Newbie= Advice needed please

hubblebubble

Have applied today for Sains visa card. 0% interest for 10 months. Was offered £3,400 limit.
Do I now apply for Eggmoney card and when get Sains card, transfer £3400 to egg? Does this mean I get 4% interest on £3400 for 10 months?
Then presumbly pay £3400 back to sains in ten months time?
Or have I misunderstood all the forums I have read today?!

I had originally applied for sains card to put £3000 in Premium bonds for ten months, so please forgive lack of knowledge. i got side tracked by the stoozing idea instead!

desiman

sounds right, but bear in mind while the £3400 is sitting on the Egg card, Sains still demand you make a minimum payment every month (check your T&C's) so check that.
apart from that I think your set!
What you could also do is stooze to your Egg card, then stooze again to a high-interest savings account, thereby earning more than 4%.

YorkshireBoy

Sainsbury's don't do a 10 month card for BT's - it's purchases only!

They do a 5 month BT card though. Did you apply for the wrong one?

hubblebubble wrote:

...please forgive lack of knowledge.

Increase it by reading up on the subject before 'diving in'...

What is a super balance transfer?...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1085355871,12390,

Revenge - make free cash from credit cards...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

Best balance transfers...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

0% BT cards without a fee...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1122985312,39518,

Or, for all things stoozing...
https://www.stoozing.com

doberryfirkin

I looked at the egg card for BT's but couldn't find reference to transfering sums to a bank account. Let me get this right, it is possible to transfer a sum (for a fee) from the BT card into a bank account regardless of whether it is linked to a loan etc?

grumbler

doberryfirkin wrote:

I looked at the egg card for BT's but couldn't find reference to transfering sums to a bank account. Let me get this right, it is possible to transfer a sum (for a fee) from the BT card into a bank account regardless of whether it is linked to a loan etc?

Is it a question? If yes, then the answer is YES. See, for example, this thread: Eggs SBT Question

Search (Guide)

HGLTsuperstar

Transfer from Egg money via BACS for free. What do you mean by linked to a loan. Also you wont be able to BT your entire Sainsbury credit limit, probably no more than 90% and yes they will still want paying the minimum every month. Also check when the 0% expires, and see about clearing it or transferring 1 month before

doberryfirkin

Thanks - that cleared that up.

hubblebubble

Thanks for the advice chaps/chapesses.

I got the sains 10mnth 0% because I was intending to purchase Premium Bonds. If i cannot do a BT to an egg with it then I will have to stick with my original plan.

I will keep an eye on this sight, read up on all the info suggested, and maybe have a go at stoozing next.

cheers

YorkshireBoy

hubblebubble wrote:

I got the sains 10mnth 0% because I was intending to purchase Premium Bonds.

You can't buy Premium Bonds with a credit card!!

ceanth

ok im a newbie at all this as well, in fact today was the FIRST day i looked at it and theres something i dont understand, why get the egg card which gives you 4% interest? Why not ditch that and stick the money into a savings account? Dont Sainsbury do a savings account with 4.75% interest? Unless im missing something here

MPH80

ceanth wrote:

ok im a newbie at all this as well, in fact today was the FIRST day i looked at it and theres something i dont understand, why get the egg card which gives you 4% interest? Why not ditch that and stick the money into a savings account? Dont Sainsbury do a savings account with 4.75% interest? Unless im missing something here

You're absolutely right that putting into the savings account makes much more sense.

However, in order to get it into the savings account you need a card which will a) let you go positive (unless you want to risk some interest charges) and b) transfer the balance to a current account.

There are a limited number of these super balance transfer cards - and Egg Money is the first which is deliberately designed to let you go positive on the card - thus never risking interest charges.

M.