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When is stoozing still worthwhile? (Read 8585 times)
keiran
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When is stoozing still worthwhile?
27th Aug, 2012 at 1:23pm
 
I used to stooze when credits cards came without a balance transfer fee, as well as 0% interest.

I don't anymore as there's almost always a 3% fee, which additionally is paid "up front". As it's almost impossible to get savings interest of more than 3% ( less after any tax, of course  ) I can't see why individuals would stooze nowadays.

Can anyone enlighten me?
Am I missing something?

Thanks for replies in advance.
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Sarah
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Re: When is stoozing still worthwhile?
Reply #1 - 28th Aug, 2012 at 1:48pm
 
Some of the ways to make it pay:

1. Very rare deals with zero fees.

2. Having an offset mortgage against which the stooze funds can be placed profitably.

3. If you're a business tycoon or smart investor then you might be able to make a better than 3% return on the borrowed funds.
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Autumn64
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Re: When is stoozing still worthwhile?
Reply #2 - 1st Oct, 2013 at 11:17am
 
Quote:
I don't anymore as there's almost always a 3% fee, which additionally is paid "up front". As it's almost impossible to get savings interest of more than 3% ( less after any tax, of course  ) I can't see why individuals would stooze nowadays.

Can anyone enlighten me?
Am I missing something?


Slow stoozing, get a 0% purchase card for the longest period you can, the money you would have spent on a debit card or cash, bung into Nationwide (5% up to 2.5k- I know less tax its under 4%) There's the free fivers from halifax and 3% from Lloyds  (and TSB as well now I think) Then there's £100 to transfer a bank account to Halifax, small beer as against what we used to get, but it seems stoozers can;t be choosers.  Remember to get another purchase card well before the first one runs out to get the best 0% time you can. It just keeps us marking time until normal service is resumed (if I live that long).
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adindas
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Re: When is stoozing still worthwhile?
Reply #3 - 31st Jan, 2016 at 10:31am
 
After April 2016 when the new tax rules is come in force will be a game changer, I believe.

The margin might be 20% higher as many people will be able to get tax free interest ...
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Sarah
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Re: When is stoozing still worthwhile?
Reply #4 - 31st Jan, 2016 at 1:30pm
 
I have slightly mixed feelings about that, to be honest. The opportunity to earn an extra £1000 tax free is obviously very welcome, however I'm not exactly looking forward to receiving gross interest on all accounts, having to calculate whether or not I owe any tax and potentially needing to submit a return & payment each year. It's a bit like getting paid up to £200 for doing some extra paperwork... yeah it's worth it, but there is a downside!
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planteria
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Re: When is stoozing still worthwhile?
Reply #5 - 1st Feb, 2016 at 9:40am
 
i tend to agree Sarah...
but i am also thinking ahead already to try to keep the interest i earn very simple, so there is little burden. and also looking at keeping it below the £100. if we class Halifax Rewards as being 'rewards' rather than interest, i reckon im on course for around £960 Wink
and i have to complete a tax return regardless.
what it does mean is that there is a limit to the stoozepot for those who want to avoid submitting a return.
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Sarah
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Re: When is stoozing still worthwhile?
Reply #6 - 1st Feb, 2016 at 5:40pm
 
Halifax Rewards are an interesting case since the monthly credit is really £6.25, on which HFX pay the basic rate tax, such that we're left with £5.00 net when added to our accounts. Are they going to start paying us £6.25 gross in April? Presumably, no... a saving for them and potential loss of £1.25 for higher rate tax payers!
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planteria
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Re: When is stoozing still worthwhile?
Reply #7 - 2nd Feb, 2016 at 8:20am
 
i would presume not too. and hope not.. i think.
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