Newbie= Advice needed please

YorkshireBoy

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

There is an analysis, and subsequent discussion, on the use of the Egg Money card for stoozing here...

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1126159522

ceanth

MPH80 wrote:

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.

ok say i get 3 grand from saisbury what would they expect me to do with the money? surely they would let you out it into a bank account of your choice?

MPH80

ceanth wrote:

ok say i get 3 grand from saisbury what would they expect me to do with the money? surely they would let you out it into a bank account of your choice?

No - not at all.

Most credit cards will only let you transfer money to another credit card.

Only select ones will allow you to perform what's known as a 'Super' Balance Transfer into a current account. MBNA, Mint and Egg all spring to mind.

So the £3k limit you have from Sainsbury can only be move to another card - which means you need a 'mule' card (e.g. Egg) which can hold the balance before it is moved into a savings account.

M.

ceanth

MPH80 wrote:

No - not at all.

Most credit cards will only let you transfer money to another credit card.

Only select ones will allow you to perform what's known as a 'Super' Balance Transfer into a current account. MBNA, Mint and Egg all spring to mind.

So the £3k limit you have from Sainsbury can only be move to another card - which means you need a 'mule' card (e.g. Egg) which can hold the balance before it is moved into a savings account.

M.

AAHH!! i get it now, wow its a good thing i posted that question before getting it! Thanks mate! So you could keep the Egg card just for that one purpose only providing they allow free transfers