EGG anniversary offer explained

smartsaver · 2 May 2005 at 10:15PM

I have had a couple of PM's asking me to explain the how the EGG anniversary offer works and how it differs from when you first take out an EGG card at 0%.

This explanation is for cards taken before the end of April 05 and is my understanding of the deal. Please advise if you think I have mis understood.

EGG allow you to SBT your credit limit into your current account for 5 months at 0% interest, starting one year from the month you originally took out the card.

You can only SBT at 0% during this month. After that interest will be charged at the normal rate.

THREE points to note:
:eek: Make sure your card is at £0.00 before you SBT. If you have any purchases on your card, they will be paid off last and you will incur interest on them.
:eek: Do not use your card for purchases during this period. (Same reason as above)
:eek: Do not use EGG as a mule after the anniversary month while is has a 0% interest balance. If you do you will just pay off the balance and will be charged interest on the next SBT.

Make sure you know when the deal ends and pay off the card.The anniversary offer differs from the first 0% period as you can only SBT without incuring interest during the anniversary month - not for the entitre 5 months. As I said above - if you do you will pay off the balance and not be able to SBT again at 0%.

This is a brilliant deal if you know how to manage it

Hope this helps anyone who was not sure.

jimclark1967 · 3 May 2005 at 1:17AM

Is it the calendar month of the anniversary date or is it one month from the anniversary date?

E.g. applied for my card on 18th April 2005 - would it be 1st - 30th April 2006 or 18th April - 17th May 2006?

Many Thanks

JC

mary · 3 May 2005 at 8:48AM

Send them a secure message and get it confirmed in writing. That's what I did. They respond in 24 hours or quicker. I have just started my anniversary month May 1st.

eastofeden · 3 May 2005 at 8:49AM

It is the calendar month, ie in the case specified, April.

sly_dog_jonah · 3 May 2005 at 11:23AM

smartsaver wrote:

:eek: Make sure your card is at £0.00 before you SBT. If you have any purchases on your card, they will be paid off last and you will incur interest on them.

Furthermore make sure that the £0.00 appears on a STATEMENT before you do the transfer, and you haven't made any subsequent purchases. If you fail to do this you will be charged interest on the purchase even if you have paid it off prior to doing the BT, as payments during the statemented period are applied to the cheapest balance first (ie the BT not the purchase). Crazy but people have been caught out.

Another tip to add to the list: change your direct debit to minimum for the duration of the offer, but don't forget to change it back to full after the offer is up.

smartsaver · 3 May 2005 at 11:57AM

One more tip: You can do as many SBT's as you like during the anniversary month but none during the remaining 4 months.

cronshd · 3 May 2005 at 5:58PM

One further tip, in order to make sure that the account is 'zeroed' and there will be no payments made during the anniversary:

1. Check and double check all the possible regular payments (eg. monthly subscriptions or annual fees). Transfer to another card as necessary

2. Check and update any web based payment tools you have assigned to Egg green (eg. amazon, PayPal). Transfer to another card as necessary

If you have a second card user, then check the same with them.

There is no way Egg can help you on this - you have to trawl through your statements to make sure you've captured them all. Of course, if you've not been using it for buying stuff, then this won't apply!

Cheers.

smartsaver · 4 May 2005 at 8:28PM

It looks from the website as though new customers will charged for BT's during the anniversary period. The wording advises 'the same 0% offer'. Not good news as 5 months is not as good as 9 so will deter people from using the anniversary deal

Chadsman · 4 May 2005 at 10:16PM

When I phoned them up to ask when I could do a BT to my new Egg card I also asked when the 2% fee would not be levied. I was told that it would only be levied during the introductory offer period and NOT during the anniversary period.

david78 · 5 May 2005 at 6:28AM

I just did the balance transfer on the 1st of the month. The other thing you should consider doing is increasing your credit limit in the month before.

fatboyonadiet · 5 May 2005 at 8:35AM

Think it's the calender month

EGG anniversary offer explained

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