Egg anniversary offer - SBT questions and advice

metime · 9 August 2004 at 9:21PM

Hello all,

I'm new here after having gained a copy of Martin's book on a freebie promotion. Been lurking on the boards for a few weeks, but decided to register when I got to the credit cards section of the book.

Wow - what a great use of free debt arrangements. My anniversary rate window will happen in October, so I'm preparing by making sure that the card is completely zero'd by the September payment date, and nothing else is put on it.

I now have a £10,000 limit on my Egg card (approved on the site last night). So I'm going to be able to SBT this into my current account (then into savings / premium bonds) on 1st October for 5 months, and pay the minimum payments until paying the balance back before the end of February payment date.

Have I got this right?

Cheers ::)

Joe_Bloggs · 9 August 2004 at 9:56PM

Try and get a few other 0% deals in mid september to make use of the SBT nature of the card. Then stuff the egg limit into a highrate short term low tax account. Premium bonds are a new angle. Do you feel that lucky ?
J_B.

metime · 9 August 2004 at 10:39PM

Hi Joe,

What do you mean by getting some other 0% deals in Mid-Sept? Can I rack up the balance transfers on them all separately into my "overdraft", or do I need to transfer my debt from the Egg Card to the other 0% cards, and then max out the Egg card all over again (within my Anniversary month period), ad infinitum, while the going is good?

To recap:

Stage 1 - max out the balance transfer to £10K
Stage 2 - transfer debt to other 0% cards and minimise Egg Card Debt
Stage 3 - max out Egg balance to £10K again, and repeat Stage 2.

Is that possible / allowed?

Premium bonds? Well, the odds are better than the Lotto, and who knows - I might invest a bit, and it only takes 8 - 10 days to get your hands on the cash again. You never can tell, and it's a risk-free investment.

Joe_Bloggs · 10 August 2004 at 1:55AM

My limited understanding of premium bonds is that you can expect just more than 3% statistically if you get £20000 for a year.
The lottery is probably fourteen million to one to win the jackpot of around five million.

Most introductory balance transfers are free perhaps for a month. Egg will not normally refuse positive credit balances on their card so balance transfer modest amounts into the egg account whenever you see fit.

I just happened to find out about the anniversary options rather late and had to scramble to take advantage. I always transfered to my egg card when it was in defecit and when they would not charge me for balance transfers.

I realise now that I was overcautious.
If you are more organised you can plan things so much better.
J_B.

metime · 10 August 2004 at 12:55PM

Well, from what I can gather from these discussion areas, Martin's articles and the Motley Fool, it looks like I can BT positive balances to another account at no charge, and relatively frequently - hence the popularity of the Egg card as a conduit (I know - I'm slowly catching on ...)

Just out of interest, I'm wondering what's the max. credit limit that people have on their Egg Card?

Has anyone who has asked for their credit limit to be increased online been refused?

If you want your credit increased (after having just had it increased), what's a sensible amount of time to wait before re-requesting an increase?

So many questions! So little knowledge in my head!

Joe_Bloggs · 10 August 2004 at 2:31PM

My limit is £4K. I asked for a £1 rise online and was refused. You have to play a silly online guessing game by requesting a limit and then waiting a few seconds for some computer to say no. Why not talk to a person instead.
J_B.

metime · 10 August 2004 at 3:09PM

Somewhere in the dim and distant past, there was some incentive for Egg card holders to maintain their accounts entirely online.

I took this option - although I haven't investigated whether I could talk to someone about it instead. Thanks for the advice

Suzz_2 · 10 August 2004 at 3:40PM

My limit with Egg was £7800, recently upped to £9K (agreed on-line; further increase refused). Probably wise to wait a frew months to ask for another increase (like I didn't!!!)

I have seen posts where people have got limits of £10K; think I remember seeing one of £13K.

A few years ago I bought £2K in premium bonds. I won 4 prizes in the first 6 months (3x£50 - 2 of these came in the same month.. + 1x£100); then didn't win a thing for the next 18 months & cashed them in. The vast majority of the prizes are £50-

I've heard that newer bond are more likely to win, and every couple of months you should cash them in and re-buy them. They say of course that every single bond has an equal chance.

The good thing about them is the surprise when you get a cheque through...

Margaret_Millne · 10 August 2004 at 4:56PM

I must have held premium bonds for over 30 years - bought for me as a child - and I never ever ever

won anything at all, so I cashed them in and put the cash in a savings account.

steviewander · 10 August 2004 at 8:21PM

I asked for my Egg limit to be increased from £5k to £9k. All they asked for was my current salary, which was substantially more than when I applied for the Egg card a few years ago.

I got the £9k limit no problem.

Furthermore, I've just got an Egg Blue card. They gave me a £9k credit limit on that too!

I am right in thinking that the £9k limits are separate between the Egg Green and the Egg Blue! I'm assuming it's just a coincidence that they gave me the same limit on my Blue as they had with my Green card.

Egg anniversary offer - SBT questions and advice

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