Egg money card - possitive balance

asandwhen

Ok I have a healthy possitive balance on my Egg money card £3000 (this is for christmas spends and also wedding money spends) What I want to know is would this show up on your credit files as a possitive balance? would it be seen by other lenders as a good thing when you apply for credit?

sicker

Good luck asandwhen. Don't start spending 'til 16th Nov for 2% moneyback.

John

david78

Or you could just ask for the money back by BACS on 16th November and earn £60 cashback.

You won't get the cashback until next September though.

Milarky

david78 wrote:

You won't get the cashback until next September though.

The 1% cashback is paid at the end of March and guaranteed to last a year at least.

[BTW I haven't seen any confirmation of 'double' cashback in November, only reports of it]

grumbler

asandwhen wrote:

...would this show up on your credit files as a possitive balance?

Yes, last balance is shown in the file. For example, £189 CR or -189. However, positive balances are not recorded in 'status history'. They are shown as status '0'='Payment received on time' or 'U'='No payment due'.

would it be seen by other lenders as a good thing when you apply for credit?

I have no idea. If I were a lender I'd ask myself: 'Why is he/she applying for credit if he/she has a healthy positive balance on CC?'...

koenig

Do Egg charge a fee to transfer money which is in credit to you off your card?

charlie12

koenig wrote:

Do Egg charge a fee to transfer money which is in credit to you off your card?

No fees/charge to withdraw funds when you're in credit

koenig

How do you actually get the money back? Is this what a 'Super Balance Transfer' is whereby its transferred from your card to a bank account?

Are there many credit cards that do SBT's?

Cheers

charlie12

koenig wrote:

How do you actually get the money back? Is this what a 'Super Balance Transfer' is whereby its transferred from your card to a bank account?

Correct. You can do a SBT by going to the balance transfer section on the website, and then do a balance transfer to your "bank account overdraft". Remember to say "NO" when it asks about payment insurance.

The other way to get the funds out is via BACS, which I believe you can do over the phone.

Are there many credit cards that do SBT's?

Not many - do a search on here and have a browse over at https://www.stoozing.com to find other cards that do.

koenig

charlie12 wrote:

Correct. You can do a SBT by going to the balance transfer section on the website, and then do a balance transfer to your "bank account overdraft". Remember to say "NO" when it asks about payment insurance.

The other way to get the funds out is via BACS, which I believe you can do over the phone.

Not many - do a search on here and have a browse over at https://www.stoozing.com to find other cards that do.

Just to clarify, if I have a 0% period on my Egg card, I could borrow 95% of my credit limit using a SBT and put it in a savings account until the 0% is finished and not be hit with any fee?

charlie12

koenig wrote:

Just to clarify, if I have a 0% period on my Egg card, I could borrow 95% of my credit limit using a SBT and put it in a savings account until the 0% is finished and not be hit with any fee?

For "new" cards (opened from May 1st), there is a fee if you're doing an (S)BT which has a promotional interest rate, ie. the 0% period. With Egg I believe it's 2% (£50) max. This fee does not apply to BTs made in the anniversary period, regardless of the age of the card. It's always a good idea to check with Egg before you do a large BT to confirm whether you will be charged a fee.

When you said:

koenig wrote:

Do Egg charge a fee to transfer money which is in credit to you off your card?

I assumed you meant if the account was in credit, ie had a positive balance with no promo period. In these cases there are no fees charged. You only get charged a fee when transferring a negative balance (ie. a balance that you are borrowing) during the promo period (except anniversary promo periods).

Also you can do a second BT that is 95% of the remaining 5% to maximise your stooze. This is also subject to the 2% fee if in the promo period (excl. anniversary)