Egg Loophole Discussion Area

mary

You probably ticked a box in your original application form, or somewhere along the line that you didn't want "junk" mail. It happened once to me, not Egg, can't remember which but the same thing I had asked for no marketing and that included their own new incentives etc.

chibo82

jeffwooller wrote:

I had a credit balance on my card and decided to transfer it to my bank savings account. I was annoyed to find that they had charged me a 2% balance transfer fee. There is no warning on the site that they are going to charge. Is it worth trying to sue them?

All creditcards do that... well as far as i know. It doesn't have to state that on its website. It might be in the t & C, but you did do a money transfer.

woodscooter

Quoting Martin's Egg Loophole article:

Defeating Egg's scheme is possible. Before moving new ‘Anniversary’ debt onto the card, balance transfer all the debt currently on it onto another card. Don’t worry about the other card’s interest rate though, as the moment the debt’s there (wait until you have a statement showing the Egg balance is zero) simply balance transfer it back to Egg, along with the debt you were planning to move.

This means that rather than some debt at 16.9% and some at 0%, all of it is now at the 0% balance transfer rate. The only exception is the 2.5% fee, which will accrue interest at the horrible 16.9% - and unfortunately there's nothing you can do about that.

....So my suggestion is when clearing all existing debt from the card (before doing the balance transfer onto the Egg card) make an additional payment to the card equal to the expected 2.5% transfer fee. That will clear the balance transfer fee when it is charged, leaving only debt at the 0% rate!

Will it work, do you think?

Smudger99

When my anniversary came up I rang egg and said I didn’t want to pay the transfer fee.
They checked my record, and came back that I was a valued customer and waved the fee:T : . (I only ever used it for stoozing )
Give it a try, they can only say no.

joAnn

I want to raise funds of approx £5k to pay for some building works and I noticed that the egg card had a loophole, but thing is, I really don't get this loophole! Can some kind and understanding person spell it out for me in simple steps and not use the language of experienced money savers! (like stoozing cos I don't get that either!) As you can see I am a newbie, so be kind please and thank you for your patience!

Kev64

This thread started in 2004 ! - Does this mean that it's still valid or not ?
I note from Egg's page here:- http://new.egg.com/visitor/0,,3_66550--View_1389,00.html that it says "If you applied between 1 January 2005 and 31 December 2005, you'll get our 0% offer again for up to five months on balances transferred in the anniversary month every year until 2007."

I've had my Egg card for much longer than that - since the 90's - does that mean that I can't get the 0% for 5 months offer ?

JimmyTheWig

I can't see how you can use this for stoozing.
To make the numbers work, say you get 6% interest on your savings. That's about 0.5% a month.
So putting the money in savings for 5 months will get you 2.5% of it in interest. And that's exactly what the transfer fee is!

I know you can get slightly more than 6% on savings, but not enough to make a real difference. Plus if people pay tax on their savings interest, it would cost more than you earn...

Jim

PeteW

I'm currently doing some 'housekeeping' and closing credit accounts I don't use - I've found that I've two egg accounts - 'Egg Money' and 'Egg Card',

I want to keep one, as I occasionally use egg for their extra cashback at some retailers, but I don't really know the difference between the two??

Which should I close?

sicker

I would definetly keep Egg Money.

£23000_to_go...

I have had an Egg Card for about 4 years and have sadly built up the debt, and until now only met minimum repayments. I now owe £7000.

I have just enquired about the interest rate I am paying (beliveing it to be 16.9%) and was told it was 19.9%. I wrote to Egg asking if there is anything they could do to reduce this and they came back to me a month later saying that they have increased my rate to 26.9%. When I asked why they replied because I don’t have a good relationship with them.

I have a Virgin card at 34.9% and a mint card at 18.9%. Am I still better to leave this until I pay off my virgin card or should I make a start on this egg card and hope that they offer me 0%?

No other cards will offer me credit (I can’t blame them!)