Credit cards often offer an introductory balance transfer rate of 0% for the first 6-9 months, some even offer the special rate for up to a year. This is in an attempt to attract new customers. A stoozer will make good use of these offers by investing the money for the period of the offer, and then paying back the money to the credit card before the interest rate changes to the lenders standard rate.



Regular stoozers are known as 'rate tarts' and are disliked by credit card companies, although they are perfectly within their rights to stooze. They are simply playing the credit card companies at their own game. Special offers are there to be taken, and really they are offering something for nothing, although they hope that you will fall into the trap of debt so they can profit from you.

If you stooze be careful not to damage your credit rating. Applying for credit too often and having too many lines of credit have potential to damage your credit rating, as can defaulting on credit card payments. Whether or not to close your credit card accounts once you have stoozed them is a subject of much discussion.

Be sure to keep a tight control over your stoozing money, remember that the credit card has to be repaid! If you are not a strong person who can control money well then you shouldn't stooze! But the potential profits from stoozing make it worth exercising some self control.

When the introductory period on your stoozed credit card is about to end, it is possible to apply for another credit card to stooze. Make sure you apply for your new credit card in plenty of time, it often takes six to eight weeks for a new credit card to be approved. The balance can then be transferred from credit card to credit card.

Many stoozers use mini-cash ISA accounts to get the best income from their credit card money. Interest paid on a ISA is free of tax, which means that you get to keep between 20-40% more of your interest than in a normal deposit account. Everyone with savings in the UK should make sure that they make full use of their ISA allowance each year.