Stoozing Can Help Some People Earn More Money | Personal Finance

A money tip called stoozing is getting more attention. It can help some people earn a little extra money. But experts say it is not right for everyone.

Stoozing works with a 0% interest credit card. A person uses the card to pay for daily shopping. They keep their own money in a savings account that pays interest.

The money in the savings account can grow over time. Before the 0% deal ends, the person pays back the full credit card bill. If they do this on time they keep the extra interest they earned.

Personal finance expert Dan Kellett says this plan only works if people are careful. They must make every payment on time. They must also save enough money to pay the full card balance before the special offer ends.

There are risks. If someone misses a payment. they may lose the 0% deal. The card may then charge high interest. Missing payments can also hurt a person's credit score. Using many credit cards can also make it harder to get loans later.

Experts say stoozing is best for people with a good credit score and a steady income. They should also be good at planning their money and following a budget.

People who do not want to use this method can still grow their savings. A good savings account or a simple budget plan can also help build money over time.

Experts say stoozing can be useful but only if it is done with care and a clear plan.