Make Money from Your Credit Card

Can I make money from my Credit Card?

A Stoozer is someone who makes money from their Credit Card. This can be done because of the incentives that credit cardcompanies offer and some people have made thousands of pounds from Stoozing!

The term Stoozer comes from the word Stooz; which was coined a few years ago, to describe someone whoborrows money from a 0% Introductory Rate Credit Card, puts the money into a high interest savings account and then repays the moneybefore the zero percent rate ends. In other words, they have earned interest on the credit card company's money!

There are two basic ways that credit card vendors offer zero percent deals. 0% Interest Balance Transfer Deals arewhere you may transfer a balance from an existing credit card and 0% Interest New Purchase Deals are where youare offered zero percent interest on the purchases that you make. Some credit card vendors also allow you to transfer money to abank account or even write a credit card cheque, usually, on the same terms as a balance transfer.

Balance transfer deals can give you a quicker win over new purchase deals, where the money Stoozed needs tobe built up over a period of time; however, virtually all credit card companies now charge a balance transfer fee (typically 3%),so this method has become less attractive than it was.

And, a final word of warning with zero percent deals! Stoozing in this way is not for the un-disciplined. If you don't repaythe full balance on the Stoozed cards before the 0% deal ends, the interest payments that you will then have to start makingwill soon wipe out the benefit of the Stooz!

There are, of course, other ways to make money from your credit card. Cashback Credit Cards allow you to earnmoney as you spend and other cards may offer loyalty points, free services or discounts.

For zero 0% interest deals, we would recommend the Virgin Credit Card, which offers 0% interest on balance transfers for 14months and the Virgin Credit Card, which offers 0% interest on both balance transfers and new purchases for 16months. If you are looking for a Cashback credit card, then the American Express Platinum Moneyback Credit Card offers a fantastic5% Cashback for the first 3 months and 1.5% thereafter.

Read more Credit Card Articles by MyCreditCardGuide.co.uk

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