How did you start Stoozing? And how has it evolved?

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newstoozer
Posts: 16
Joined: Tue Mar 22, 2016 5:49 pm

How did you start Stoozing? And how has it evolved?

Postby newstoozer » Tue Mar 22, 2016 7:05 pm

As my name suggests , I'm brand new to the world of Stoozing.

The concept seems very simple and there's plenty of info on this site to help get started. However, I'm quite cautious about the whole process and just intend to slow-stooze at first, just to see how I get on and to build up my confidence. Maybe in time I will attempt BTs (get me using the lingo already :mrgreen: ) and even venture on to cash withdrawals (not sure if that one is the correct term or not).

So, I was just wondering how everyone else started Stoozing, and how long you've been doing it for. Did it start small and then just gradually evolve into something bigger? Or when you first discovered Stoozing were you all over it from the start like a tramp on chips?

joker
Posts: 76
Joined: Thu Jan 07, 2016 6:09 am

Re: How did you start Stoozing? And how has it evolved?

Postby joker » Tue Mar 22, 2016 10:14 pm

Slow stoozing on an extended 0% purchase card... And building from there!

cashback
Posts: 80
Joined: Tue Jan 05, 2016 5:59 pm

Re: How did you start Stoozing? And how has it evolved?

Postby cashback » Fri Mar 25, 2016 8:31 pm

I jumped straight in with a fast stooze on a balance transfer. It was a N&P 0% fee, I used the Egg Money card as a mule and stashed it away at 6%. Great days. 8-)

Have things evolved? I'd say they haven't evolved, it's just that the opportunities have been fewer due to the low interest rate environment.

In essence, I still use a mule card, albeit a credit card rather than a hybrid credit card/current account that allowed positive balances (Egg Money was a great card, you could even earn £200 a year from it doing a 'Pullman', which was a handy technique you could do in February - see the old forum for details). Alas, Egg Money is no more :( . I now use an MBNA Virgin Atlantic card, transfer a balance from it to whatever card I want to stooze and then call MBNA to transfer the cash to a current account without any charges.

Over the last 2/3 years, I've not performed any stoozes but have focussed on Halifax Reward Accounts and bagging bank account opening bonuses.

However, I'm readying myself for a busy few months of stoozing from April. I'll be using TSB Classic Plus as my main stoozepot, plus regular saver accounts because interest will be paid gross rather than net from April - it'll make a big difference. Annoyingly I've just nudged into the higher rate tax bracket so I can only earn £500/yr interest without tax. I still expect to clear £1000 from stoozing activities in the next 12 months, made up of fast stoozes, Halifax Rewards fivers, account bagging and possibly a slow stooze in between.

kempiejon
Posts: 27
Joined: Mon Jan 11, 2016 7:11 pm

Re: How did you start Stoozing? And how has it evolved?

Postby kempiejon » Tue Apr 05, 2016 10:01 am

Like Cashback, I started with Egg money, no fee cards and around 6% savings. I've evolved my stoozing using the stooze pot for matched betting, got into the regular savers and more recently peer to peer lending. I have also moved some of my stooze pot into longer term stock market investment.
I'm just catching up with the current account switching bonuses and high interest in credit. With a handful of tesco savers and RBS, Clydes and M&S in the frame
As a quick aside
Annoyingly I've just nudged into the higher rate tax bracket so I can only earn £500/yr interest without tax.
If it is just nudged could you look at making a pension payment to bring your gross income down to below the threshold, then you'd benefit from the £500 interest and of course the tax rebate on the contribution and the grossing up of the pension payment by 20%, if you've moved a few thousand into the HR tax band and want to have the money in your pocket it'll not be worthwhile.

newstoozer
Posts: 16
Joined: Tue Mar 22, 2016 5:49 pm

Re: How did you start Stoozing? And how has it evolved?

Postby newstoozer » Tue Apr 05, 2016 7:08 pm

Thanks all for sharing your experiences.

Wow, some of your Stoozing really has evolved lol! I had a go at the matched betting thing myself recently but decided it wasn't really for me. I came away with about £8 profit though, so it wasn't all bad! ;)

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: How did you start Stoozing? And how has it evolved?

Postby StoozOrLose » Tue Apr 05, 2016 7:36 pm

I used to stooze back in the old days when interest rates were high, there were no fee's on balance transfers and you could make a lot of easy money. Then I moved on to online betting when that took off as the free offers were great and they didn't restrict what you could bet on, so I'd bet on American sports like basketball where you don't get draws, I'd select my bets carefully using a stake on one and the free bet on the other, so I either won big or small but always won. Sadly that didn't last long either.

Now I'm doing the fast snooze, the rewards are small (circa 4%) but figure I can make about £1200 a year all in. It isn't huge money but is free money and I take pleasure in taking it off the banks, I kind of figure its our money anyway and I'm just taking it back!!!

newstoozer
Posts: 16
Joined: Tue Mar 22, 2016 5:49 pm

Re: How did you start Stoozing? And how has it evolved?

Postby newstoozer » Tue Apr 05, 2016 8:04 pm

Apologies for my ignorance but can I ask what is meant by fast Stoozing? Maybe we can set up a glossary page somewhere for all the Stoozing terms lol.

joker
Posts: 76
Joined: Thu Jan 07, 2016 6:09 am

Re: How did you start Stoozing? And how has it evolved?

Postby joker » Tue Apr 05, 2016 10:09 pm

Fast is a balance transfer via one route or another to a savings pot, for the period of a zero percent balance transfer. Basically maxing out a card in minutes.

Slow is spending on a card over the term of a lengthy zero percent purchase period. Basically maxing out a card in months or years.

newstoozer
Posts: 16
Joined: Tue Mar 22, 2016 5:49 pm

Re: How did you start Stoozing? And how has it evolved?

Postby newstoozer » Wed Apr 06, 2016 5:45 pm

Hi joker thanks for the info - it's all becoming (a bit!) clearer now :)

so, once I've done my slow Stoozing and maxed out my 0% card and reached the end of my interest free period I can look to do a balance transfer to a new 0% card, which would be the fast stooze.

I've read that another fast stooze method would be to get a 0% card and then do a money transfer (if that's the right way of putting it) to the value of the credit limit across to a stooze-pot. However it seems that transaction fees have put an end to this really being worthwhile - is that right?

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: How did you start Stoozing? And how has it evolved?

Postby StoozOrLose » Wed Apr 06, 2016 9:00 pm

newstoozer - check out the Virgin money card, 32 months at 0% for just 1.69% fee.

An example fast snooze with this would be take out the card, do an immediate full balanace cash transfer and stick it in savings accounts with the best possible rates.

So long as you don't spend the money you borrow and you make the minimum monthly payments then you make free money.


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