Alternative to Egg Money

petemoran53

Hey there,

A few weeks back I got turned down for Egg money, no idea why as I have had a Egg card with them for 5 years and got a pretty good credit history.

Main pain is I want to apply for some credit cards for Stoozing which do not do SBT which without the 'Muel' method I seem I cannot do.

I was thinking though - I want to close down a card which is running out of its 0% period and historically when I had a card with a positive balance, when I closed it down they sent me a cheque for the positive balance, so you think it would work to do a balance transfer to a credit card account making it positive, then close down the account asking for them to transfer the cash to a current account ?

Or any other ideas to get round this problem ?

Richard019

petemoran53 wrote: »

Hey there,

A few weeks back I got turned down for Egg money, no idea why as I have had a Egg card with them for 5 years and got a pretty good credit history.

Main pain is I want to apply for some credit cards for Stoozing which do not do SBT which without the 'Muel' method I seem I cannot do.

I was thinking though - I want to close down a card which is running out of its 0% period and historically when I had a card with a positive balance, when I closed it down they sent me a cheque for the positive balance, so you think it would work to do a balance transfer to a credit card account making it positive, then close down the account asking for them to transfer the cash to a current account ?

Or any other ideas to get round this problem ?

Given the amounts you're talking about they'd probably reject the balance transfer.

Paul_Herring

There are apparently no alternatives to Egg for use as a mule card. http://forums.moneysavingexpert.com/showthread.html?p=7802669 mentions MBNA, but I'm not sure the information on that thread is up-to-date with the current situation.

sdooley

Why don't you do a standard balance transfer to clear the 0% on the card you're thinking of closing down? If you haven't already paid it off with savings, I mean.

Paul_Herring

sdooley wrote: »

Why don't you do a standard balance transfer to clear the 0% on the card you're thinking of closing down? If you haven't already paid it off with savings, I mean.

Balance transfers require the balance to be transferred to be transferred to another credit card, not a bank account.

Egg are one of the few to allow the transfer to a bank account (hence the 'super' balance transfer.) And Egg appear to be the only one who don't charge for it.

NickX

Well MBNA run cards also offer SBT (Super Balance Transfer) facility and there have been reports of people successfully using cards such as Virgin to mule.

However, they will probably charge a fee to transfer the funds to your Bank Account, and if you are already paying a fee to transfer to the MBNA card, then any profit will likely be wiped out.

Also, as others have mentioned, these cards are not designed to go into substantial positive balance and MBNA may reject the funds and send them back to their source or even freeze the account under suspicion of Money Laundering.

So, best advice is to appeal the Egg Money rejection, it is pretty vital for successful long term stoozing.