Who is a stoozer?

[F M All]

From the BBC (so it must be true!!!):-

A new book, "I Smirt, You Stooze, They Krump" contains new key words and phrases to enter into popular usage.

"Stooze" is a verb describing the practice of taking advantage of introductory interest free periods offered by credit card companies, to borrow money that is then invested elsewhere for profit.

http://news.bbc.co.uk/2/hi/uk_news/5396866.stm

[d]

let's check back in 10 yrs to see if any of those new words are still with us

[FinanceDude]

Quote:

Originally Posted by F M All From the BBC (so it must be true!!!):- A new book, "I Smirt, You Stooze, They Krump" contains new key words and phrases to enter into popular usage. "Stooze" is a verb describing the practice of taking advantage of introductory interest free periods offered by credit card companies, to borrow money that is then invested elsewhere for profit. http://news.bbc.co.uk/2/hi/uk_news/5396866.stm

Then justin is our Dollai Lama of Stoozers.............

[justin]

Quote:

Originally Posted by FinanceDude Then justin is our Dollai Lama of Stoozers.............

I'm a proud member of Stoozers Anonymous. Must be a britishicism.

[brewer12345]

Hi, my name is brewer, and I am a stoozer...

[FinanceDude]

Quote:

Originally Posted by brewer12345 Hi, my name is brewer, and I am a stoozer...

You work at a hedge fund, of course you are.................

[NinjaPigeon]

Woo, I'm a stoozer too! If brewer is one, then I think I'm in good company

[HFWR]

Stoozer: part stoner, part boozer...

[MooreBonds]

Quote:

Originally Posted by NinjaPigeon Woo, I'm a stoozer too! If brewer is one, then I think I'm in good company

I thought there was something about that brewer...sigh....there goes the board!

I suppose the only thing keeping me from taking advantage of those deals is that I'm paranoid that when I try transfering my "balance" (i.e. monthly credit card bill that I pay off each month) from one card to another, a snafu will inevitably occur or the letter will get ripped to shreds in the mail (don't laugh - the USPS has done that do me twice within 6 months time), resulting in a $25 late payment fee, 15% annual interest, and a host of other charges from my original credit card company...thereby almost negating any benefit of a cash advance/balance transfer from the new card. That, and the relatively small amount ($500 absolute max) I could ever hope to get in income from the venture tip the risk/reward ratio into the "go out and take a walk instead" area.

[semtex]

Peter76,

I am using payment online. You may set up the payment automatically. So all worry gone, almost risk free.

[brewer12345]

Quote:

Originally Posted by Peter76 I suppose the only thing keeping me from taking advantage of those deals is that I'm paranoid

Yeah, I suppose I can undersand that. I'm not paranoid, but I am on the fence as to whether it is really worth the trouble. When the current offers expire, I plan on letting them roll off (pay down) and then waiting for new offers to come in.

[justin]

I figure the extra $4000+ a year I get from 0% CC efforts will accelerate FIRE/pad the nest egg. Besides, I get a few hundred dollars a month for a few hours of work, max. Not a bad proposition for me since I can't earn any extra income from work for putting in overtime.

[FinanceDude]

Quote:

Originally Posted by justin I figure the extra $4000+ a year I get from 0% CC efforts will accelerate FIRE/pad the nest egg. Besides, I get a few hundred dollars a month for a few hours of work, max. Not a bad proposition for me since I can't earn any extra income from work for putting in overtime.

Maybe you could write a book and/or publish a CD series on how to do this, and make more money...............

[justin]

Quote:

Originally Posted by FinanceDude Maybe you could write a book and/or publish a CD series on how to do this, and make more money...............

Sounds like work....

Plus a big part of it requires (1) a nice six figure income, (2) excellent credit history, (3) superb financial restraint to not spend a six figure money market account, (4) superb financial controls to pay everything on time, repay in full on time, and manage the information required to pay promptly.

My target audience would be pretty small! And most households with six figure incomes wouldn't care for a "measly" extra $4k/yr. They are too busy maintaining their cars, boats, second/third homes, stereo surround sound home theatre setup, etc.

[semtex]

my credit card story.
Above six years ago, my wife and I both were students at graduate school. We worked part time. After all the expenses, no much left to pay the tuition. So I scratched a crazy plan. After I explained all the good things, my wife agreed that's a good idea. Some time, she is a kind of single minded. At that moment, I decided it was not neccesary to explain the down side.
Here is my plan:

We both quit our part time jobs and focused on the school completely. Get our degrees in 15 months and then find a job.
All the living expenses in 15 months and tuition, I figured we need around 40K. We had around 2k at that time.
I decided to use credit card to make up the deficit.

Here is the outcome:
We both got our degree.
We both got our jobs at the middle of 2000.
All the interest paied to credit card compaies less then 300 bucks.

The most crazy thing I did in my life. Only bad part, my wife felll in love with credit cards. I have to keep an eye on her spending all the time.

[jazz4cash]

Stoozer, and proud of it!

[renegade]

I know a guy who has six CD's going at any given time, all funded by introductory zero interest CC offers, using the checks that they provide to pay off your other accounts. He always buys CD's with maturities shorter than the introductory zero interest period, and pays off the CC bill in full when the CD matures. It's only 5%APR or so, for six or twelve months, but it is free money.

The hardest part is getting the CC companies to close the accounts, as they are slow to do so.

[sgeeeee]

Stoozer? I had to give it up because they used to drug test at my old job. Now that I'm retired, I would like to stooze periodically but I don't know any stooze dealers.

[Cb]

Quote:

Originally Posted by sgeeeee I would like to stooze periodically but I don't know any stooze dealers.

That suggests that there is a business opportunity for you SG. You might be able to net $4000 annually with fewer worries about timing and execution.

Or maybe you could just join a band.

Cb

[HFWR]

Hobby farm...