egg positive balance transfers

carpy

is it still possible to do these as i've got a feeling i read somewhere you can't??

if you can is there a fee because it's been a while since i last did one

Reaper

Assuming you mean BTing money onto an Egg card to create a positive balance then it is no problem doing so using an Egg Money card. However recently there have been reports of Egg not liking it done on Egg Green cards any more.

EDIT: No fee

carpy

yeah i want to BT on a new card (probably Barclaycard 10 months 0%) from my egg card (making it a positive balance) and then SBT that into my savings account.

have done it before but some time ago

anyone done it recently?

p.s. i think my card is the green! :-(

Milarky

There should be no fee on anything other than an 'initial' promotion [when the card is new] or on 'special' promotion [when you are advised of a low rate if you transfer]. These are the only times Egg terms and condition allow a fee. So if transferring at 'standard' rates there won't be a fee. The same applies when transferring from a 'positive' balance.

If you know exactly how long a BT will take to hit the Egg account it is possible to make a 'crossing' payment - i.e. where you transfer on the same date as the payment arrives. You don't have visibility of this because statements are always one day behind, but a rule of thumb is:

BT 'from' Egg 'to' 0% card on a Monday

BT 'from' your current account [etc] 'to' Egg on a Wednesday

Cash in the bank on Friday

carpy

ok thanks i'll give it a try

my plan is to get the 10% barclaycard although it now looks as though it isn't possible without a BT fee!!


also if my 0% BT is coming to the end does it make any difference whether i then move that debt to another 0% card or just pay it off in full from savings and then move a new 0% BT to my savings??

surely it works out the same???

YorkshireBoy

carpy wrote:

also if my 0% BT is coming to the end does it make any difference whether i then move that debt to another 0% card or just pay it off in full from savings and then move a new 0% BT to my savings??

surely it works out the same???

Not necessarily. Your used & available credit/salary ratios (amongst other things on your credit report) will determine which method you need to use.

carpy

is there really much difference though?

could you explain further or give an example to help me understand

YorkshireBoy

carpy wrote:

is there really much difference though?

could you explain further or give an example to help me understand

Many lenders get nervous when your unsecured available credit/debt approaches 100% of your salary.

Assumptions:

Your salary is £20K
You have 4 credit cards, each with a £5K limit - total £20K.
The balance on each is £4.5K - total indebtedness is £18K.

If you apply for another card, asking for a £4.5K BT from one of your existing cards, and they gave it to you, this would increase your available credit/salary ratio from 100% to around 125% - a level that many lenders are uncomfortable with, simply because you could go out and blow the lot.

You'll know when you reach this level, because you'll either be declined (wasting a credit search) or given a low limit. You'll then have to pay off a card from your stooze pot, close it, and wait for it to show as settled on your CRA report, before making any more applications.

Stoozing is about finding a sustainable level of "debt". Usually this is around, but just below, your salary. Occasionally though, you get lucky!

Clariman

YorkshireBoy wrote:

Lenders get nervous when your unsecured available credit/debt approaches 100% of your salary.

Lenders do seem to get nervous around 100% salary, although that is not always the case. More than a quarter of people in a poll (you know where), said that their stooz pot was more than 100% of their salary, so it is far from impossible to get more than your salary.

Clariman

carpy

thanks very useful info

i hadn't really thought about it like that before

dishmop

My BCard is offering BT free and have only had it for 3 weeks so is a new one.

I intend to do the same as you with the Egg Money card, then probably into the Egg savings account