is it worth it?

DebtEverest

In my haste to make use of me egg anniversary month I paid off my Halifax credit card. (In most circumstances that would be great!)
I now have no debts outstanding on any credit cards other than my maxed out and stoozed Egg and MBNA cards. (both at 0%)

I now want to make use of the M&S 0% 6 months offer BUT have no cc debt to do a balance transfer with. And from what I can see they will only do a BT to a credit or store card.

I could do it through Egg, but am worried that have only 7 days left of my anniversary month - can it be done in time?

ALternatively, I could use MBNA but they will charge me £35 to do the BT.

Is it worth it?

Any speedy advice would be gratefully received!

Joe_Bloggs

Egg are generally fast to respond with online transactions. Do not delay any further. Use the Egg month to the limit.
J_B.

Janice

I was in a similar situation last month - I applied for an Egg blue card, problem solved 8)

zcaprd7

You "could" balance transfer it to card with no debt (putting it in credit) than ring them up same you made a mistake and ask for your money back - they should send you a cheque - which you cash into your bank account...

dag_2

I now have no debts outstanding on any credit cards other than my maxed out and stoozed Egg and MBNA cards. (both at 0%)

I now want to make use of the M&S 0% 6 months offer BUT have no cc debt to do a balance transfer with. And from what I can see they will only do a BT to a credit or store card.

Does the 0% promotional rate on either the Egg or MBNA card expire in less than six months time?

If neither of them expire in less than six months - it's not worth it.

If one of them does, transfer as much of its balance as possible onto the M&S card. If they both expire in less than six months, then prioritise them in order of earliest expiry date.

I could do it through Egg, but am worried that have only 7 days left of my anniversary month - can it be done in time?

I don't understand that - why should it make any difference? If Egg would offer you 0% for even longer than six months on a newly transferred balance, but your current balance will expire in less than six months, then you might would want to transfer the balance from Egg to M&S and then back to Egg again.

If Egg doesn't offer 0% for six months or more, you will still want to transfer the balance to M&S, but you won't want to transfer it back to Egg again.

You "could" balance transfer it to card with no debt (putting it in credit) than ring them up same you made a mistake and ask for your money back - they should send you a cheque - which you cash into your bank account...

Brilliant idea. You don't even need to say you made a mistake - credit cards should always send you a cheque for a credit balance - though they won't do it if you don't ask for it - and they might drag their heels by a week or two if you do.

Joe_Bloggs

This is an SBT question trying to use the Egg card as a conduit for money in the free Egg balance transfer month.
Any monies aquired from other credit card companies and paid into the Egg account would pay of the existing recently aquired/stoozed Egg debt. The aim is for the new credit from M&S to partially/totally/ pay off or place in credit the egg account. Then subsequently renew the egg debt by transfering the money into savings or another beneficial vehical. The key is how slow are M&S to give you the dosh in the egg account?

Go for it as the delays will not be on the Egg side.

Figment

The key has to be how long it takes M&S to do the BT. Any longer than 7 days and you won't be able to BT from Egg to bank before the 0% anniversary offer ends. In which case you wold have simply shifted the balance to M&S.

DebtEverest

Thanks for all your replies folks.
I went for the M&S to Egg route - (running out of time, needed to make a quick decision). So, my egg card will give me another 5000 to 'stooze'. BUT only if M&S do the transfer in the next 7 days. My anniversary month finishes at the end of November.

I dont need the M&S BT for anything really. As far as I could see, it was 'free' money that I can stooze for 6 months -without affecting my credit rating by applying for new cards (I'm sure someone willl have something to say about that!)

I had also thought of the other idea of doing BT to another credit card I have with no balance on it, but thought it would be more risky, though you don't seem to think so.??

Anyway, deed is done now, lets hope that M&S move quickly. If not, I havent lost (or gained!) anything, but will know for next time. ::)

Figment

I had also thought of the other idea of doing BT to another credit card I have with no balance on it, but thought it would be more risky, though you don't seem to think so.??

Not a route I would feel comfortable taking personally. Whilst doing it once could be seen as a mistake, more than once could be seen as suspicious and viewed as money laundering.