The Stoozers Card (Egg Money)

Member Name: mattheconsumer

Product:	Egg Money
Date:	28/09/09 (54 review reads)
Rating:

Advantages: Can withdraw positive balances for free, 1% cashback upto £200 on purchases

Disadvantages: £1 Monthly Fee (but dont let it put you off)

This is THE MUST HAVE CARD for anyone who enjoys making free cash from credit cards, otherwise known as STOOZING. The reason for this is that the Egg Money Card allows you to withdraw positive balances to your current account for free.

What does this all mean?
Stoozing is basically taking cash off your credit card on a 0% introductory offer and putting it in a savings account. Just before the 0% offer expires you withdraw the balance from the savings account, repay the card and the interest is yours for free. Due to the standard 3% balance transfer fee you need to be saving at a rate of more than 3% for this to even break even. Due to the historically low interest rates at present this is not an ideal climate for stoozing, it worked much better before the credit cunch where you could find rates of 7%.

The reason the Egg Money Card is a must have for stoozers is that it allows you to withdraw positive balances for free. The reason this is important is that most credit cards dont allow you to balance transfer to a bank account but only to another credit card. So if you had a new credit card and wanted to turn it into cash it would normally cost you 6% because first you need to transfer the balance for 3% to a card that lets you transfer to you bank account for a further 3%. Thus the Egg Money Card is the Stoozers dream since all you have to do is transfer the balance of the first card to your egg card at 3% and then you can withdraw it for free saving you 3%.

This is also a great feature if you cant transfer from one card to another because they are the same bank. For example, if you try and transfer a balance, from an RBS Credit Card to pay off a Natwest credit Card, you will not be allowed since RBS and Natwest are the same Banking Group. But if you have the Egg Money Card then you can transfer your RBS balance there, then withdraw it for free and then pay off your Natwest credit Card with the Cash.

To do the above it makes sense to maintain a 0 balance if you are using the Egg Money Card for these activities. However, Egg Money also offers 1% Cashback, upto £200, on all purchases. So basically spend £20,000 on your card in a year and get £200 (well £188 as the Card recently introduced a £1 monthly fee for new customers, but the card is easily worth that.). This by itself is very attractive and a reason to have the card irrespective of stoozing.

Summary: Unique must have card