stoozer

n. a person who makes a profit from differing interest rates by moving balances between credit cards. Also v., to stooz. Subjects: English, Money & Finance

Etymological Note: From the discussion forums of the Motley Fool financial web site, where the user “Stooz” is a proponent of such actions. According to the FAQ created by Stooz, the first post referring to stoozing appeared on the site January 2, 2004.

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Citations: 2004 [Bella Jones] Usenet: uk.comp.sys.mac (Mar. 5) “Re: [OT] Taking revenge on CC issuers who encourage high debt levels”: It’s called “stoozing,” or “tarting.” 2004 Sunday Telegraph (London, England) (Nov. 7) “You can avoid paying interest altogether”: Julian Myton, a software engineer, describes himself as a “stoozer”—a consumer who borrows to the hilt on credit cards and invests the money in high-interest savings accounts. 2005 Jane Mack Motley Fool (U.K.) (July 9) “0% Cards: Don’t Forget To Check Your Credit Files”: Although most people use these deals to enable them to pay off their debts more quickly, the more sophisticated users borrow the money for free and stick it in the bank to earn interest or to offset their mortgages (it’s known as “stoozing”). 2005 Cliff D'Arcy Motley Fool (U.K.) (Jan. 20) “Be A Winner In The 0% Game!”: Become a “super tart” or “stoozer”!…I know someone who avoided paying interest on £50,000 of his home loan purely by stoozing! 2005 Anne Ashworth Times (London, England) (Aug. 27) “Time to make amends”: The denigration of the zero per cent credit card has been overdone.…Card companies wish to deter serial switchers—some of whom invest cash borrowed on their zero per cent cards.…These people call themselves “stoozers.”

Posted 6 Sep 05 | Permalink | Tell a Friend