My stoozing plan- advice please

HGLTsuperstar

OK, please go easy as I have decided I cant let the whole stooze plan pass me by, but just need to check this out first. Also I am a birthday girlie today, so an extra year means you lose a few brain cells. Anyway is this plan right.
1. Get Egg money card and £0 balance
2. Get 0% for however many months and free balance transfers on other card.
3. Do balance transfer from Egg to other card
4. Positive egg getting 4%, with dd set up to pay monthly minimum on other card, which is of course not being used.
5. End of 0% period, move to another 0% offer and continue as before.
Is that right?
How much to balance transfer from Egg, i.e. my Egg credit limit?
Can I sill use Egg card for the cashback during this time. and pay the purchases in full each month, so not eating into positive balance.
Thanks guys, and remember Xmas starts 2moro, birthday today!!!

grumbler

HGLTsuperstar wrote:

...I am a birthday girlie today, so an extra year means you lose a few brain cells.

Happy birthday! Extra year means you get wiser even with fewer sells.

2. Get 0% for however many months and free balance transfers on other card.
3. Do balance transfer from Egg to other card

You can try to get more other cards than just one. This depends on your credit history and income.

4. Positive egg getting 4%, with dd set up to pay monthly minimum on other card, which is of course not being used.

You cannot setup a DD on Egg account. You should use a current account for this. Also you can move money from Egg to some other account with higher interest rate.

5. End of 0% period, move to another 0% offer and continue as before. Is that right?

Yes

How much to balance transfer from Egg, i.e. my Egg credit limit?

I wouldn't try to transfer more than the credit limit in one go.

Can I sill use Egg card for the cashback during this time.

Why not?

...and pay the purchases in full each month, so not eating into positive balance.

As above, it is better to keep money on some other account with higher interest rate or even use cash-ISA.

smarmo

Simpler version to start:

Get egg card (not egg money). 0% interest. Make the balance transfer to your bank account (so no second card required) and put money in a savings account or offset mortgage. Pay minimum balance by direct debit. Get a second 0% card just in time to transfer balance and now you're off to the races.

Don't apply for too many cards at once - stagger it a bit. That said, I often do 2 or 3 on one day on the basis that the credit reference computers don't update that fast. If you do get turned down write an indignant letter.

Don't worry too much about free balance transfers - they are few and far between and where they exist the credit limits (in my experience) seem lower.

Get an MBNA card where the give huge credit limits...worth paying £50 (max) for transfer on £15K, at least that's my take on things.

S

smarmo

Grumbler - i have dd set up on my egg card & i've never had a problem doing multiple movements at the same time.

YorkshireBoy

smarmo wrote:

Simpler version to start:

Get egg card (not egg money). 0% interest. Make the balance transfer to your bank account (so no second card required) and put money in a savings account or offset mortgage.

Main problem here is that every SBT made during the introductory period will cost 2% (max £50) - unless you gamble with positive balances. Add on a possible BT fee for the 'donor' card, and it could cost you £100 per transfer to get cash into your stooze pot.

YorkshireBoy

HGLTsuperstar wrote:

How much to balance transfer from Egg, i.e. my Egg credit limit?

grumbler wrote:

I wouldn't try to transfer more than the credit limit in one go.

I read this question differently grumbler. The Egg limit is irrelevant when transferring a balance FROM Egg. It's the credit limit on the 'donor' card that will determine the 'balance' that can be transferred FROM Egg Money.

By the way, I can't see any need for a high credit limit on Egg Money, if it's being used as the stooze pot.

grumbler

smarmo wrote:

Grumbler - i have dd set up on my egg card ...

Do you mean DD for payments from credit card (egg)?:mad: Is this possible? DD requires sort cod and account number ...

grumbler

YorkshireBoy wrote:

I read this question differently grumbler. The Egg limit is irrelevant when transferring a balance FROM Egg. It's the credit limit on the 'donor' card that will determine the 'balance' that can be transferred FROM Egg Money...

I understand what you mean. What I mean is that information about your credit limit with egg is available to the other card provider. It is more suspicious if you transfer 'debt' (non-existent in fact) from egg that considerably exceeds your credit limit with egg. May be I am just overcautious ...

YorkshireBoy

grumbler wrote:

What I mean is that information about your credit limit with egg is available to the other card provider. It is more suspicious if you transfer 'debt' (non-existent in fact) from egg that considerably exceeds your credit limit with egg. May be I am just overcautious ...

You (and I) are right to be cautious. However, my understanding is that this might only be an issue if the file was viewed 'manually'. As long as people are not 'drawing attention', there shouldn't be any problems.

Having already 'drawn their attention' once, and been interviewed regarding my own account conduct with Egg, I can categorically say that I will not be using positive balances/ficticious debts in my own stoozing activities.

HGLTsuperstar

Thanks so far everyone, who comes under MBNA cards?

smarmo

Yorkshireboy - can you tell us more about why your 'conduct' was questioned?

I have just BT'd onto Egg Money and then BACS balance on Egg Money to my bank account. No problems whatsoever. However this was the first time and I left a small positive balance on my Egg Money to placate them.

Seems to me if T&C's allow something they can't 'question' what we do.

HGLT - happy birthdlay by the way. Do a search on MBNA Europe and apply online. There's loads of them but you might as well start with the real thing.

S