No balance transfer fee on my Egg Card??

crawf1982

I have an Egg card that started its life in July 2004. I just read the SBT article and if I am reading it correctly it says that due to the start date of my card I will never be charged a fee for balance transfers (whether or not they are made during my anniversary offer period). Is that correct?

If that is the case, would it not be worth my while doing the following:

1. Do a SBT (of my £15,000 limit) to my offset mortgage account (£75,000 mortgage)

2. On the Egg card repayment date - pay off the full amount from my offset account.

3. Wait for payment to be processed and repeat the process over and over.


Result: I get a free £15,000 offset on my mortgage from Egg!

Would that all work out?

Cheers,

Dave

The_Boss

£15k limit on your card? Blimey, I can only dream of that.

YorkshireBoy

crawf1982 wrote:

I have an Egg card that started its life in July 2004. I just read the SBT article and if I am reading it correctly it says that due to the start date of my card I will never be charged a fee for balance transfers (whether or not they are made during my anniversary offer period). Is that correct?

BT's made outside the introductory period & anniversary month attract interest from the date the BT is debited to your account to the date you repay in full. From the Egg Card summary box...

Interest free period
Maximum 45 days for purchases if you pay your balance in full and on time. There is no interest free period on cash advances. Interest free period on balance transfers only applies to the introductory period.

crawf1982

Ah! Oh well.

Is charging interest from the date of the blance transfer a common credit card condition?

Cheers,

Dave

sicker

YorkshirBoy; does your post possibly not refer to newer cards? I did a balance transfer of £7500 on my anniversary date in April this year and was not charged interest. The balance was cleared in 5 months to ensure this was the case.
crawf1982, it would do no harm to phone them (08451233233) and ask them to clarify when interest would start to be charged, you might be lucky.

John

grumbler

crawf1982 wrote:

...Is charging interest from the date of the blance transfer a common credit card condition?...

Yes. The same applies to cash and cheque transactions ...

YorkshireBoy

sicker wrote:

YorkshirBoy; does your post possibly not refer to newer cards? I did a balance transfer of £7500 on my anniversary date in April this year and was not charged interest. The balance was cleared in 5 months to ensure this was the case.

John, read my post again (the bit between the 2 quotes), and you'll see that I mentioned the anniversary "month".

sicker

noted YB, still think a phone call to Egg would give crawf1982 more info.

John

crawf1982

Thanks for the replies. I will get on to Egg and see what they have to say on the matter.

I had a look at the T&Cs of some other cards and most do charge interest on standard blanace transfers from the day of the transfer. One that does not seem to is the new HSBC card. From their website:

"Up to 56 days' interest-free period on purchases and cash advances when you pay your whole balance (including any balance transfers) in full and on time."

Cheers,

Dave