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Stoozing?

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I have been reading up about this on MSE and I have only just scratched the surface. Am I right in thinking that the idea is: 1 - you pay for everything on credit card with a 0% interest rate 2- … Read More
brettytopbanana Avatar
7y, 4w agoPosted 7 years, 4 weeks ago
I have been reading up about this on MSE and I have only just scratched the surface.
Am I right in thinking that the idea is:

1 - you pay for everything on credit card with a 0% interest rate
2- in the meantime you are building up savings in your bank account
3- you pay the minimum amount back each month to pay off the credit card.

Then I get a a little confused.

What happens after the 0% interest rate ends after say 10 months?

What do you do then?

Could someone explain it to me?
Im pretty sharp with money but I am failing to see the real logic behind this as in the end you will have to pay the debt off.

Thanks
brettytopbanana Avatar
7y, 4w agoPosted 7 years, 4 weeks ago
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Comments/page:
#1
Im guessing you then pay it off or transfer it to another 0% card. Thus you get the savings account interest on the borrowed money.

However, due to crappy saving interest atm it probably is not worth it.
#2
pay off the debt and pocket the interest on the savings......however rates on savings are so low atm that its hardly worth it
#3
Not quite. You get a credit card with 0% but it must have a Super Balance Transfer facility, where you can transfer the limit of the card to your savings account as cash. You then earn interest on the amount, paying back the monthly minimum. Before the 0% offer ends, you pay off the balance of the card and close it down. Your profits are in the interest earned.
#5
thanks for the reply, i thought I pretty much had the idea of what goes on. Might look into it.
Thanks
#6
brettytopbanana
thanks for the reply, i thought I pretty much had the idea of what goes on. Might look into it.
Thanks


It's hardly worth the trouble these days.
5 years ago, you could pocket some pretty decent cash, but those days have ended.
#7
Yep was good 2 years ago i got £16000 from mbna @0% for 15 month and 0%fees.
£50.00 a month interest for 14 months then pay it all back £700.00 profit

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