using credit cards to your advantage?

[leeb]

hi all,

i have been reading about this thing called 'stoozing'. now i have always been very good with money, never been in debt, never had a cc etc. but what i am reading makes sence.

get a CC 0% on purchases, and use it for everything i would normally use my debit card for. Set up a minumum payment for the card by DD each month, adn make sure that each month, i transfer the amount spent on the card in the previous month to a high interest savings account.

Anyone doing this? or got any thoughts on it?

Also what is the situation on setting up monthly payments such as insurance, sky etc etc to come from the 0% card, adn transfer the money into the high interest? can this be done.

Cheers

edited due to my crap early morning interest calculation. gradually building up say £5K over a year, wouldnt give an annual return of 6% on that whole £5k. ive woke up now!

Edited by leeb on Saturday 2nd February 10:16

[leeb]

cheers for the advise,

i am checking my account every month anyway transfering various amounts etc, so to keep a check on spending on a 0% card will be no trouble. i am well aware of the potential problems and costs of credit cards, which is why i have always avoided them. this would be purely to earn some xmas money to spend as a bit extra for a bit of organisation. not so bad.

i am currently looking into cards, where and who etc. I am seeing if there is such a thing as 0% on purchases and cashback, or rewards of some description. Balance transfers isnt an issue as i would be paying the card off at the 11th month.

Lee