‘Stoozing’ is a damn curious word. It’s when you get a 0% on balance transfers credit card and transfer the balance to a bank account that pays a high interest. Before the introductory 0% period expires, you pay off the credit card, leaving you with the interest you’ve earned. Thus, you get free money.
Problem is, stoozing is getting harder to do. To start with, few cards let you credit bank accounts directly. Secondly, most credit cards now charge a fee of 2-3% to transfer a balance, which means if you’re not careful you may actually make a loss! There are a few cards left that don’t charge a fee, but none of them have 0% deals lasting more than 6 months, which means you’d have to switch cards frequently, which is easier said than done….
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