Stoozing? … It’s Money for nothing and the bips for free.

I kind of paraphrased a line from the Dire Straits song ‘money for nothing’ and replaced ‘chicks’ with ‘bips’. Bips are ‘Basis Points’ and it normally refers to hundredths of a percent when you are talking about rates, so 33 bips is 1/3 of 1% or 0.33. Anyways, this post is about Stoozing or getting money for nothing. Its something that has become more and more popular as of late and it’s also a loophole in the financial system that is being widely abused it even has its own website.

Stoozing is where you get a credit card on 0% and max out the money you can take on it at 0%. Normally cash withdrawals have a separate interest rate but if you know a person who owns a shop you can run it once for your total credit limit and have them give you the money (illegal – I’m just saying how it seems to work in practice). You then place this money in the highest paying deposit account …

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Stoozing? … It's Money for nothing and the bips for free.

I kind of paraphrased a line from the Dire Straits song ‘money for nothing’ and replaced ‘chicks’ with ‘bips’. Bips are ‘Basis Points’ and it normally refers to hundredths of a percent when you are talking about rates, so 33 bips is 1/3 of 1% or 0.33. Anyways, this post is about Stoozing or getting money for nothing. Its something that has become more and more popular as of late and it’s also a loophole in the financial system that is being widely abused it even has its own website.

Stoozing is where you get a credit card on 0% and max out the money you can take on it at 0%. Normally cash withdrawals have a separate interest rate but if you know a person who owns a shop you can run it once for your total credit limit and have them give you the money (illegal – I’m just saying how it seems to work in practice). You then place this money in the highest paying deposit account …

Read More