could anybody explain me stoozing? Can I use stoozing to balance transfer to a card with no balance?

ransom · Apprentice Joined: 02 Apr 2004 Posts: 13

Most of the credit cards in the UK will typically offer 0 interest on transferred balances for 6-12 months. That applies to all newly opened card accounts. In the same time, most cards also offer a similar period covering purchases. That way, a stoozer could use an introductory period balance transfer at 0 for transferring their new credit card limit into a higher interest savings account rather than an existing debt. Stoozer should pay attention on only one thing and that is to repay the money before 0 interest period expires. Otherwise, credit charging would eat all of his interest. Several devices exist to maintain offsetting saving account balances in this manner. One of the most often device are credit card cheques. There using allow to the borrower to directly credit themselves rather than pay down an existing debt immediately. Balancing transfer to a card with no balance is a way of stoozing, so you could do that. For that, you will need an Egg account and two different cards. Detail instructions could be found on their site.

Can we balance transfer to a card with no balance?

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