Even Better Than Stoozing by Finance News Bulletin

Published: 03/11/06

'Stoozing' is a damn inquisitive word It's when you get a 0% on equilibrium transfers credit card and transfer the balance to a bank account that pays a far above the ground interest Before the introductory 0% period expires, you disburse off the credit card, departure you with the interest you've earned Thus, you get gratis money

Problem is, stoozing is getting harder to do To start with, few cards let you credit have an account accounts directly Secondly, most credit cards now accuse a fee of 2-3% to move a balance, which means if you're not careful you may actually make a defeat There are a few cards absent that don't charge a fee, but none of them have 0% deals lasting more than 6 months, which income you'd have to switch cards frequently, which is easier said than done

So stoozers are attainment less and less for more and more effort, and many have decided it's no longer worth it If you find this is happening to you, university teacher't despair You've earned your spurs, so why not hang them up and take the stoozing retirement option, namely cashback praise cardsWith most such cards, you usually receive cashback at the finish of the calfinishar year, or once a year on the anniversary of the card

There are lots of very alike cashback cards offering 05% to 1% on all purchases, but the best cashback certificate at the moment is

Oh, I wish it was that easy The thing is, it depends on how you spend Even so, I reckon there are three that rise outGE Money claims that its computers can track purchases in any shop and work out if it's a foodstuff or petrol purchase, which is why it can pay an astounding 3% on them

It pays 05% on all other purchases Not astonishingly then, this is my favourite cashback card, because foodstuff and petrol can add up to be some of our greatest bills, as I'm certain you're very awareBut consider your other expenses as well

If you buy a lot of music, or electronic stuff, or if you spend a group on holidays, you could do better with one of the other two cards: the Morgan Stanley Platinum Mastercard and the American Express Platinum Credit Card Take a look at this comparison table:The final post-stoozing technique would be to get a combination of these cards if you can employ the GE Money card for food and petrol, then one of the other cards for your residual purchases The Morgan Stanley Platinum Mastercard will be best for most people, but, if you use close to, or more than, £10,000 on your credit card each day, you'd do better to get the American Express Platinum Credit Card instead

There are two other things to bear in brain One: you'll need a great credit record to get these cards, so go for something less ambitious if you don't think you qualify Two: as always, remember to employ your certificates for one purpose, eg

don't use a certificate for both purchases and balance transfers If you do, the small print could cost you a luckUpdate: since writing this article, very Foolish person who reads Adam Norman told me that GE cash has withdrawn the Everyday card, apparently because there was so little take-up, which I find firm to believe I spoke with GE cash, who agreed that it has been withdrawn, despite the fact that, at the occasion of writing, you can still apply for it through this connection: http://www

gemoneycouk/html/creditcard/everyday_creditcardproductpageshtml

If you're interested in it, I say give it a go© Copyright 1998-2006, The assorted Fool Limited All rights reserved This material is for personal employ only

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