Martin Lewis has issued a warning for holidaymakers who want to save money while travelling abroad.
09.06.2023 - 14:13 / manchestereveningnews.co.uk
Martin Lewis has shared a credit card tip which is making a comeback due to rising interest rates and could make you hundreds of pounds. Known as ‘stoozing’, it was shared in the recent MoneySavingExpert.com newsletter.
But it’s only advised for those who are “debt free and financially savvy”. It means that the trick may not be for you if you’re not top of your money, The Mirror reports.
He explained: "If you're not too on top of things, don't understand, don't have financial self-discipline, or have other credit card, overdraft or loan debt, this ISN'T for you, as mistakes cost. If in doubt, don't. Plus you'll also need a reasonable credit history to get a decent credit limit."
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For those who are interested in stoozing, it involves taking out a 0% spending credit card and using that card for normal everyday spending. Do all your normal spending on that card - you will need to keep making minimum repayments so you don't lose your 0% privilege.
Then each month, you put the money you’d normally use for your spending into a high-interest savings account, leaving it to build up. When the 0% deal on your credit card ends, you should pay off the balance using the money from the savings account.
Once the credit card balance is cleared completely, you should then be left with the interest you earned on the money borrowed from the credit card company. Martin also shared a clever way you can extend the so-called "stooze" period.
He added: " In the MONTH BEFORE THE 0% ENDS, either use the money in savings to clear the 0% debt before any interest is charged, or shift it to a 0% balance transfer, a fee-free one's best to maximise the
Martin Lewis has issued a warning for holidaymakers who want to save money while travelling abroad.
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