i cant understand how to do this can anyone help in simple terms thanks

the_blue_angel

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.

grumbler

If you don't understand, try reading this recent thread: confusion : The middle route + 'tarting' and this site: http://www.stoozing.com/full.htm ...

the_blue_angel

okay thanks

the_blue_angel

but it still does not explain how to do it, there is alot of will this work or should i do this
or will this be okay but it still does not expalin how to do it properly

tomstickland

You open any old 0% credit card and ask them do a transfer "from" your SBT card because most cards can't transfer "from" your bank account. Then when the money arrives in your SBT card you ask them to transfer the debt "from" your bank account.

ie: money goes: any old 0% card --> SBT card --> bank account

nibelung

It's different here. The Egg Money Card pays interest when in credit. So you could for example transfer £2,000 from the Egg Money Card to your 0% card, leaving the balance on the Egg Card as -£2000. You'd then earn 4% interest on that while paying no interest on the 0% card.

It's an easy way to gain money from interest using a 0% credit card, assuming you don't have real balances to transfer over.

YorkshireBoy

Take a look at this thread...

http://forums.moneysavingexpert.com/showthread.html?t=113909

...where we tried to explain that very same paragraph to 'dishmop'.