A&L credit card BT rules

angelica

Does anyone know how long it takes to get money to Egg credit card from A&L credit card via balance transfer?

I can see the amount of BT sitting on my new 0% A&L account and want to know when I can expect money showing on Egg account.

Many Thanks

fatboyonadiet

Doubt it'll be much longer about a week, just done two and think they took about that long, how long has it been?

angelica

I do not know, it is my first transfer to MBNA cards.

Egg is very quick, usually money are on the destination account in two days, from my cards Amex is the slowest.

I asked because I want to avoid +ve balance on my Egg card account and want to transfer money to my current account before they appear on Egg account, but I don't want to pay interest. Perfect solution will be to match he day when money come and go exactly.

fatboyonadiet

If you're trying to pre-empt it I wouldn't advise it as you might get an interest charge, best bet is just to check daily (if you can) and do the BT as soon as it hits your account.

angelica

Thanks. The problem with this scenario is that when I see the amount on my Egg account, it's already too late. The BT will happen on next day after I make a request and I will have to pay an interest for one day.

In the perfect world where I could have future prediction skills I would do BT request just one day before money hits my account and then match will be made in heaven. If I knew how long money transfer takes I could do it in the real word, too. :j

HGLTsuperstar

What's the problem with having a +ve balance for a day or two on the egg card?

fatboyonadiet

Just re-read this, why will you have to pay interest? Am I right in saying you're using the Egg card as a mule and doing a balance transfer from your A&L to your Egg and then from Egg into a current account (and then hopefully into a savings account?), anyway if your Egg card is in a positive balance you don't pay interest, and why would you! 2 other points worth noting, you can do this a BT into a current account as A&L cards are administered by MBNA who allow you to do this (I might be wrong here though), also have you had the Egg card for a while? If you're a recent applicant they might charge you a BT fee.

angelica

Many thanks fatboyondiet. Unfortunately not to saving account, but to partially repay a loan with the highest of my existing APRs.

I do not know what I thought, probably I was just confused with the fact that BT interest starts from the day it done. I guess my main concern is that I will have +ve balance on my Egg card and would like to avoid 'fraud prevention questions' from them.

Very good point about MBNA allowing to transfer money to current accounts, I read it somewhere on this site, but because I never had any MBNA cards in my life I completely forgot that it is possible (stupid me!).

I have Egg card for few years, there fortunately will be no BT fees, but I am losing time which is sad as I could avoid it.

fatboyonadiet

Fingers crossed it will be soon and save you some interest paid on your loan, recently got 2 new 0% cards myself and used them to pay off my car loan, saved myself a few hundred pound in the process.

YorkshireBoy

Angelica,

Trying to time BT's like this is a nigh-on impossible task. Egg are normally very quick to action a BT to them, but so again are HSBC, Capital One, and MBNA. Others are frustratingly slow - worst of all in my experience are IF.

However, don't get too hung up on the interest that will be charged. Whether you are stoozing or routing money to help manage debt somewhere else, as you are, the interest charged can be negligible (in the scheme of things at least).

With the Egg BT interest rate at 1.2408% per month, the interest you will be charged is around 40p/day/£1000 of balance outstanding. So, for example, £4K for 4 days would be £6.40*. This, in my opinion, is a small price to pay to avoid a large +ve balance on the Egg card.


* Make sure you leave a small +ve balance after the SBT from your current account to minimise/eliminate the 'interest on interest' on your next statement.

angelica

Just to give an update if it will help other MSEs.

BT showed at A&L account on 20th Dec and money hit Egg account on 22rd Dec, the money transfer itself took only two days.

I also was lucky enough to be able to match day of 'payment' and day of money transfer from Egg account to my current account (therefore 0% interest on transfer!). Normally when you apply for Egg BT online the transaction will be completed next day, but this time they completed it on the same day (YorkshireBoy scared me so much I applied straight after his post).

Now I wait for money to hit my current account so I can repay partially my high interest loan and save lods on interest.