Virgin CC balance transfer to Egg money account...advice please

I-love-a-bargain_2

Hi,

Want to buy a used car but didn't fancy an expensive loan. So I have recently applied for a Virgin credit card. I plan to do a balance transfer to my Egg money account (£0.00 balance at the moment). I was hoping to use Virgin's 16 month % on balance transfer deal. I pay 2.98% handling fee, but once the money is in my Egg money account I can tranfer the positive balance to my current account free of charge (I think?). This way I get a very cheap loan. I have just done the online balance transfer request, and I got a message to say they will get back to me within 7-10 days?
What I want to know is, are they going to phone me and tell me 'no' because there is currently no debt on my Egg money card? What's the best tactic to use? Can I say I plan to buy a car using my eggcard and so it will have a negative balance soon? Am I likely to get the balance transfer agreed? What have your experiences been with Virgin to Egg balance transfers? Many thanks in advance for your reply.

Apologies if my post doesn't make sense, I'm new to all these balance transfer tricks.

Eydon

Virgin allow you to balance transfer directly to your current account (also known as a Super Balance Transfer), so in this instance you didn't need to transfer to Egg Money first.

Having said that, you've already done it, so it's a bit late to be told this. Virgin shouldn't care that there is no balance on your Egg Money card, and neither will Egg since the Egg Money card is designed to have a positive balance.

Once the money is on Egg Money you need to phone them up to get it transferred to your bank. They still process it as a balance transfer, they just don't charge for it provided you are in credit. Egg say it takes 7-10 working days to complete, but I've just done one and it went through in two.

I-love-a-bargain_2

Thanks for that. Doh! Didn't know I could have transferred to my account(thought that would be more expensive to do). Thanks again for the info, hopefully all should be fine then.

mikey72

You don't even need to phone egg, you can do it online as a balance transfer from your overdraft, rather than a credit card, to the egg card, and the money appears in your bank a few days later. But only do it when the egg card is showing a positive balance.