Revenge! Make free cash from credit cards/MoneySavingExpert.com Discussion

charlieboycat

lipidicman wrote:

If we follow Martins advice and gain a 0% debt by balance transferring from a 0% card to 'egg money' (putting the egg money into credit) how do you move this positive egg balance to you savings account?

According to the Egg website's FAQS re Egg Money, you have to telephone a specific 0845 number and request a BACS transfer.

Rafter

Egg money is a savings account too - although the rate isn't the very best out there.

Be a bit careful about moving big sums in and out of egg too - they seem to be getting a bit shirty and closing accounts down who do this repeatedly.

R.

lipidicman

Moving £6k once shouldn't be a problem. The guy on the phone said £99k was the limit! However, point taken. I wont be doing this regularly!

daviejohn

Has anybody managed to do a balance transfer from Egg Money to the new Amazon Master Card, run by Halifax?

I went to the Amazon/Halifax website and tried to do a balance transfer of £3000 into Egg Money but found that it would not accept such a transfer, stating that the BIN number won't allow such transfers.

What am I doing wrong??

Hamlet

Hello, I'm a stoozing virgin (sounds rude). I've SBT from Egg to my current account, £3,000 into a Halifax mini cash ISA, £200 a month into 2 Halifax childrens regular savers and I calculate with a minimum monthly repayment the balance should be used up by April 2006. What are my options then and am I doing this right?
Thank you in advance.

fagun

Martin, I just looked at Halifax One CC today. The 0% interest offer is now 3 mths for new purchases and 12mths for Balance Transfers (2% fee). So probably need to update your article.

apinning@tiscali.co.uk

Has anybody been able to BT from a HSBC card to egg money. In their terms and conditions its states the following: "a transfer to an account of an amount you owe another lender".

Also with Egg money - when do the give you interest. If I have a 9 month 0% BT and have to pay it back after 9 months and the egg money is a 12 month interest, how do I go about ensuring the cash is still in the account.

lipidicman

You dont need the money to still be there. The interested will be calculated daily on the balance.

Joclam

I have an excellent credit history and scoring and have been successfully stoozing, doing SB/T's etc, for 2-3 years now. Card companies, it would appear have caught up with me as I am getting refused for every 0% card I apply for, even if there is a B/T fee! I have had ~£40k 'stoozed away', some from 0% for 9/12mths (Halifax, Sainsburys etc), SBTs like Virgin, over the past couple years earning 5.3% (remember the Cahoot 5.6% Martin!) but it now looks like Im gonna have to give it all back over the coming mths as the 0% deals all end....?

Any ideas?

Joclam

PS Have been a 'member' far longer than Apr 05 (Martin, remember the Charcoal mortgage cashback deal?! I was one winner!)

YorkshireBoy

Joclam wrote:

Any ideas?

Available Credit
Are you closing down cards and ensuring they're marked as "settled" with the CRA's before applying for other cards?

Have you too much available credit? Is your available credit/salary ratio high? Reduce limits and/or close down unused cards.

Used Credit
Have you too much unsecured debt? Is your used credit/salary ratio high? Co-op especially don't like to see more than 80% of salary as unsecured debt.

Applications
Are you applying for cards from providers you already have an account with? Check out who owns who at https://www.stoozing.com/cards.htm