I've been stoozing my 0% overdraft but didn't fix it in case I need it. I think I might also front-run my Lifetime ISA contribution to before 6 April 2023 with my student overdraft as at the end of May 2023 I'll start working full time and can max it out that year too. Maybe a tad risky but I want to hit that max
Sorry something is troubling me. You say you take the credit money and put to savings account with high savings interest. All good. That i know too. But how do you get that credit money from the credit card to an account savings account here the savings account with touching the money. You ll have to withdraw the money which means you ll pay interest for taking the cash to put it to your savings account. Cause from what i know its not possible to pass over the credit money immediately from the credit card to an bank account
Cards often have a money transfer option in addition to a balance transfer where they put it in your account. This is different from cash withdrawals which are extremely expensive.
Hi Andy, I found your video to be extremely informative. I was wondering whether I could withdraw £4500 from a credit card and pay it towards my mortgage as an overpayment. I would then payback the credit every month by £375 say over a 12 month period. Is this possible. This would allow me to offset some of the interest
Allow me. Firstly, you wouldn’t pay back the £375 of credit per month, you would leave all that money in your savings account until the very end of the term (month 18) and clear it in one go. (The min repayments would be maybe 3% of 4.5k, about £150 ish, that would happen monthly. I’d be spending £150 on food/fuel each month on credit in lieu of that, so basically keeping £4.5k credit use on the card and that much saved away). 2. Sorry, no- you can’t “spend” the initial 4.5k like that. Using credit to get cash out, to overpay a mortgage, to buy travel money etc all comes with a big fee. Focus on “spending” the cash quickly* on fuel, food, holidays, cars, etc…. *DONT be tempted to buy anything you weren’t planning on buying anyway. This isn’t free capital it’s just another source for the expenditure
A question for you. How does blue rewards work. Is it set up on your checking account or is it set up on a credit card. And is it a add-on to Existing account Some reason I thought it was an add-on to your credit card Set it seems like it’s to do with your checking account I don’t care about the blue wards I care about the 5.12. Interest account If I open a blue rewards account set up to direct debits that should pay for the membership then I’m able to open the high interest 5.12% interest Account Please get back to me I want to call Barclays tomorrow 😀👋
Hi Andy, if I'm looking to get a mortgage in a year from now and aggressively saving, would you recommend me stoozing to get extra cash until then? Also, my Experian credit score is excellent, while my Clear Score credit score is really poor at 400. Please advise as I have a really big savings portfolio?
Please would you kindly answer this question? I’ve utilised 55% of my zero interest Sainsbury’s CC! My offer end in August this year. I’m paying minimum direct debit every month! However, do I pay off some of the balance to make sure utilisation is under 30% ??? To help my maintain my Credit score?
There a money transfer deals where you pay no fee but pay interest. If you take out a card (or two) that do balance transfers with 0% fee and 0% interest you can immediately transfer that and pay maybe a weeks interest.
Sort of do this but I actually take the money for purchases etc but pay back an amount to ot each month and save some at same time. I pay 10% each month and then make sure I have enough for final balance at term end
Lots of factors. I advise you assume 18 months and work out what credit you can get eg 5k Then assume your card will max out at 90% capacity else you lose the 0% offer if you go over limit. Don’t assume 4.5k will be saved for 18 months. Work out how quickly you can get that much spent via normal spending. It could take you weeks or months, or could be next week if a holiday is about to be purchased? I recently got 12k at 0%. I know it will take me 4-6 months to build up to 11k. Over 18 months I recon my average will be about 9k. The rest is easy. If done 0% no fee, £9000x6% (my saver rate)= profit £540/yr. x1.5 if 18 months = £810. Remember as monthly payments reduce the balance by the min amount, there’s then space to spend a bit more on the card regularly. Keep it around 90-95% for max value. Never go over. If the card carries fees (eg 3% for bal transfer) just take that one off cost off the profit. I avoid these as the margins can halve very fast.
I’m happy with 5% savings bonds on my £25000 stooze for £1,250 a year. (Prob £1000 as it takes a few months to spend that but my 0% is over 18 months.) And my wife can do the same. Value is any profit, ok maybe it needs to pay £100+ cos of the bit of effort/admin/credit score impact, to be worthwhile. But if you can get £3k credit and 4% savings, that’s £120 for starters.
All good things make a comeback. Had a large stooze pot back in the day; used pot to offset against mortgage for a few years saving lots of interest.
I've been stoozing my 0% overdraft but didn't fix it in case I need it. I think I might also front-run my Lifetime ISA contribution to before 6 April 2023 with my student overdraft as at the end of May 2023 I'll start working full time and can max it out that year too. Maybe a tad risky but I want to hit that max
What’s the best current account out there on the market mate? Can’t find a update version on the best current account
One of the quickest and easiest to open is Chase with 1% cashback and savings interest of 2.7%
Sorry something is troubling me. You say you take the credit money and put to savings account with high savings interest. All good. That i know too. But how do you get that credit money from the credit card to an account savings account here the savings account with touching the money. You ll have to withdraw the money which means you ll pay interest for taking the cash to put it to your savings account. Cause from what i know its not possible to pass over the credit money immediately from the credit card to an bank account
Cards often have a money transfer option in addition to a balance transfer where they put it in your account. This is different from cash withdrawals which are extremely expensive.
I love this subject and I participate well 😃
Excellent, I was just thinking about this strategy last night before I seen your video.
Hi Andy, I found your video to be extremely informative. I was wondering whether I could withdraw £4500 from a credit card and pay it towards my mortgage as an overpayment. I would then payback the credit every month by £375 say over a 12 month period. Is this possible. This would allow me to offset some of the interest
Allow me.
Firstly, you wouldn’t pay back the £375 of credit per month, you would leave all that money in your savings account until the very end of the term (month 18) and clear it in one go. (The min repayments would be maybe 3% of 4.5k, about £150 ish, that would happen monthly. I’d be spending £150 on food/fuel each month on credit in lieu of that, so basically keeping £4.5k credit use on the card and that much saved away).
2. Sorry, no- you can’t “spend” the initial 4.5k like that. Using credit to get cash out, to overpay a mortgage, to buy travel money etc all comes with a big fee. Focus on “spending” the cash quickly* on fuel, food, holidays, cars, etc….
*DONT be tempted to buy anything you weren’t planning on buying anyway. This isn’t free capital it’s just another source for the expenditure
The stoozing and cashback comparison part is invaluable. Cheers!
Glad it was helpful!
A question for you. How does blue rewards work. Is it set up on your checking account or is it set up on a credit card. And is it a add-on to Existing account
Some reason I thought it was an add-on to your credit card Set it seems like it’s to do with your checking account
I don’t care about the blue wards I care about the 5.12. Interest account
If I open a blue rewards account set up to direct debits that should pay for the membership then I’m able to open the high interest 5.12% interest Account
Please get back to me I want to call Barclays tomorrow 😀👋
Hi Andy, if I'm looking to get a mortgage in a year from now and aggressively saving, would you recommend me stoozing to get extra cash until then? Also, my Experian credit score is excellent, while my Clear Score credit score is really poor at 400. Please advise as I have a really big savings portfolio?
Tymit is good for 3 months intrest free
You should use examples in your videos for more impact. Makes it easier for viewers to visualise concepts.
Please would you kindly answer this question?
I’ve utilised 55% of my zero interest Sainsbury’s CC! My offer end in August this year. I’m paying minimum direct debit every month!
However, do I pay off some of the balance to make sure utilisation is under 30% ??? To help my maintain my Credit score?
There a money transfer deals where you pay no fee but pay interest. If you take out a card (or two) that do balance transfers with 0% fee and 0% interest you can immediately transfer that and pay maybe a weeks interest.
Sort of do this but I actually take the money for purchases etc but pay back an amount to ot each month and save some at same time. I pay 10% each month and then make sure I have enough for final balance at term end
Which credit card best for students for paying their fee.?
My credit limit is 8k I earn 24k and u utilise 30% at most usually
For like £50 a year what’s the point
This must only be for money transfer cards?
I need a way of doing a calculation on interest generated using this. Can you point me in the right direction please?
Lots of factors.
I advise you assume 18 months and work out what credit you can get eg 5k
Then assume your card will max out at 90% capacity else you lose the 0% offer if you go over limit.
Don’t assume 4.5k will be saved for 18 months. Work out how quickly you can get that much spent via normal spending. It could take you weeks or months, or could be next week if a holiday is about to be purchased?
I recently got 12k at 0%. I know it will take me 4-6 months to build up to 11k. Over 18 months I recon my average will be about 9k.
The rest is easy. If done 0% no fee, £9000x6% (my saver rate)= profit £540/yr. x1.5 if 18 months = £810.
Remember as monthly payments reduce the balance by the min amount, there’s then space to spend a bit more on the card regularly. Keep it around 90-95% for max value. Never go over.
If the card carries fees (eg 3% for bal transfer) just take that one off cost off the profit. I avoid these as the margins can halve very fast.
Great explanation however until intrest rates get to at least 10% its not going to be worth it
what about for debt such as a mortgage rather than savings?
Why?
I’m happy with 5% savings bonds on my £25000 stooze for £1,250 a year. (Prob £1000 as it takes a few months to spend that but my 0% is over 18 months.)
And my wife can do the same.
Value is any profit, ok maybe it needs to pay £100+ cos of the bit of effort/admin/credit score impact, to be worthwhile. But if you can get £3k credit and 4% savings, that’s £120 for starters.
Not for me thanks way to difficult
Yeah and get taxed on the profit
Put it in an ISA?