Egg credit card

mrseyes

Can someone please tell me if i can do the following:

I have egg credit card for yrs and owe them 0 money.
I have got 0% balanace transfer from HSBC and credit limit of £3700.

Can HSBC transfer £3700 to my egg credit card?

Will egg pay any interest on that money?

YorkshireBoy

mrseyes wrote:

Will egg pay any interest on that money?

The Egg Card doesn't pay interest on positive balances. Only Egg Money pays interest at 4% AER.

However, you could move the positive balance from your Egg Card into your current account and then onto a savings account. This is known as 'stoozing', and you can read up on it here and here.

mrseyes

Thankyou YorkshireBoy:

So if i ring HSBC to transfer £3700 to my Egg account, do i have to inform Egg?

Also once the money is gone thru to Egg, they wont make any noise in transfering money to my saving account with RBS bank?

YorkshireBoy

mrseyes wrote:

So if i ring HSBC to transfer £3700 to my Egg account, do i have to inform Egg?

No, you don't have to inform Egg. BTW, don't ask HSBC to send £3,700 to Egg - ask HSBC to transfer a £3,700 balance from Egg.

Also once the money is gone thru to Egg, they wont make any noise in transfering money to my saving account with RBS bank?

You can do the transfer online from your secure area (balance transfer from a current account). However, if you transfer to a savings account or a different current account to the one that you (used to) use for the DD's, it's possible that Egg will ring you to go through some security checks.

You can also ring them and ask them to move the positive balance (via BACS transfer) to an account you hold. However, despite being a common situation with stoozers, large positive balances on a credit card are unusual situations so you might want to have an answer ready for when/if they quiz you about it.

Are you 100% happy that you know what you're doing?

asharon

What you need to do is ring Egg and ask them to balance transfer from HSBC to Egg then it will make egg in credit. Then do another BT from egg to your current account then stooze it in savings or wherever before paying off HSBC at the end of the 0% period.

grumbler

asharon wrote:

What you need to do is ring Egg and ask them to balance transfer from HSBC to Egg

:mad: :eek: Absolutely wrong!

YorkshireBoy

asharon wrote:

What you need to do is ring Egg and ask them to balance transfer from HSBC to Egg then it will make egg in credit.

No it won't! All this will do is put some debt on the Egg card, and create a positive balance on the HSBC card.

Then do another BT from egg to your current account

I think you have your "from's" and "to's" the wrong way round. This (S)BT is a transfer (of 'ficticious' debt) from the current account to Egg. The cash (to pay the debt) goes the other way.

nmiah786

YorkshireBoy wrote:

Are you 100% happy that you know what you're doing?

Valid question IMHO, and no I dont mean to patronise the OP.

What I would suggest to the OP is ring up HSBC and say you want to transfer you "balance" from Egg onto HSBC. Once that goes through, give it about 2 - 3 days then go into your Egg secure area and transfer your balance to your bank account. Hopefully by the time HSBC pay Egg you have already transfered that amount to your bank account and HSBC is where you debt has been transferred to.

YorkshireBoy

nmiah786 wrote:

Hopefully by the time HSBC pay Egg you have already transfered that amount to your bank account...

OP should understand that this method will incur interest at 15.9% APR (typical), which means around 40p/£1,000 for every day a balance exists on the Egg Card.