Stoozing is the art of making money by earning interest on cash that credit cards lend you at 0 per cent
Though the experts highlight that those figures can’t be matched now, it is still possible to make some free cash.
Personal finance expert Andrew Hagger of Moneycomms.co.uk highlights that in order to start stoozing, you need to have a near-perfect credit record to get the best 0 per cent credit card offers. He explains: “Lenders are now tightening their underwriting criteria, due to the impact of the cost of living crisis. This means card limits are likely to be much smaller than they were a couple of years ago.”
Currently, you can borrow for up to 24 months at 0 per cent on purchases with NatWest, Barclaycard, M&S and Sainsbury’s – however, depending on your credit record you could be offered a shorter 0 per cent term than advertised. Remember you still have to make the minimum payment each month – if you miss just one your 0 per cent deal will be terminated immediately.Hagger concludes: “I think the best way to save is to set up a standing order to a savings account for the day you get paid each month – that way you get used to the money not being in your current account while your savings balance grows month on month.”