Yes you actually can generate free money from your credit cards using a technique known as ‘stoozing’. It does take patience and a little bit of time, but there’s nothing to stop you from having this technique running on several cards at once. Let’s talk about how… Marktplatz für Drogen
The principle is simple, we’re going to exploit the interest free period on credit card A and earn interest on a positive balance on credit card B. Sounds easy right? Well it is, but you need to firstly have a credit card with a 0% interest period. Most good card providers will offer this but try shopping around for the longest period you can find. After all, the longer the interest free period, the more money you will generate!
Secondly you will need another credit card that pays interest on positive balances, these types are becoming more and more popular and many people have these ‘hybrid’ style cards in place of regular debit cards. Once again many of the larger card companies offer this type, such as Egg Money, Virgin and American Express. If you’re unsure just ask! Now you have the two cards you can begin ‘stoozing’ and generating free cash.
1) Phone up and make a balance transfer from the card with the interest free period (Card A) on to the second card which pays interest on positive balances (Card B). Make the transfer for the full credit limit of card A.
2) Make a note of the date the interest free period will expire, and then put that card away safely. Make sure you do not use the card again or you are likely to start incurring interest and charges.
3) Card B will now be in credit and earning interest on its positive balance, but once again, make certain you do not spend any of the money you have transferred on to this card or you will be eating directly into your profits!
4) Put card B away too and wait…
5) Around 7-10 days before the interest free period expires, transfer the original amount back on to card A, clearing the balance before you start to get charges and interest. What you will find is that you will still be left with cash on card B! This will be the interest you have earned on the transferred amount. This is now your FREE cash!