Credit Card "Stoozing"
Credit cards are a way of life for most people these days. In
fact, many of us have gotten ourselves into terrible credit card
debt and need to get out. In some cases, however, you can
actually make money with your credit cards instead of having to
pay it. Of course, there are the "cash back" programs many
companies offer; what this means, usually, is that you get a
certain percentage of cash spent back every month. The drawback
to this, of course, is that to make it work, you have to pay
your credit card off month.
There's another way you can make money with credit cards, too,
and it's not as well known as the rewards programs many credit
cards offer. It's called "stoozing." With stoozing, you find one
of the many credit card companies offering a 0% introductory
rate for a period of between 3 and 18 months, usually.
Here's how stoozing works. You sign up for a credit card with a
0% introductory rate for however many months they offer it.
Usually, this period lasts from 3 to 18 months. Now, what you do
is take cash advances out (again, making sure you're not paying
any interest or fees on these cash advances during this
introductory period) and place them in a high interest savings
account. At the end of the introductory period, you withdraw the
money that you originally took as a cash advance on your credit
card, and repay the balance before you are charged any interest
or fees. The profit you make is the interest you earn on the
money while it is sitting in the savings account during the
introductory period.
And that's it. It's pretty simple, and because credit card
companies are so competitive, there are a lot of these offers
out there right now. You have to be very, very careful, though,
because if you slip up and either spend the money so that you
can't pay it back, or if you miss putting the money back in
time, you could end up spending more than you make. It's also
pretty risky because if you're not particularly responsible with
money, you could end up gravely in debt instead of making money.
If you are careful, though, and you've checked out the terms
very thoroughly, stoozing can be a way to make some relatively
good money, pretty easily. You can read more about Credit Card Stoozing here.
About the author:
Gary Bunn is the editor of Think-CreditCards.com
, the consumer orientated comparison site designed to find you
the best deals on credit cards whilst avoiding high interest
rates, charges and fees, to find the perfect card for you!
