Moving money between cards help (Sort of SBT)

Gemmzie · 16 July 2007 at 4:10PM

I need £995 so I'm having to take it off a credit card, which is expensive.

So am I right in thinking I could withdraw the money from an overdraft, then transfer the overdraft to my Egg Money card, then transfer it to a credit card I have which is 3.9% for BT's?

The thing is my Egg Money card only has a £500 limit, so would I have to do this in two half's?

Thanks

CLAPTON · 16 July 2007 at 4:37PM

if your CC has a BT rate of 3.9% then you can do this

BT from eggmoney to your 3.9% card so your eggmonay card is now in credit by 995 and your other CC is in debit by 995... Presumably your CC will charge a BT fee?

Now you can transfer your positive balance on the eggmoney card to your current a/c at no cost because you are in credit. Because the eggmoney never has a debit balance your credit limit doesnot matter.

Milarky · 16 July 2007 at 4:41PM

Remember too that as well as transferring the positive Egg Money balance (for no interest and no fee) You can also withdraw up to £500 per day (fee free) of this balance via an ATM and your EM card PIN. For the amount you require this could take two days - one day less than it takes to balance transfer.

Gemmzie · 16 July 2007 at 6:10PM

Can I pay money onto my Egg Money card at my normal bank?

I need the money by the end of the week. I haven't started doing any of the transfers yet.

CLAPTON · 16 July 2007 at 10:14PM

you are confused.

you need to ask the CC with the 3.9% LOB to do a BT from your eggmoney card for the £995.

once this is done and the eggmoney card shows a nice credit balance of 995 you can then log into eggmoney and transfer the money (or phone) to your current account.

Gemmzie · 17 July 2007 at 11:36AM

Thanks Clapton

I knew I was muddled

Moving money between cards help (Sort of SBT)

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