Egg Money BT

dishmop

Instead what you do is tell Egg is to transfer a debt from Fred. The only way they can do that in practice is to send them money to repay the debt

Excuse me but you wrote that, and then contradicted it by

2) Ask Fred to "balance transfer £1000 from Egg" (or however much you want)


what I am saying all along here is that the word FROM will be confusing to some people.
Obvioulsy when one knows how it all works it makes sense and there is no proble, but to say do a BT FROM Egg to the other card sounds as if a person is being told to do it the incorrect way around.

Also as I said, I asked Egg to do a BT from another card and I now have a debit on the Egg which is waht I intended because of the 0% for 5 months.

If I had asked the other card to do a BT I would have a debit on that card and not on the Egg card.

You have in your last paragraph crarified the situation but in my experience when I did a BT with EGG I did not have to option of doing the BT the other way round anyway.

grumbler

:mad:

dishmop wrote:

The alternate method requires the new Egg Money credit card. This pays 4% interest if you have a positive balance on it. Therefore get it then apply for any card offering 0% on balance transfers. Then ask them to balance transfer (normally this is debt shifting, but here you’ve no debts to shift) from the Egg Money card to its 0% offer. Thus you’ve now got credit on Egg Money equal to the 0% debt on the new card

This quotation describes using Egg Money as a mule - to get cash from other CC with 0% period - Phase 1 in the picture above.

Also as I said, I asked Egg to do a BT from another card and I now have a debit on the Egg which is waht I intended because of the 0% for 5 months.

This has nothing to do with Egg Money. Here Egg (not Egg Money) is not a mule as it has 0% period itself.

Instead what you do is tell Egg is to transfer a debt from Fred. The only way they can do that in practice is to send them money to repay the debt

Yes, this is a little misleading as this describes money transfer from Egg (not Egg Money) to a current account.

2) Ask Fred to "balance transfer £1000 from Egg" (or however much you want)

This describes money transfer from other 0% card (not Egg) to Egg (either Egg Money or Egg Card). See Phase 1 in the picture above.

what I am saying all along here is that the word FROM will be confusing to some people.

Yes

... to say do a BT FROM Egg to the other card sounds as if a person is being told to do it the incorrect way around.

No. This is absolutely correct - for Phase 1 - and can't be said in other way.

If I had asked the other card to do a BT I would have a debit on that card and not on the Egg card.

Again this has nothing to do with Egg Money that doesn't offer 0% period and can be used only as a mule.
:think:

Reaper

We say it that way round because when you talk to the credit card companies that is how you need to talk to them.

I realise it is confusing but several regular posters have now tried to spell it out as clearly as possible, and since it sounds as though you understand the principles of stoozing if not the terminology, I'll leave it at that.

dishmop

Thats good enough.

Shinds

Question - With this new Egg Card - Can you do SBT?

as in can you transfer money from the new card in a current account?

YorkshireBoy

Shinds wrote:

Question - With this new Egg Card - Can you do SBT?

as in can you transfer money from the new card in a current account?

2 options - from the Egg Money FAQ...

Can I transfer balances to Egg Money?
Yes, you can transfer balances from credit, charge or store cards, loans or overdrafts. There is no charge to make a balance transfer and you can ask us to transfer any amount as long as it’s less than 95% of your available credit limit.

http://www.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#canitransferbalancestoeggmoney?

How do I make a withdrawal?
You can also make a withdrawal by BACS (four day electronic transfer), to do this, please call us on 08451 233 233 and we'll arrange it for you.

http://www.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#howdoimakeawithdrawal?