Positive balance transfer

SHAGGY84

Hi the question i wish some help with is.

My credit limit with egg is 15k and i owe £0 so could i apply for a new card with 0% for 9 months and balance transfer the credit limit on to the egg then transfer from egg to my bank account without occuring any charges as the egg will always be in credit.

Will egg notice and say anything because its in a positive balance.

CHEERS.

Milarky

SHAGGY84 wrote:

Will egg notice and say anything because its in a positive balance.

Shouldn't do, this happens all the time. In theory the non-Egg card will only agree to transfer a true debit balance from your Egg card. This can be got around legally, I feel, simply by going online to Egg before you call up when you get your new card and BT'ing [SBT'ing] from [to] your Bank Account to [from] Egg. Egg sends a confirmation e-mail a couple of hours later and at this stage you technically have a balance to transfer. This will cost you approx 2 days interest on the Egg card at standard rates.

An alternative is to go make the non-Egg card transfer two days ahead of the Egg card. Go online to transfer from Egg to bank account - knowing that the payment will hit the account on the same date as the payment leaves it - thus resulting in no postive or negative balance at Egg and hence no interest either. Doesn't always work out exactly, but mostly does [i.e if you transfer from Egg 2 working days after the date of the BT from the other card.]

SHAGGY84

Thanks for the reply i might just wait untill january as this is my annivesary month am i correct in thinking that i will not get any balance transfer fees so long as i carry out the transfers in january.