We all love money, so what could be better than free money? Stoozing is a clever technique that lets you take advantage of the interest free periods to generate cash – completely free! This technique is really principle that anybody can take advantage of, all it will require is a little effort to set up and a lot of patience on your part!
Basically we are going to take advantage of the interest free periods that most credit card providers offer to try and attract new customers, then we’re going to use that balance to generate a free sum of cash from a high interest savings account! It really is that simple, all this technique needs is a bit of patience. Here’s how..
Let’s find a Suitable 0% Offer…
First, find a credit card that offers a 0% interest introductory rate. You will find that virtually all of them will have some sort of offer like this.
The longer the interest free period is, the more cash you will end up with at the end. You will find most normally offer between 1 year and 18 months. A higher credit limit will increase your earnings too, but don’t worry about the interest rate after the introductory period expires as we wont be keeping the balance anyway!
Grab a High Interest Savings Account and Transfer…
Next you’ll need to find a high interest savings account to use. You may already have an account in use, or you may need to open a new one.
Either way, you can find loads of them around from the mainstream banks, just do a quick search online. Web based accounts are great as they are easier to transfer funds in and out with the click of a button, at any time of the day or night.
Then transfer the entire credit limit of the card into your savings account. The account will immediately begin to earn interest.
Be Patient While Your Cash Grows…
Now you need to be patient. Leave the card and the account alone for the duration of the interest free period, then a week or so before the period is due to expire, transfer the original credit limit back onto the credit card, clearing the balance completely.
You will find that there’s now a small sum of cash left in the account! This is what you have generated in interest using toozing, and it’s yours absolutely free!
Let’s Do a Stoozing Example
You open a new credit card and the provider offers you a
credit limit of $10,000 and an interest free period of 18 months.
So you transfer the entire balance in to a savings account with 7% annual
interest. At the end of the 18 months you will transfer $10,000 back to
clear the outstanding card balance. The account will be now be left
with $1050, absolutely free!
This might not sound like a huge amount, but there’s
nothing to stop you from stoozing several cards at once,
over and over again!
It also works with any credit limit, so don’t
think you need to have a huge limit like the one above, this stoozing
technique will work proportionately with any credit limit at all.
Although stoozing is a very easy way to generate free cash with almost no effort on your part, you do need to remember a few things. You will still need to make your minimum payment on time each month, but with 0% interest on your balance, this will not be much.
Secondly you must not use your card after transferring the balance, or you will go overdrawn and incur charges and fees, which completely contradicts the point of working this technique to make free cash!