egg money question

hillendale

I have a egg money card with a £7k limit and have a balance transfered £10k from my halifax credit card on to it . Will this be ok as i will have a positive balance higher than my egg money card credit limit. once the transfer is complete.
All advice welcome

fudgecat

I`m not an expert, so I hope others will confirm this, but I don`t think your credit limit has anything to do with PLUS balances, just the maximum amount that you can be in debit. I presume you are not going to leave such a large balance for long and will transfer the money on?

NickX

Yep fudgecat is correct, the Credit Limit only applies to negative balances, not positive balances, so no problems.

hillendale

fudgecat wrote: »

I`m not an expert, so I hope others will confirm this, but I don`t think your credit limit has anything to do with PLUS balances, just the maximum amount that you can be in debit. I presume you are not going to leave such a large balance for long and will transfer the money on?

Many thanks for the advice

Volcane

fudgecat wrote: »

I`m not an expert, so I hope others will confirm this, but I don`t think your credit limit has anything to do with PLUS balances, just the maximum amount that you can be in debit. I presume you are not going to leave such a large balance for long and will transfer the money on?

If the positive balance is kept on it 4% positive interest is gained AND the 1% cash back is still given on purchases.

If you are saving the plus balance then move it on and get a better rate in a savings account, but it'll do no harm being a positive balance in Egg Money!