The cult of 'Stooz'
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The markets, year-to-date
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GBP to USD: $1.2599 ⬇️ 1.00%
GBP to EUR: €1.1697 ⬆️ 1.44%
'Stoozing' — why does this exist?
The Bank of England’s base interest rate is stuck at 5.25% and that has revived people’s interest in “stoozing”.
What the heck is “stoozing”?
I’d never heard of it either until I stumbled upon it on Reddit’s r/UKPersonalFinance thread. A few more searches uncovered dozens of people offering their “stoozing” strategies, and dozens more asking whether you really can make money doing it.
Put simply, the promise of “stoozing” is that with skill and diligence you can run up a balance on a 0% interest credit card and put the equivalent amount of cash into a 5% high-rate savings account. When the free interest period on the credit card comes to an end, you take the cash in the savings account to …