best card to BT from a bank loan?

sashacat

I want to get a new 0% credit card to help my daughter out. She has 2 bank loans at high interest rates. I am hoping that I can get a card that will allow BTs from the bank loan so that she can pay it off over the 0%period. I've got an egg card...agreed last night on the internet....I was intending to stooze on it but , hey, family first! I can't find another card which will accept BTs from loans....they all seem to take balances from other ccs or store cards. Any ideas, please

magentadreamer

Now that you've got an Egg card you don't actually need another SBT card as you have a route to get another cards money into your bank account. You'd just need to BT from that card onto egg.

Other cards that allow SBT's include Virgin and Mint.

sashacat

thanks magentadreamer, but my problem is that the egg card will only accept transfers from other cards and I need to transfer from a bank loan with cahoot (which is at a very high interest rate) to a 0% card so my daughter can pay it off without paying interest, thanks

galileo

What I think magentadreamer meant was that you can apply for another 0% card and transfer the balance onto the egg card. you are using your egg card merely as a vehicle to get the money to a loan/current account.

Beware though. Check before you apply for a new card/do a balance transfer that there are no balance transfer fees. I know egg charge 2% on a BT for new customers...

sashacat

thank you, I understand it now

HGLTsuperstar

Just to clear up one point galileo made, the new 0% card may indeed charge a BT fee, should be no more than £50 but check first. Egg money however will allow you to BACS transfer free of charge any positive balance on your account; therefore get a 0% card and BT the value of the loan to Egg money (make sure Egg balance is zero first) then arrange for Egg to BACS transfer to your current account and then pay off loan. Your loan is cleared, Egg back at £0 so can use for the 1% cashback if you want, and you owe the debt at 0% to the other card, but remember to make minimum monthly payments to this card, then at end of 0% period, apply for another 0% offer and shift the remaining debt over. Phew! Hope that's understandable

sashacat

Thanks HGLT.....I think I've got it...I will try it when the cards are activated and if I go wrong I will come back to you for advice...I hope you don't mind

sashacat

sorry HGLT, will it work like this: I have just got a 0% halifax card, so I balance transfer £7000 from the Halifax card to the egg card. This gives me £7000 of debt on the Halifax card at 0% and a positive balance of £7000 on the egg card( is it called egg money or is that the name of the egg bank account?). I then BACS transfer the £7000 from the egg account to daughter's bank loan account and it is paid off.
Is this correct or am I still being thick?

HGLTsuperstar

This is correct but I'm assuming you've applied for "Egg money" which is the name of the card? Also do the BACS to your own or your duaghter's account, then pay all bar one month's worth of the loan. The final month will then be collected by DD as usual (assuming its paid by monthly DD) then you shouldn't get stung for early settlement charges

sashacat

thanks, you are a superstar HGLT...I hadn't thought of early payment charges. I applied for the egg card over the internet and it is 0% so I suppose it is egg money.
I have only ever had one credit card, the morgan stanley cashback card, which I pay off every month...by sending a cheque...then I discovered this site. So now I have applied for and been given the halifax card ,the alliace and Leicester card (with my new bank account) and the egg one.Frankly I am terrified of getting it all wrong but I have read all the posts on here and if it does go wrong it's not the end of the world.

sashacat

Hglt... your thanks button has gone and I don't know how to get it back!