In simple terms, stoozing is actually borrowing money on zero percent credit cards and transferring the money to a high interest savings account. The main aim here is to pay back the cash before the expiration of the zero percent period or transferring the debt to other cards with zero percent interest.

Here’s what to do. First, search for a card that gives a zero percent introductory offer. Most offer a period from one year to 18 months. Choose the one with a longer interest free period and a higher credit limit to enable you to gain more cash in the end. You need not worry about the interest rate at the end of the zero interest period as you won’t maintain a balance.

From there, you can now leave the card and your savings account for the whole duration of the interest free period. But prior to the expiration date perhaps a week or a few days before, transfer again the original credit limit back to the credit card account. This then clears your total balance with extra cash left. That small amount is already what you have earned in stoozing.

Credit card stoozing can actually be done in two ways – fast and slow. Fast stoozing is also called the normal technique. It involves the borrowing of a large amount of money from a credit card that offers zero percent interest on balance transfers.

On the contrary, slow stoozing entails the use of cards offering zero percent interest on purchases instead of balance transfers. The card is used on regular purchases and other than paying the full balance every month, the equivalent amount is transferred to a savings account which earns interest. Although a slower alternative, the amount to be gained can be sizeable.

Keep in mind several important things when stoozing. You will still have to pay your minimum monthly due and you should avoid using your credit card after transferring the balance so you won’t incur other charges and fees.