Stoozing

August 29th, 2007 | by rocketc |

Plonkee used an interesting term the other day to describe what we typically call credit card arbitrage. At some point in the future, I will detail my particular method of earning interest off of other people’s money. It is not a practice to entered into lightly, but can provide a means to an alternate stream of income. The basic idea is to use 0%balance transfers and open lines of credit in order to creatively acquire cash that isn’t really yours and then stick it in a savings account to earn interest. My money is currently at FNBO earning 6% until the end of September.

Some people use what is called an “app-o-rama” as a part of their strategy. Hustler is a proponent of this method and he explains it in great detail here. The app-o-rama or AOR combines credit card arbitrage with 50 or more credit card applications in one day in order to earn bonuses and to increase you overall credit line.

Stoozing - ha! I wonder about the etymology of the word and did plonkee personally coin the phrase?

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