News

**MSE Martin** · 06-03-2004, 7:25 PM

To ask a question of discuss the Egg loophole please reply to this post.

To read the article which this discussion relates to please click here

triplea35 · 07-03-2004, 5:34 AM

I have just obtained a relatively large amount from MBNA on 9 months 0% which I transferred into my current account to offset my mortgage. I like the idea of the Egg card and not having to apply for so many cards but wonder how its going to work out as it is only for 5 months. In 9 months time if I open an Egg a/c and transfer the balance I will have 5 months 0% but will then have to find a card that I can transfer it to for 7 months until the Egg anniversary date . As there does not seem many about that do over 6 months I am wondering if there is any way to get round this

pioneer31 · 07-03-2004, 9:48 AM

Martin, I am wondering if Egg (like Barclaycard) have got wind of this and are going to close the loophole sharpish? !:-[

2bad4u · 07-03-2004, 1:40 PM

Quote:

I have just obtained a relatively large amount from MBNA on 9 months 0% which I transferred into my current account to offset my mortgage. I like the idea of the Egg card and not having to apply for so many cards but wonder how its going to work out as it is only for 5 months. In 9 months time if I open an Egg a/c and transfer the balance I will have 5 months 0% but will then have to find a card that I can transfer it to for 7 months until the Egg anniversary date . As there does not seem many about that do over 6 months I am wondering if there is any way to get round this

Well Halifax have got their new "1" card which offers 9 months @ 0%.

Even if a card does only offer 6 months, the downside is that you'll only be paying about 1 month of interest anyway!

**MSE Martin** · 07-03-2004, 1:40 PM

OK to answer the 'do Egg know'. Yes it knows, I double checked just before filing my Sunday Express column that there was nothing to do to stop it. ANd no there isn't. They just hope the following factors will help it

i. Not many will do it
ii. IF they do it, they'll leave it on the card at the 13.9% period
iii. People will spend on the card
iv. It'll be offset by the new cardholders.

MoneySavers have to work to prove them wrong, and we won't find out for a year or so whether we do or not. However in a year, i will rewrire this piece to remind everyone.

As for the 7 months - actually currently there are about four offers of 7 months or longer - i hope that will continue. If not well 0% at 11 months and 1 month at 13.9% (or possibly less depending on the other cards) is still a massive boon!

martin

mr.steve · 07-03-2004, 4:24 PM

So in a nutshell?????
If I apply for an eggcard and don't spend on it I can make a balance transfer for the first 5 months, repay the minimum repayments for that duration then pay back the full amount, and do exactly the same a year after that and a year after that (just using it for BT's and not spending) then that's a boon for me???? Or do I need to read the article a few more times?

**MSE Martin** · 07-03-2004, 4:51 PM

Yes in a nutshell

Balance transfer to the card - ONLY when it has no debt on it. So if it has debt on it move the money to another card, so its empty then move the money back and you get it at zero %

Did you find the article confusing. Do you think it is worth me adding this "nutshell summary" to the main article?

feedback welcome

martin

sylblake · 07-03-2004, 5:28 PM

Have just applied for two Egg cards, been given total of £19,000 credit). Didn't bother before because have Halifax & Barclays 0 per cent for Life and didnt want too many credit checks. Saw Martin was going to bring out loophole so applied for Egg cards. Very easy and quick, will transfer balance to Ing account to get interest and then transfer back at end of interest free period. Will then keep card until anniversary offer and so same thing. A big thank you Martin, finally have no debt for the first time in years, after getting rid of missold endowment, switching to repayment with London & Country. It is hard work to keep out of debt but with Martin's advice it makes things a lot easier. I hate to think of the debt we would have been in if we hadn't found this site after losing lots to Equitable Life with pensions and also, endowments for mortgage.

Margaret_Millne · 07-03-2004, 5:34 PM

When a payment is made to Egg do they see where it came from? The reason I ask is that I am sure Egg's T&C's say that you can balance transfer to a current account providing the money is not then used to pay of other debts to Egg. How closely do they check this?

For this reason I am planning paying from one current account and balance transferring to a different one, just in case.

mr.steve · 07-03-2004, 7:03 PM

Quote:

Did you find the article confusing. !Do you think it is worth me adding this "nutshell summary" to the main article?

Only cos I'm new to all this, it takes a while for it to sink in! Your summary answered my question though and I'm sure there are a few other rookies on this site too so I'm sure a nutshell summary at the end of the article (hey, why not even all articles?) wouldn't hurt.

p.s. Just applied for an egg card online and got £750 credit limit and mint gave me £1300, so I reckon I'll share 2 grand between ING and IF ISA!

**MSE Martin** · 07-03-2004, 7:13 PM

Go Mr. Steve - and if you take another peek at the article you'll see the 'nutshell summary'

mr.steve · 07-03-2004, 8:37 PM

That's great! That makes sense, thankyou.

08-03-2004, 2:54 PM

Hi Martin,
can u advise on following,
i have an egg card with still 2 months interest free still
to run,will i be able to take advantage of this offer after the 2 months or will i have to wait until the anniversary of opening same.
cheers ,
peter

Milarky · 08-03-2004, 3:59 PM

Egg is not one of those card issuers which automatically increases your limit - you have to ask them in person.

As a tip, therefore, anyone who has already got a 1st March 'anniversary' transfer can still request a limit increase between now and the end of the month, and do a further balance transfer at 0% within that time [Have I got that right? Transfers aren't limited to one in number, as far as I know!] Anyone still waiting for their anniversary has time to arrange for the largest limit they can between now and then [and then again 12 months later!]

Edited 12 March 11 PM:
Just to add that a credit limit increase can be requested online [go to 'service Egg Card' and select the option] and was approved immediately! The last time I emailed - and maybe this facility wasn't available - and they had me submitting the request through the post! So good on Egg for getting that right!

creditman · 08-03-2004, 4:08 PM

I think you are wrong about Egg not increasing credit limits. They have increased mine several times without me asking.

pioneer31 · 08-03-2004, 4:23 PM

Can I find my credit limit before making a full application?

and also......does the 0% 5 months anniversary deal start from one's particular date of application or is it fixed from March 2004?

???

08-03-2004, 5:34 PM

I've had an egg card for quite a while now. How do I find out the anniversary date? It's not apparent on my account page. Should I dig through my paperwork to see if I can find the original agreement?

Tamsyn

Matti · 08-03-2004, 5:54 PM

Tamsyn, the easiest thing to do is send them an email.

I have been corresponding via this method to find out answer to some of the questions i have about this offer.

i knew that i had to clear my balance before doing the BT, else i would charged interest on the purchases, and pay back the BT before these costs are reduced. (this is how egg will make there money no doubt, as martin has mentioned).

my question to them was can i transfer the balance now that my account says £0, or should i wait till the statement is issued saying i owe £0. there answer was to wait for the statement to be issued and i should then not cause any confusion about what my payment was for this month. after the statement is issued then i can BT and incur no interest payments. hence i won't use my egg card for the next 5 months.

they also told me i would get the anniversary offer in Sept/Oct this year again for 0%, although they didn't say how long that period would for, maybe less than 5 months. we'll see 8)

i have increased my limit to take advantage of this offer, so should make a tidy little profit.

Andrew1 · 09-03-2004, 10:31 AM

I'm confused about the whole aniversary thing. If I take all my debt out of my Egg card, and then transfer it back in I get 0% for whatever period (Any period is better than nothing). But when do I need to do it?

Thanks for your help all!

A

09-03-2004, 2:52 PM

Martin: I currently have about £1000 on a Marbles Card that I transferred just over six months ago. I transferred it from an Egg card to get 0% for six months. I haven't cancelled the Egg card (just cut it up) so does this mean I can transfer it back and take advantage of the 0% for five months of the year? I don't want to apply for another and become a tart!