Egg Loophole Discussion Area

MSE_Martin

IMPORTANT:

Please remember folks you get the 0% on the ANNIVERSARY of you opening the card. So it depends on that. If you're not sure e-mail Egg and ask it

carinska

Help! I have already transferred my balance to Egg without moving the existing debt first! (read your email too late, doh!). Is there anything I can do to remedy this? ???

System

Hi, my boyfriend and I want to borrow £3K for a car, and are planning to pay it off within 18 months.

I have an Egg card with no debt on it with my anniversary due on October. My boyfriend has just applied for his Egg card (his credit limit is enough for the car).

Does this basically mean that we can transfer the debt back and forward every 7 or 5 months, and only pay interest one month a year?

Seems too good to be true, if you ask me...?

Fay

Matti_2

Martin:  I currently have about £1000 on a Marbles Card that I transferred just over six months ago.  I transferred it from an Egg card to get 0% for six months.  I haven't cancelled the Egg card (just cut it up) so does this mean I can transfer it back and take advantage of the 0% for five months of the year?  I don't want to apply for another and become a tart!  

cutting up the card doesn't mean you have cancelled the account unless you phoned them and told them to cancel it. do you still have access to you Egg accounts online??? go there or check your emails to see if they have sent you through the offer. i imagine if you haven't usd your card for a while they may not have sent you any info.

you don't actually need the card to make the BT as this is done online, and you wouldn't want to actually use the card whilst in the 0% for 5 months as purchases are charged at the normal rate and not paid back until you clear you BT.

Matti_2

:)Hi Martin
my position at this time, is that i have a debit balance of £6175.51 wiht Mbna at 0% interest rate until October and i have the Barclays 0% rate until debt is paid.  So what would happen if i transferred the MBNA balance to my existing egg card which is at a nil balance having transferred previously the debt to MBNA ??

I am not sure if your are say that in 7 months time i have to transfr to another card maybe and then transfer back?  If so do you think that the 0% rates on egg will stay or wiill they change.?  and what about rates in general - will they be better than egg's 13.9%?


thanks from confused Pat

Pat, why would you want to transfer the £6175.51 back to Egg from MBNA if you are already getting 0% with MBNA till October? You are already getting 0% and also for a longer period (egg is currently only 5 months). Leave that debt were it is.

As for the Barclaycard, is it the 0% till cleared for a minimum spend of £50pm or the holy grail £1pm??? if it is the 0% till cleared and only £1pm month spend then leave it were it is. no point transfering unless it is necessary. the £50 pm is a bad deal, as you pay interest on the £50 and don't pay any of that incurred debt until the BT has been paid off.

If you have qualified for the 0% for 5 months offer on your current Egg card, then why not just transfer the money into your current account using the online BT option. Then as Martin recommends stick the money away in a high interest savings and make some interest. Don't spend the money!!

It would appear you have quite a bit of debt and unless you can keep playing the transfer game and start paying the money back gradually whilst not paying interest, one day you are going to find yourself paying quite hefty interest charges.

Matti_2

Help!  I have already transferred my balance to Egg without moving the existing debt first!  (read your email too late, doh!).  Is there anything I can do to remedy this?  ???

the only way you can get round this is to pay it all back, wait for the statement to be issued saying you owe nothing and then re-BT. a pain, but better than paying interest on purchases for the next 5 months. especially if it is a lot of money.

NB this is how Egg is going to make its money by people being to lazy or not quite understanding all the conditions, and charging them interest on purchases. look out for the cost of payment protection as well which may be classed as a purchase???

alared

EGG must surely know what`s going on with people transferring their credit card limit to a current account to use the money for anything they want.(overdraft,loan,premium bonds,etc.)
EGG must be hoping that when the time comes to pay up,people don`t or can`t and that`s when they start charging the higher interest.
In other words they are encouraging people to get into debt.

Matti_2

at the end of the day it is your choice to take the money and use it how you will, if you spend it and can't pay it back then tough.

don't spend what you can't afford. admittedly some of the credit limits for people earning a lowish wage should be respective of income.

hopefully everyone on here is now clued in enough not to get caught by this method.

thor

the only way you can get round this is to pay it all back, wait for the statement to be issued saying you owe nothing and then re-BT. a pain, but better than paying interest on purchases for the next 5 months. especially if it is a lot of money.

Is this the regular monthly statement that has to declare that balance has been cleared or can you just wait for the recent transaction section to show the money has been repaid before going for another bt?

System

The offer from EGG is not that ggod. I have had an EGG card since last March, and when I called them last week, I was told I cannot have the anniversary 0% on balance transfers offer until March 2005!!!!!! Don't understand why I can't have it this year, but it's apparently not for all cardholders????

Martin - any ideas why this is?