Five Ways To Make Money With Credit Cards
There are several ways to make money from credit cards, not
just the infamous 'stoozing' technique. Once you've paid
off all your card debts (and only then) you should start
using them to make money. Here are five ways to do so:
 
1. Earn interest on money you've already spent!
 
When you make a purchase using a credit card, you can
borrow free of interest for 45 to 59 days, depending on the
card. By choosing to make more purchases with your credit
card, your money stays in your current account for longer,
earning more interest. So you're earning interest on money
you've already spent!
 
You could:
 
* Put the weekly food and petrol bill on your credit card
  * Use your credit card for larger transactions     * Time
your larger transactions to hit the start of the statement,
so that you earn interest on your spent money for longer.
 
To use this technique effectively, you must pay off the
balance in full every month (or at least before the end of
the 50-odd days interest-free period is up), or it'll cost
you a lot more in debt interest.
 
With a decent current account you might only make £10 to
£40 a year doing this, but the great bit is that you can do
this using any credit card!
 
Compare credit cards and current accounts online.
 
2. Borrow money to make money
 
With the stoozing technique, you look for credit cards that
not only have 0% balance-transfer deals, but which also
allow you to pay off overdrafts.
 
But, of course, you don't have an overdraft! So when you
pay it in to your current account, it puts you further into
credit. You then transfer the money to a decent easy access
savings account (which you had opened previously), to earn
you some interest.
 
A month before the 0% deal expires, you transfer the money
back to your current account and pay off the credit-card
debt.
 
This technique is not as profitable as it used to be,
because 0% balance-transfer deals now come with a 2-3% fee!
To make this technique profitable, you must transfer the
money as soon as the card account is opened.
 
You must also stick to credit cards with good terms, such
as those with 12-month deals and 2% fees. If you transfer a
£10,000 balance the fee is £200. Even so, if use a savings
account paying 5%, a higher-rate earner could expect to be
almost £100 better off and a basic-rate taxpayer closer to
£200.
 
See our 0% balance-transfer cards. One card suitable for
stoozing is the Capital One Platinum Credit Card. Also,
compare savings accounts.
 
 
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You can read the rest of this article by visiting
6/five-ways-to-make-money-with-credit-cards.aspx or find a
better credit card at
spx
 
.