Egg - Anniversary Deal and SBT Warning

Luffer

As discussed in another thread

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1103021718

If you have taken advantage of the 0% aniversary deal with Egg, (and transferred your credit limit into a bank account) in months 2 to 5 then it appears you cant use the card for SBTs.

This is because any money transferred to Egg from another card will be seen by egg as a balance transfer payment against the original amount outstanding, and will be credited against the loan.

If you then try to transfer this money from Egg into your bank account, it is viewed as a balance transfer outside your anniversary month and egg will charge interest

Shinds

- Thanks for that great pointer!

However, if we use the Egg card in the Anniversary period but, put a positive balance on it - Can you still SBT free?

Thanks

mary

My understanding was that it was best to transfer your maximum credit limit into your current account during the Anniversary month and cram in any other BTs also during that month, rather than wait for months 2-5.

Haven't reached my anniversary month yet - May

Unbelievable_2

However, if we use the Egg card in the Anniversary period but, put a positive balance on it - Can you still SBT free?

If you mean during months 2 - 5, in order to make the balance positive you would actually have to pay off the balance created when you SBTd in month 1 - so no, not really :-/

bethyblue612

To celebrate the anniversary of you opening your Egg Card account, you'll get 0% interest fixed for up to five months on balance transfers made in the month of your anniversary, and then at 14.9% pa (variable).

I guess that's the key quote to remember from Egg's website (and it's not hidden in the small print, for a change)

Milarky

The 'answer' to this problem of course is to get a second Egg card - which you may after 6 months. This is the Egg 'blue' card which is a 'Mastercard' and comes with 5 months 0% on purchases but not balance transfers [just to be confusing]

So, with your second Egg card you can make use of SBTs during the five months that your anniversary balance is sat on the Egg 'green' card. Also the cashback rate on the Egg blue is 0.5% while the rate on the green card at 0.1% means it should not be used for purchases except on Egg special offers.

Longpockets

Milarky,
I'm in the process of doing just as you say. Having done my 15K anniversary SBT at the start of Dec. I am now awaiting my blue card to arrive to use as a permanent mule. I was given a 5K limit by the way.

Shinds

The 'answer' to this problem of course is to get a second Egg card - which you may after 6 months. This is the Egg 'blue' card which is a 'Mastercard' and comes with 5 months 0% on purchases but not balance transfers [just to be confusing]

So, with your second Egg card you can make use of SBTs during the five months that your anniversary balance is sat on the Egg 'green' card. Also the cashback rate on the Egg blue is 0.5% while the rate on the green card at 0.1% means it should not be used for purchases except on Egg special offers.

Hold on - Are u saying that you can use an Egg Blue card to do SBT? and that they are free?

...also just to confirm, will this Egg Blue Card be used as a mule?

Thanks

robjo2

So, with your second Egg card you can make use of SBTs during the five months that your anniversary balance is sat on the Egg 'green' card.

I don't see how Blue card can be used for SBT if it is not at 0% for balance transfers. Perhaps I've misunderstood.

Reaper

I don't see how Blue card can be used for SBT if it is not at 0% for balance transfers.

By not leaving any money on it.

Here is an example: Your Egg Blue card starts with £0. You have X card and want to get £5,000 from it into your bank account.

1) SBT £5,000 from Egg Blue to your bank.
2) Balance transfer £5,000 from card X to Egg

After that your Egg card has £0 on it again. Now you paid a couple of days interest on the money when Egg was briefly in debt but that is all. (You could even avoid that by putting a positive balance on it, but let's keep it simple for now).

Shinds

Reaper - This is good

So I take it this would be a good thing todo between months 2 - 5 .....

Thanks.