The first step is to obtain a credit card offering 0% interest on all spending. Of course, this isn\u2019t always as easy as it sounds. The best cards will require you to have a good credit score. Likewise, if you have debts on existing cards, you should focus on looking for a card offering 0% balance transfers rather than one where spending is interest free (although some do provide both.)<\/p>\n

If you do this wisely it\u2019s basically a risk free way to make money. However, mistakes could hurt you. The most obvious error to avoid is failing to remember when the 0% offer expires. If you\u2019re still piling all your spending on your credit card when the new rate kicks in, you could end up wiping out all your efforts in a single month.<\/p>\n

Secondly, this tactic will mean you have a high level of unsecured debt whilst you’re playing the stoozing game. Of course, the whole point of the system is that you are using what you’re saving in interest to make money rather than spend it, but nevertheless it can impact on your ability to borrow until the balance is cleared. Of course, once it is cleared, it will constitute a positive contribution to your credit history.<\/p>\n

Your credit history also needs to be considered if you want to use the scheme multiple times or on a few different cards at once, as a high number of applications across a short space of time can raise a red flag for anyone inspecting your file.<\/p>\n","protected":false},"excerpt":{"rendered":"

Generally speaking, the rate of interest we\u2019re expected to pay on money we borrow far outstrips the rate we\u2019re rewarded with for saving. This is the basic premise that allows lending institutions to turn a profit \u2013 they pay less to their investors than they…<\/p>\n","protected":false},"author":2,"featured_media":1875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"acf":[],"yoast_head":"\n