Credit cards are a way of life for most people these days. In fact, many of us have gotten ourselves into terrible credit card debt and need to get out. In some cases, however, you can actually make money with your credit cards instead of having to pay it. Of course, there are the “cash back” programs many companies offer; what this means, usually, is that you get a certain percentage of cash spent back every month. The drawback to this, of course, is that to make it work, you have to pay your credit card off month. Marketplace Clearnet
There’s another way you can make money with credit cards, too, and it’s not as well known as the rewards programs many credit cards offer. It’s called “stoozing.” With stoozing, you find one of the many credit card companies offering a 0% introductory rate for a period of between 3 and 18 months, usually.
Here’s how stoozing works. You sign up for a credit card with a 0% introductory rate for however many months they offer it. Usually, this period lasts from 3 to 18 months. Now, what you do is take cash advances out (again, making sure you’re not paying any interest or fees on these cash advances during this introductory period) and place them in a high interest savings account. At the end of the introductory period, you withdraw the money that you originally took as a cash advance on your credit card, and repay the balance before you are charged any interest or fees. The profit you make is the interest you earn on the money while it is sitting in the savings account during the introductory period.
And that’s it. It’s pretty simple, and because credit card companies are so competitive, there are a lot of these offers out there right now. You have to be very, very careful, though, because if you slip up and either spend the money so that you can’t pay it back, or if you miss putting the money back in time, you could end up spending more than you make. It’s also pretty risky because if you’re not particularly responsible with money, you could end up gravely in debt instead of making money. If you are careful, though, and you’ve checked out the terms very thoroughly, stoozing can be a way to make some relatively good money, pretty easily.