Egg - Upping the Limit

Lopo

Wow...!

Quick responses! - surely will be appreciated lots....thanks!

Think that will clear his thoughts a little better, the approach suggested by both Got a biscuit? and Martins Love Child I can see will achieve the same result but which would be the best method safely?

Assuming £15k is offered by Lloyds also for the sake of this discussion.

Got a biscuit? ...has a 2 staged amount shifting the balances process....Martins Love Child suggests an end result of shifting upto £30k in one hit to his savings/mortgage!? - is this wise !?

Thanks all...think we'll have an inspired new mse member soon when he see's this during the day...

Unbelievable_2

Lopo

I think your mate should go with the Got a biscuit? plan - he's already been accepted for the Egg card so should shift the money as soon as he can, then sort the Advance card out next ;D

Martinslovechild

Lopo

I think your mate should go with the Got a biscuit? plan - he's already been accepted for the Egg card so should shift the money as soon as he can, then sort the Advance card out next ;D

OK - I can see this. The Egg Card allows SBTs whereas the Lloyds card doesn't. If your friend does the Egg transfer first, then when the Lloyds card turns up, he'll have to do a BT transfer from Egg to Lloyds at that point, thereby reducing his Egg DEBT balance. He'll then need to do another SBT from his current account to the Egg card to get his Egg balance back up to £15K.

Bear in mind that he can only do multiple BTs from Egg during the initial 6 months. He'll get an Anniversary BT in 12 months time with Egg but will only be able to do 0% transfers during the first month of the 5 months BT window.

Gotabiscuit

Do Egg (or other cards) mind a credit balance?  Can this cause complications?  

There's been much debate on this one but, basically, Egg don't seem to mind.

The majority opinion is that doing this isn't breaking Egg's t&cs but could be breaking the t&cs of the other card because you're not BT'ing an actual debt to them.

A lot of other card companies, though, would view a (large) credit balance very suspiciously - ie money laundering.

MarkyMarkD

You CAN transfer the money straight from Egg to a savings account as long as it has a sort code and account number. They will accept any valid combination as far as I can tell.

Certainly transfer to the Cahoot Savings account paying 5.65%.

I had phone calls from both Cahoot and Egg this week and thought "the game is up"! But Cahoot were trying to sell me payment protection on my flexible loan (also in the Cahoot 5.65% savings account) and Egg were checking that the anniversary 0% transfer to the Cahoot savings account was initiated by me, not some fraudster. Top marks for the second call, after I stopped sweating.

johnllew

I didn't have the bottle just to transfer my cahoot flexible loan to my savings account.

You wimp! My 75 year old Mum got £9k on her flexible loan and stuck the lot directly into her Cahoot savings a/c at 5.65%. Nice.

david78

Just do it realaledrinker. What have you got to lose?

Lopo

LOL @ Wimp ! ;D

Martinslovechild

Just do it realaledrinker. What have you got to lose?

Yeah - come on realaledrinker.

I've got nearly £50,000 stoozed away (and my wife an additional £20,000 ;D). Many people have got a lot more than this.

So come on.

MarkyMarkD

You wimp! My 75 year old Mum got £9k on her flexible loan and stuck the lot directly into her Cahoot savings a/c at 5.65%. Nice.

I have to admit to being a wimp in this regard.

My (our) flexible loan money went to Cahoot savings via a current account. But another time I might do it direct!