Egg SBT Fee

b_rees

I have just opened an Egg Credit Card and taken advantage of the 'Super Balance Transfer' option. The money I have balance transferred is at 0% interest until 1st November 2006.

As Martin explains in his Super Balance Transfers article, I had to pay a fee for this service, in my case £50. I would like all readers to note that this fee does not attract the 0% interest rate that the balance transfer does. It is considered to be a transaction on the account and I will therefore pay the normal rate of interest on this £50. I have been given 0% on all transactions until 1st July 2006, and will not start paying interest on it until then.

As such, from 1st July 2006, I will be paying the full APR on the £50 fee until the full balance of the transfer and the fee is paid off.

muffle_2

Sneaky. Thanks for the tip.

HGLTsuperstar

This applies to all BT fees with any provider. Remember though that next Feb, and Feb 2008, your BT's will be free with the Egg anniversary offer

YorkshireBoy

HGLTsuperstar wrote:

This applies to all BT fees with any provider.

It doesn't apply with MBNA run cards, because they collect the BT fee with the first payment.

It doesn't apply with Capital One, because they apply the 'order of payments' differently - ie because they apply your payment first to the fee, your 2% BT fee is absorbed by the first 3% minimum payment.

HGLTsuperstar

OK, I'll move to the back of the class!!!

mrsw

This is completely different from what Egg have told me. They say the fee for 0% BTs is also 0% until the BT promotion finishes, in my case 1/11/06.