Using Egg money as stooz pot?

dbdragon

Now Egg Money card pays 4% on positive balances and most savings accounts are paying around the same, does anyone else just use this card as their stooze pot?

Just got my card through and noticed that I was very lucky to get one as they've stopped applications on their site! Time to apply for the Virgin card now!

YorkshireBoy

With 2-3% BT fees, a 4% (3.2% net) stooz pot is unlikely to be profitable.

dbdragon

It's 0% bt fee and 6 months at 0% according to the virgin site so still makes it worthwhile I think http://uk.virginmoney.com/virgin/credit-cards-v1/

But I wouldn't bother with cards that charge a bt fee. Like you said it's not really worth it.

SomersetSaver

Not sure it is free - it says it's 0% on balance transfers for 16 months but the below is on the FAQ section:

"Remember though, you will need to do this within the first 60 days to receive the introductory balance transfer rate (2.98% handling fee applies). Plus the sixteen months at this rate starts from the date your account is opened, not from when you transfer your balance.
Also, as the Virgin Credit Card is issued by MBNA, remember you can't transfer a balance from another credit card issued by them."

YorkshireBoy

dbdragon wrote: »

But I wouldn't bother with cards that charge a bt fee.

Well, that cuts your options down to 3 then...

http://www.stoozing.com/0fees.php

dbdragon

Thanks for pointing out the handling fee in there. I'll just apply for those 3 cards then. Cheers!

danthemoneysavingman

make sure you use the stooz calculator to work out potential gain (http://www.stoozing.com/calc.htm). 15 months 0% with a 2.98% handling fee and £25pm repayments (i.e. virgin card) is better than 6 months 0% no fee and 3%pm repayment - around 50% more profit! (very approx figures, but to test it on the calc). And of course a lot less bother as you can ignore it mostly for over a year... though it does take longer to get the profit of course...