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    • YorkshireBoy
    • By YorkshireBoy 26th Jul 10, 11:07 AM
    • 29,447 Posts
    • 17,230 Thanks
    YorkshireBoy
    ...cant see anything on the T&Cs to say that is has changed
    Originally posted by gingefam
    Egg have been e-mailing new T&Cs out. They say any +ve balances 'may' be returned to the account your DD is held with...a kind of auto SBT
    - but I am now left with 8K floating in the ether -neither Egg Money or the original CC know where it is !
    If the card provider sent it by BACS, as opposed to FP, then it probably won't arrive until tomorrow/Wednesday...depending on what time Thursday they actioned it. Plus, I don't think the Egg balances update until after the overnight processing run.

    When you say you called to process the SBT, hadn't you checked online first to see if the cash had arrived?
  • gingefam
    [QUOTE=YorkshireBoy;35085853]Egg have been e-mailing new T&Cs out. They say any +ve balances 'may' be returned to the account your DD is held with...a kind of auto SBT If the card provider sent it by BACS, as opposed to FP, then it probably won't arrive until tomorrow/Wednesday...depending on what time Thursday they actioned it. Plus, I don't think the Egg balances update until after the overnight processing run.

    When you say you called to process the SBT, hadn't you checked online first to see if the cash had arrived?[/QUOTE]


    No - was having trouble accessing my Egg Money account online - account frozen and had to phone up to re-activate it. That is when they told me about +ve balances no longer being allowed.

    Thanks also for all the additional information. I hope that it the case that they will automatically transfer the money over to my DD account that would be fine. The lady seemed to imply that the Egg Money account would no longer accept money into credit the account and that it would be returned to the originating CC.

    I shall try and hold my horses for a bit longer and see what happens

    I would be interested if anybody else has been able to use Egg Money as a mule successfully since the T&Cs changed.

    Are there any other mule cards/systems out there that I should be looking into now ?
    • YorkshireBoy
    • By YorkshireBoy 26th Jul 10, 11:42 AM
    • 29,447 Posts
    • 17,230 Thanks
    YorkshireBoy
    I would be interested if anybody else has been able to use Egg Money as a mule successfully since the T&Cs changed.
    Originally posted by gingefam
    Keep your eye on the stoozing site forums.
    Are there any other mule cards/systems out there that I should be looking into now ?
    You have a PM.
  • petehanley
    Egg Money Mule Card
    Hi there, I recently applied and got the current top Natwest blanace transfer deal and have setup a balance transfer from an old Virgin card - no problems there...

    However, I also have a personal debt of £5k that I want to clear but would need to do so through a cash transfer. Ideally I want to avoid any money transfer fees and since I already have an MBNA card (Virgin) the "mule card" option with Egg Money seemed the best option.

    I've checked the Egg Money site and it does not mention anywhere that you can balance transfer a cash sum to your bank account but it does, like all other cards, say that you can have a money transfer with 3% fee. Does anyone know if this feature is no longer available or if it's just hidden away after you apply for the card?
  • Allie C
    Excuse my ignorance I am new to the term super balance transfer! Totally loved the article but could anyone clarify for me please? I currently have a credit card coming to the end of its 0% period (has balance of just over £1000 on it). and will shortly be wanting to apply for the MBNA rate for life as I will shortly require £2000 to pay off my car finance. My question is... When asking for the 'super balance transfer' into my bank account does this mean the balance that I currently have on my credit card or can it be any amount up to the credit limit? Also can I transfer the balance straight from my current credit card onto the new MBNA or do I have to transfer it onto the MBNA card first and then into my bank account (hope this makes sense or have I totally misunderstood???) Grateful for any replies. Thanks.
    Last edited by Allie C; 18-12-2010 at 9:54 PM. Reason: mis typed
  • kinster
    Hi there,

    Can I super balance transfer to someone else's account? You only need sort code and account number right?

    Thanks
    You'll Never Be Rich Working for Someone Else
  • easytiger27
    Can someone help me please!

    Ive currently got £2400 on a vigin card and my current 0% deal is coming to an end. I applied for a Barclaycard platinum card with 17 months 0% and was accepted so my balance transfer is sorted.

    I have a £1600 overdraft with Llloyds which is costing me a small fortune each month in fees. Is there any way i can transfer my overdraft onto the Barclaycard or will i be whacked with loads of charges?? I would really like to put all my debt in 1 place!!

    Thanks, Maria.
    • cambridgemike
    • By cambridgemike 25th Apr 11, 8:01 PM
    • 8 Posts
    • 0 Thanks
    cambridgemike
    Balance transfer confusion
    I have had a Barclaycard Platinum card for a while now and use it as my main purchasing card due to the cashback. I have always paid off the full amount every month by direct debit.

    Separately, I bought a car a year ago on a 0% credit card, and the 0% deal was about to expire so, as I noticed that the Barclaycard Platinum card had a 0% balance transfer deal on it, I transferred the remaining balance (£5,000) onto my Barclaycard.

    This has led to two problems:

    1. I'm not sure how Barclaycard differentiates between the balance I build up and pay off every month on my spending, and the balance I transferred ontot the card - does anyone know? My fear is that if I do nothing, the direct debit I have set up will attempt to pay off the full amount (i.e. more than £5,000) which my current account won't be able to cope with! How can I handle this situation? Is there a way of making sure the direct debit pays off the full amount I accumulate each month plus whatever the minimum repayment is for the balance transfer?

    2. Clearly adding £5,000 onto my Barclaycard means I am no very near to my credit limit, which means it isn't really suitable as my regular spending card anymore - I guess I have a couple of options:

    a) Get the credit limit increased (which I will try)

    b) Get a different cashback card for regular spending (I already have Amex platinum but not everywhere takes Amex)

    Anyway if anyone can help particularly with number 1 I'd really appreciate it.

    Thanks

    Mike
  • gemmac86
    new to forum clearing overdraft
    Hello
    im hoping someone will be able to help me. Me and my partner both have over drafts of £2000 each. were currently paying around £100 per month in interest between us. From what i can gather i can apply for a credit card and do a super balance transfer and then owe £4000 at 0% plus the transfer fee to the credit card is this correct? im just abit concerned that il apply for a credit card and get accepted but then wont be offered the £4000 credit limit i need. If this happens what can i do?

    Many Thanks in advance for your advice

    Gemma
    • Tixy
    • By Tixy 12th May 11, 1:54 PM
    • 31,076 Posts
    • 39,469 Thanks
    Tixy
    Hi gemma

    £4k would be quite a high starting limit (you'd actually need slightly higher than £4k as you can usually only bt 90% or 95% of your limit.)

    If you have a good credit history and a high income compared to your debts then you might be accepted for a 0% SBT card. If you don't get a high enough limit then just transfer over 1 card, or as much as you can. That way you'll still have some on 0% and hopefully be able focus on clearing the rest of your overdrafts down.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • Redwings_12
    Hi, new to this website

    I currently have around £1200 of an overdraft, I am being charged a small fortune in interest so thought that applying for a virgin credit card and paying it of seemed like a good idea.

    I just wanted to check that this was still possible as I noticed the article was last updated in 2010 and when I went onto the virgin card website I couldn't see anything about it.

    Any help or advice from anyone would be great
  • rmorriso
    WARNING: Virgin and Money Transfer (MNBA)
    WARNING!!!

    I followed the Super Balance Transfer example (MSE article), using the Virgin Money credit card to transfer £12000 to my bank account (instead of using a loan).

    They charged the 4% on the Money Transfer as described, but also charge interest on Money Transfers :-(

    I didn't spot this in the Key Facts or Terms & Conditions and have ended up paying over £1000 in interest :-((

    I know it is my own fault for not reviewing the T&Cs, but the MSE articles are usually so well written I guess it made me lazy.

    Looking to transfer to a regular loan or Balance Transfer
  • gypsygirl121
    overdraft
    I currently have a £2000 overdraft on a lloyds tsb current account. Due to bank charges, i cant seem to get out of it. Is there anything i can do, loan? transfer? etc HELP
  • rossini82
    urgent advice pls!!
    OK..

    So in summary, I am in the process of trying to codify all my debt..

    I have tranfered an egg card and natwest card to a new barclaycard which is great.

    However, I have a bank loan and overdraft I also want to pay onto the barclaycard.

    I've just stumbled across a potential way of achieving this without a balance transfer..

    I paid more money into my natwest credit card by accident, and when I called them, they were about 1300 quid in credit..I asked to do a balance transfer between them and the egg card at the 0% promotion they just offered me..and they said there was no need - as the account was in credit - it was a straight payment with no 2.x% fee!

    Now i'm just wondering how to pay the overdraft and bank loan - I need to check but it appears that I might be able to do another balance transfer to the natwest account from the barclaycard even the the natwest is at £0..is it will end up in £3000 credit - then I can simply make a cash transfer to my bank account for no fee.

    Please please before I do this - can an expert on here sanity check this situation? Else I will have to rapidly apply for a virgin card just so i can get cash into my account and pay off the loans..its going to get very convoluted tho.

    Many thanks
  • stanley33
    Latest best super balance tranfer credit cards
    I currently already have an MBNA and Virgin credit card. (the best two for super balance transfers) I would like to get a third credit card but only one that would do a super balance transfer (pass money directly into my bank account on a 0% offer). Does anyone know which other cards are out there that do these deals, the egg card is no longer a possibility?

    huge thanks
  • sophieo
    Re being in credit on a card as a result of having made a BT to that card if it is an Egg or one of the MBNA family cards can this just be paid straight into your bank account with no fees? I seem to recall having done this in the past is it still possible?
  • Glasgow_Gio
    Confused.com!
    Hello,

    I'm a bit confused.com regarding SBT's? Are they still about?

    I have £3000 still owed on a car finance deal is on 10.3% APR.

    I'd like to transfer £3000 from a SBT card at 0% to my current account and use this to pay off the finance. I am in a position to overpay the minimum repayments and would therefore pay it of in around 12-15 months.

    Can someone dumb it down for me.

    My current thinking is £3000 with 4% fee would be £3120. So receive £3000 into my account but I owe £3120. Then its a case of paying this off every month?

    Simple as that?

    I have a good credit rating and currently own no credit cards (and never have)

    Thanks in advance.
    • deutsch
    • By deutsch 10th Oct 11, 9:28 PM
    • 307 Posts
    • 42 Thanks
    deutsch
    WARNING!!!

    I followed the Super Balance Transfer example (MSE article), using the Virgin Money credit card to transfer £12000 to my bank account (instead of using a loan).

    They charged the 4% on the Money Transfer as described, but also charge interest on Money Transfers :-(

    I didn't spot this in the Key Facts or Terms & Conditions and have ended up paying over £1000 in interest :-((

    I know it is my own fault for not reviewing the T&Cs, but the MSE articles are usually so well written I guess it made me lazy.

    Looking to transfer to a regular loan or Balance Transfer
    Originally posted by rmorriso
    only 1 post by op, but i don't understand how interest can be charged on money transfers unless it was after their 60 day period? anyone verify this?

    http://uk.virginmoney.com/virgin/credit-cards-v7/popup/summary.jsp
  • TC1
    Hello,

    I'm a bit confused.com regarding SBT's? Are they still about?

    I have £3000 still owed on a car finance deal is on 10.3% APR.

    I'd like to transfer £3000 from a SBT card at 0% to my current account and use this to pay off the finance. I am in a position to overpay the minimum repayments and would therefore pay it of in around 12-15 months.

    Can someone dumb it down for me.

    My current thinking is £3000 with 4% fee would be £3120. So receive £3000 into my account but I owe £3120. Then its a case of paying this off every month?

    Simple as that?

    I have a good credit rating and currently own no credit cards (and never have)

    Thanks in advance.
    Originally posted by Glasgow_Gio
    Have a look at the M & S Credit card.

    I bought M & S sterling travellers checks for a 1% fee using the card. Paid these into my current account and then paid of other debts. Now have 15 months at 0% APR.

    Not quite a SBT but another way of getting some cheaper credit.

  • rmorriso
    only 1 post by op, but i don't understand how interest can be charged on money transfers unless it was after their 60 day period? anyone verify this?
    Originally posted by deutsch
    Hi,

    Yes, it was my only post - I'm an MSE lurker, but thought I would notify folks about my experiences.

    My money transfer was within the 60 day period, and contrary to my original post, the T&Cs do not charge interest on the transfer.

    However, I was charged interest from the first month, and for every subsequent one.

    In the third month I was also charged a "Late Default Sum", which should be impossible because I elected to overpay the Minimum Payment by Direct Debit at the start of each month!

    On investigation, they took the Direct Debit twice in the second month, and then of course there was no payment in the third.

    I have been so busy lately that I haven't pursued them for this overpaid interest. Your note, is a timely reminder to do so. I will let you know how I get on with getting my money back.

    A couple of months ago I paid off this debt using a Barclarycard deal. I have opted for paper statements and manually set up the overpayment transfer each month to avoid this pitfall in the future.

    Regards,

    R.
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