advice for new egg card newbie

pennythedog

My first post and hoping for an egg card answer, my egg card just arrived and before I do any BTs etc can I ask about transfering cash to a current account? is this possible from the egg card? and if so your views on what not to do.

raa_thistle

Yes it is possible with an Egg card, i do it every year on my anniversary to transfer to a savings account for 5 months.

On the Your money part of the secure site, on the left hand side there is a bar with a number of options in it. under move money you should see Balance transfers. click this.

It will ask you what type of account, click on current account/overdraft, and type in your details. where it says reference/roll number just put Egg BT or something similar unless you have a reference or roll number required for your account. click on next and follow the simple confirmation steps. alternatively if you want to you can call them up and ask them to do it for you and they will. just say no to CRP (card repayment protection) if they ask you if you want it (unless you do want it).

Its really fairly simple when you know how, and as i say, i use it often when im in my free period to put it in a savings account.

hope this helps.

DilbertJones

I Have just applied for and got accepted for the egg money card, when do i get my Credit limit info?

galileo

Credit limit details should be on your screen when you log in.

Beware of balance transfers, as egg now charge a fee for balance transfers. I am lucky enough to have had one before they started doing this, so I do not get charged. If in doubt, ring them up and double check whether you will be charged (prob aboiut 2% of the transfer amount max £50)

YorkshireBoy

pennythedog wrote:

...your views on what not to do.

Another poster has highlighted the PPI issue if you phone to carry out a BACS transfer. However, if you decide to do an online balance transfer from your current account yourself, be very careful to untick the "I want to take out PPI on this transaction" box. You will find this just above the submit button, and it could easily be missed. Take care.

raa_thistle

They state they may make a fee for carrying out your BT but when i did my last one (Nov so no that recent but still) I sent them a secure message to check if they were charging them and they replied no. It may have changed since then but i got away with it.

pennythedog

OK, so say I move some of my £12,000 limit into my current account, then I will be charged a fee of £50.

Then egg direct debit me every month for the minimum payment from the current account.

If I then use some of the cash (for other things temporarily) as long as I repay the full amount back to the egg credit card before the interest free period ends, am I correct in thinking this will only have cost me the £50 fee
As you can tell, this is the first time I have tried this kind of thing with a credit card so i'm very wary.

asharon

yes as long as you keep up with the minimum payments. So you can stick it in a savings account for the full duration.

YorkshireBoy

pennythedog wrote:

OK, so say I move some of my £12,000 limit into my current account, then I will be charged a fee of £50.

The fee is 2% (max £50). So, with this cap, anything you move over £2,500 (2% of £2,500 is £50) has the effect of lowering the %age fee - for example, if you move £5,000 the fee will equate to 1% of the amount moved.

pennythedog wrote:

Then egg direct debit me every month for the minimum payment from the current account.

If this is what you choose your DD to be (it can take full or minimum payment - check you have the correct option set)

pennythedog wrote:

As you can tell, this is the first time I have tried this kind of thing with a credit card so i'm very wary.

Because you only get 6 months 0% on purchases (but 9 months 0% on BT's), you really ought not to make any purchases on the card if you intend BT'ing from your current account. This is because, due to the 'order of payments' going towards the lowest interest debt first, you will pay 15.9% interest on all your purchases during months 7-9 - unless you clear the full balance on the card by the end of the 6 month purchases introductory period. See your T&C's for details.

pennythedog

I think i'm ready to take my first step with this egg card, so can I just clarify, I ask egg to credit my current account with £xxxxx so I now owe my egg credit card the said amount, then, if I want, I move the cash into other high earning accounts (remembering to pay egg the minimum each month by DD)
And all this only costs me £50....this just seems too good?

Martinslovechild

Correct.

As YorkshireBoy says - the more you transfer in one go, the lower the percentage fee actually is. For example, if you decide to transfer TWO lots of £5500, then they'll charge you £50 PER TIME, so why not transfer the whole lot in one go?

You can BT a maximum of 95% of your credit limit. So in your case, £11400. Once transferred, your balance will then show £11450 (i.e. inclusive of the £50 fee). Minimum payments are 2% (£229 approx in month 1, depreciating monthly). You must repay the whole lot back by October 1st to escape any interest charges (or alternatively, apply for another 0% card about a month before and transfer from Egg to the new card). See Whats The Cost for a full breakdown of monthly payments required (enter the APR as zero).