The Complete 0% Credit Card Strategy for 2022: How to Stooze Before the Offers Disappear
If you've been following personal finance conversations this year, you've probably heard the term "stoozing" and wondered what everyone's on about. Or maybe you've got a 0% credit card lying around and had a vague idea you could make money from it, but weren't sure how.
Here's the thing: 2022 is a genuinely interesting year to be thinking about 0% cards. Interest rates are rising (the Bank of England's been hiking consistently), which means two things are happening simultaneously. First, your savings accounts are finally starting to earn decent interest again. Second, the banks are quietly making 0% offers harder to come by. If you're going to use this strategy, the window is narrowing.
This deep dive covers everything you need to know about 0% credit cards in November 2022 – from the basic mechanics, through why they're disappearing, to how you can actually build a working strategy before year-end.
How 0% Credit Cards Actually Work (The Boring Bit That Matters)
Let's start with the mechanics, because understanding how this works is the difference between doing it right and accidentally going into debt.
A 0% credit card is exactly what it sounds like: a credit card where you're not charged interest on purchases (or on balance transfers, or sometimes both) for an introductory period. That period typically runs for 6-20 months, depending on the card and the offer.
The stoozing bit is what you do with that interest-free borrowing. Here's the basic strategy:
- You get approved for a 0% card with a credit limit of, say, £5,000
- You transfer that full balance to a savings account (or move existing savings there to free up the "borrowed" credit)
- You stick that money in a savings account earning interest
- While your money's earning interest, you pay zero interest on the card
- Before the 0% period ends, you pay off the card balance in full
If you've done this right, you've earned interest on someone else's money. That's stoozing.
A concrete example: Let's say you move £5,000 onto a 0% card for 18 months. You stick it in a savings account earning 4% AER. Over 18 months, you'd earn roughly £300 in interest (accounting for the fact it's spread across 18 months, not the full year). You then pay off the £5,000 card balance using the original amount plus the interest you've earned. You've kept the interest as profit.
In an environment where best savings ratess were 0.1%, this was genuinely clever. In November 2022, when you can get 3-4% in an easy-access account, it's still worth doing – but the maths are less dramatic than they once were.
Why 0% Cards Are Disappearing in 2022
This is the harder question, and the honest answer is: the banks have done the maths on stoozing, and they don't like it.
For years, banks offered long 0% periods because:
- They made money on merchant fees (every time you spent, the shop paid the bank a cut)
- They assumed you'd either overspend or miss a payment, and they'd get you on interest
- The broader credit market was competitive, and they needed eye-catching offers
- Interest rates were so low that even the interest they lost by offering 0% was negligible
What's changed in 2022:
Rising interest rates mean rising costs. With the Bank of England raising rates throughout 2022, banks are having to pay more to borrow the money they lend to you. Offering 0% for 18 months looks increasingly expensive to them.
Stricter affordability checks. The Financial Conduct Authority clamped down on credit lending after 2020. Banks are now more cautious about who they approve and for how much. This means fewer people are getting 0% offers, and the people who do get them are people who look like they won't stooze – they'll spend on the card instead.
You're not the customer. If you're stoozing – taking the 0% offer and immediately putting it in savings – you're not the bank's target. They want spenders. They want people who'll use the card for everyday purchases and maybe slip up and pay interest. Savvy stoozes represent losses to them.
Competition is changing. A few years ago, every major bank was competing on 0% offers. Now the competitive advantage has shifted to interest rates on deposits (from the bank's perspective) or to rewards on spending. The race to offer long 0% periods is winding down.
What does this mean in practice?
In November 2022, if you search for 0% balance transfer cards on price compare bank bonuses sites, you'll still find options – often from banks like HSBC, Natwest, and others. But the terms are tighter: shorter periods (maybe 12-15 months instead of 18-20), and the eligibility criteria are stricter. The days of 0% for 20+ months on a card with easy approval are largely behind us.
Building Your 0% Strategy Before the Offers Disappear
If you've got a 0% card offer available to you (check your credit card eligibility on comparison sites, or log into your existing accounts to see what you're offered), here's how to think about it.
First: Understand your true rate of return. The interest you earn on your savings minus any fees or friction is your profit. In November 2022, an easy-access savings account pays roughly 3-4% if you're shopping around (check our offers page for the current best rates). The maths gets simpler if you combine this with other strategies – you might use a fixed-rate bond, or a regular savers account earning 5-6%. Work out your specific numbers before you commit.
Second: Be ruthless about the timeline. The most common mistake people make with 0% cards is losing track of when the 0% period ends. If you're doing this, you need a system. Mark your calendar not just for the end date, but for 8 weeks before – that's when you should start planning how to pay it off. Some people use a cooling-off period tracker for bank switches; you need something similar for credit cards.
Third: Combine it with other strategies. A single 0% card earning a modest return is nice, but not dramatic. But if you combine it with bank switching bonuses (you could earn £1,200-£1,500 from a switch), a regular saver account earning 5-6%, and a fixed-rate bond, you've built a real strategy. This is the "stacking" approach – using multiple tools at once.
Fourth: Understand the credit score impact. Every time you apply for a credit card, it does a hard credit check. Multiple applications in a short period might hurt your credit score. This matters if you're planning to apply for a mortgage or other credit soon. Check your eligibility on comparison sites (they do soft checks) before applying, and space out applications if you're going for multiple cards.
Fifth: Plan for the end. When the 0% period ends, you need to pay off the balance. Don't assume you'll just move it to another 0% card – that might not be possible, and even if it is, you'd take another credit hit. Have a clear plan to pay it off using savings or earnings. This is where stoozing becomes genuinely useful – you'll have earned interest that helps you pay off the balance.
Making the Numbers Work
Let's be concrete about what you can actually earn.
Scenario: You've got £10,000, and you can access a 0% card for 15 months at 3.5% savings interest.
- £10,000 × 3.5% × 1.25 years (accounting for the fact interest accrues daily, not as a lump sum) = roughly £437
- Minus any card fees (most 0% cards have no fee) = £437
- Minus any friction or lost time = £437 (or maybe £400 if you're being conservative)
Is £400 worth it? In the context of the cost-of-living crisis and people tightening belts, maybe. If you're looking at a mortgage decision and a hard credit check might harm your chances, definitely not.
But here's the kicker: if you stack this with a bank switch bonus of £1,200 and a fixed-rate bond earning 4.5% on £5,000, you're looking at:
- £1,200 (bank switch bonus)
- £437 (stoozing on 0% card)
- £225 (fixed-rate bond)
- Total: £1,862 from strategic banking in 15 months
In the current economic climate, that's meaningful money. And it's the kind of return that keeps pace with, or beats, inflation.
Common Questions
Can I use a 0% card if I've already done a bank switch with that bank?
Not usually in the way you're imagining. If you've recently switched banks, you're in a cooling-off period where you can't switch back to the same bank. But the credit card division is technically separate from the current account division at most banks, so you could theoretically apply for a credit card even if you've just switched your current account. That said, banks keep records, and you might get rejected if they see you as high-risk. Check your eligibility before applying.
What happens if interest rates keep rising and the 0% period ends?
Good question. If you stick your stooze money in a fixed-rate bond, this isn't a problem – you've locked in your return. If you're in an easy-access account, your rate might go up along with the Bank of England rate, or it might not (banks don't always pass on rises immediately). This is another reason to have a clear plan for paying off the card before the 0% period ends.
Is stoozing worth the effort, or should I just focus on bank switching and savings accounts?
Honestly? In 2022, it depends on your comfort level. A bank switch (£1,200-£1,500) is straightforward and unambiguous. A regular saver account (5-6% with a low balance) is simple. Stoozing involves a credit check, tracking a date, and a bit of coordination. If you've got the time and you're not worried about credit implications, stack it on top of other strategies for extra returns. If you're close to a major credit event (mortgage, car loan), skip it.
Can I do multiple 0% cards at once, or am I limited to one?
Technically you can apply for multiple cards. Multiple hard credit checks will hurt your score more than one check, but some people do run two or three cards simultaneously. The complexity goes up sharply – you're now tracking multiple 0% end dates, managing multiple balances. Most people find one card is enough to manage properly.
What if I can't pay off the card in full when the 0% ends?
Then you've essentially taken on a loan at the bank's standard APR (which is typically 18-20%), and you'll pay interest on whatever's left. This would wipe out any profit from stoozing and then some. Don't do this. If you can't pay it off from your earnings or savings when the period ends, don't apply for the card in the first place. Stoozing only works if you have discipline.
That's the complete picture on 0% cards in November 2022. The short version: they still work, the returns are real, but the offers are tighter and the window is closing. If you're going to use this strategy, act soon, do it right, and combine it with other tactics like bank switching and savings accounts. Your year-end financial strategy will be stronger for it.