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Author: yitz99 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Milk credit card teaser rates???? Date: 10/17/2007 6:35 PM
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I know that stoozing doesn't work for everyone, but I absolutely love it.

I wouldn't call the credit card companies "jerks", just mercenary. They are quite adept at louring folks into loss leader deals, knowing that they will earn more from the losers than the lose to the winners.

So it gives me pleasure to beat them at their own game and make money off of them.

Some of my tips:

Put the money in a high interest earning account that allows ACH transactions directly to the CC company. I like UFBDirect. I have it linked to my credit cards and have automatic payments set up so that I don't have to do a thing until the free loan runs out when I will simply pay off the balance. Discover requires that you manually make a payment once a month.

One "gotcha" to be careful of - do NOT make any interest bearing purchases on the CC once you do the stooz transaction. Example - say you do a $10,000 0% transfer from your card, and then make a $50 purchase that carries an interest charge. The next day you pay $50. Your balance is now $9950 on the 0% balance, and $50 (plus interest) on the $50 balance. You will end up paying the minimum finance fee each month until the entire balance (stooz and all) is paid off. So if you have a card with recurring charges on it, don't take their balance transfer offers.

And of course, don't kid yourself. If you consider it a temptation to spend the stooz money and risk not being able to pay it back before the offer ends, stay away!
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