Egg - Anniversary Deal and SBT Warning

mary

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).

Has anyone tried doing that yet?

bethyblue612

I put my Egg £8k into credit, then transferred £10.5k into my current a/c on Friday.
I had a phone call from Egg on Monday about the transfer, nothing to do with the fact that my account was in credit, they just wanted me to confirm the amount as it was "rather large"

malcolmord

Banks now have a legal responsibility to check movements of large amounts of money >£5000 - if there suspicaious it will be passed to the Police for investigation. All to do with money laundering.

40079

Sorry to go off topic but I'm curious about the Lotto stuff in your signature. Has this already been discussed on another thread?

After a quick scan of the link it all screams "CON!!!" at me but I can't be bothered to work through the maths.

Something to do with having to share your winnings with 49 other people so even though you win more often the net gain is less?

Margaret_Millne

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.

I've been with Egg for 18 months now, and they recently refused me a blue card, despite giving my husband one with £8500 credit limit, to go with his £11000 green credit limit.

badmission

Read this and the accompying post a couple of times but still a bit confused

If, for the sake of argument I had...

a) SBT'd ~3k from Egg to current a/c in Anniversary month (in month 1)
b) Since BT'd the whole sum on Egg to other 0% credit cards (in month 2) leaving Egg balance at £0

Would I occur interest charges with Egg for another SBT in (for example) months 3-5? (I always put Egg into a positive balance)

Rob.

Reaper

If you paid off your Egg card after month 1 you have blown your anniversary offer. You can not then run up another debt interest free. Just passing the money through from another card will effectively put an end to it.

However even if you do this you can go on using Egg purely as a means to pass money through from other cards to your bank. Just make sure Egg ends up with a £0 balance afterwards.

pioneer31

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).

but surely you can do this with any credit card, it doesn't need to the Egg Blue?

Shinds

Fair point Miserly, but I don't think all Cards allow SBT's.

Reaper, is it also free to do a SBT with Egg Blue?

Thanks

badmission

If you paid off your Egg card after month 1 you have blown your anniversary offer. You can not then run up another debt interest free. Just passing the money through from another card will effectively put an end to it.

However even if you do this you can go on using Egg purely as a means to pass money through from other cards to your bank. Just make sure Egg ends up with a £0 balance afterwards.

Yep, understand I have blown the Egg 0% but only concerned that no interest will be charged for continuing to SBT in months 2-5

Can someone advise as to whether this is the case?

Rob.