Stoozing

	Make-Me-Money


Stoozing

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Credit Cards and Savings accounts are an excellent and sure way of making money and in a lot of cases more profitable than other money making approaches. There are so many credit card deals out there that you can make money by actually spending on the right credit card.

There are three basic ways of making money from credit cards.

Simple Spend Method
Super Balance Transfer Method
Card Trick Method

Each method involves the use of a credit card and also should only be adopted by people who are disciplined enough to ensure that minimum payments are made to the card. The third approach above also involves a certain amount of understanding so the instructions detailed below must be fully understood. Approaches 1 and 2 are the easiest to adopt and follow. The third needs more effort and understanding.

Whichever you adopted, when done correctly these approaches will make you a substantial amount of risk free money.

Simple Spend Method

Alot of Credit card providers now offer new customers short term 0% offers on all purchases. When accepted you should use the card for everything you usually purchase using your regular accounts, replacing all other credit card, debit card, cheque and cash spending. WARNING - Never withdraw cash from this card as you will be charged interest.

Now only make minimum payments on this card via direct debit (This is to ensure that you are not late with a payment as if you are late you start to get charges and that's not what you want). You will now be left with a surplus of money in your current account. WARNING - do not spend this money but put it into a high interest savings account.

When your cards 0% period is coming to an end PAY OFF the whole balance on the card which should be in your savings account.

WELL DONE !!!!! You will now have the interest that your savings account accrued over the period of spending on your 0% card. You have made money by just doing your regular spending.

Make sure you choose a new card with a 0% spending period on new purchases. There are loads to choose from.

See an example of what you could make in the last section on this page

Super Balance Transfer Method

With a regular balance transfer on a new Credit Card, your other debts are paid off and you now owe the new card the money. with a Super Balance Transfer Credit Card you can pay money straight into your bank account at the special cheap balance transfer interest rate.

WARNING - Alot of cards let you pay cash into your bank account, but the majority of Credit Cards charge a fortune for this facility. The key factor to a super balance transfer is that the charge of putting money into your account is at a special promotional interest rate.

Now only make minimum payments on this card via direct debit (This is to ensure that you are not late with a payment as if you are late you start to get charges and that's not what you want). You will now have a substantial amount of money in your current account. WARNING - do not spend this money but put it into a high interest savings account - possibly an ISA if it is a very large amount.

When your cards special interest rate period is coming to an end PAY OFF the whole balance on the card which should be in your savings account.

WELL DONE !!!!! You will now have the interest that your savings account accrued over the period of spending on your Super Balance Transfer Credit Card. You have made money by doing nothing more than making sure your finances are in order.

Make sure you choose a new card with the Super Balance Transfer option. Two cards that I know of are doing this at the moment: Virgin and MBNA Platinum.

See an example of what you could make in the last section on this page

Card Trick Method

WARNING - This method needs to be done very very carefully SO if you DO NOT understand it after a three or four reads DO not go for it as it will be costly if you miss something

The advantage of the method is that you get a lump sum of 0% interest cash immediately which you can then invest in any high interest account. With the the first method above you have to wait on a month by month basis to obtain the full amount of credit.

The key to this method is the Egg Money Credit card and its features ie: it has some functions of a current account. You can have a positive balance, and easily transfer money to other bank accounts. This feature enables you to transfer cash from a 0% deal into your normal, everyday account.

this is what you will need ;

The Egg Money Credit Card
A Credit Card with a decent 0% offer for Balance transfers

Use the 0% Credit card to "Pay off" the Egg Money Credit Card. As you will no doubt realise, as you have just got your egg card, you have no balance to pay off BUT there are no rules about making such a balance transfer only to cards or accounts that are in debt.

So for example your new 0% Credit card allows you to have a debt of £5000 on it. You "Pay off" £5000 to your Egg Credit Card account. It now holds £5000 credit. You pay this £5000 into a high interest account or ISA and leave ity there until your 0% Credit card transfer period is up. At this point you pay the full balance off.

WELL DONE !!!!! For 12 or 18 months or however long the 0% interest card offer was for you had £5000 sitting in a high interest account and you have made quite a substantial amount of money. WARNING - Whatever you do MAKE sure you make regular payments via Direct debit. If you do not make regular payments then you will suddenly be having to make charge payments of a very large sum of money!!!

See an example of what you could make in the last section on this page

Example of possible earning

For any of the methods above if you have £5000 over a period of 12 months in a 5.50% saving account. You would make;

£275 if not a tax payer
£220 if a basic rate tax payer
£265 if a higher rate tax payer

So as a basic rate tax payer you would be making £18 a month for doing nothing

GOOD LUCK

Before you signup to any card make sure you read all the smallprint!!!!!!!!!!

Good Luck

This site was last updated 10/04/08