Egg Loophole Discussion Area

Milarky

If memory serves, they have offered two future anniversary transfers to new customers [who benefit from an immediate 8 months 0% rate anyway].

These customers' anniversarys will fall within 2005 and 2006 [It's 2004 now, after all]. So the offer ''until 2006'' could include Sept 2005 AND September 2006 in your case. That would be three cycles altogether.

This is my understanding anyway..

No one will get 4 'cycles' either, by my reckoning, since the anniversary offer was launched in March this year. Someone waiting until Feb 2005 for their first anniversary offer will get one that year and one the next. It's a moot point that they will get anything in Feb 2007 unless either Egg agrees to extend the period of operation to (say) Feb 2007

[One for Martin to clarify, perhaps?]

david78

Thanks Milarky. Yes, I'm hoping for three bites at the anniversary money.

There is also some news on the small matter of the Egg blue card purchased before in June and my inability to spend £1000 to get the £5 cash back in September.

Well Egg have just credited my bank account with the cash back I actually earned of £3.52 (there is a separate credit of £5.04 in respect of Egg green purchases) ;D. (the BACS transaction will clear on Monday).

Others in the same position (you Milarky?) should check their bank account on monday.

katmar_2

I applied online for an Egg Card yesterday and was approved, but with a credit limit of £750 !!!!

This is of no use to me as I was hoping to transfer a balance of around £3000.

To the best of my knowledge I have no adverse credit reports and have never defaulted on payments to credit cards.

I have tarted for about 2 years now, and have never been offered such a low limit - the income details were the same as offered to other providers - except that I have never been asked before how many other cards I hold. I answered truthfully that I hold 2 credit cards and 1 debit card, which is my Switch card.

If I go ahead with the application am I likely to be able to get my limit increased immediately?

I notice that Egg hold all your details on their records whether or not you proceed with the application.

Alternatively if my husband applies for an Egg card (he has no others in his own name) with his higher income level is he likely to get a better credit limit, or will the application be penalised because of being linked to my own application bas coming from the same address and sharing the joint bank account?

Thanks

Katmar

Hanoijane

katmar;
I started with a very low credit limit at egg, but have regularly increased it via their website. Why not try it now? Don't be too greedy at first. As a test, I just succesfully increased mine.

This loophole repeats for several years so it is worth persevering.

TheWheelMan

Hi all,

I've just received notification from Egg that this is my anniversary month. I've re-read the article and noted this bit:

Don’t worry about the other cards interest rate, because as soon as the debt’s there (wait until you have a statement showing the balance is zero) simply balance transfer it back to Egg, along with the debt you were planning to move. .

Now, trouble is my statement's due tomorrow so I don't have time to clear the balance to zero before the statement date, and the offer only lasts until the end of November, so I can't wait for my December statement.

So does anyone know if you actually have to have a statement showing a zero balance, or whether its simply sufficient to have reduced the balance to zero (and checked that the payent is on there!) before doing the BT. Has anyone tried this, or are you all better organised than me and got your balance cleared before you anniversary month statement??


TIA
Bob

samantha_3

...does anyone know if you actually have to have a statement showing a zero balance

No. Such a statement is not necessary. Obtaining it is merely a form of tangible confirmation that the balance was zero immediately prior the SBT.

... or whether its simply sufficient to have reduced the balance to zero (and checked that the payment is on there) before doing the SBT.

It is sufficient. However, if one requires confirmation of zero balance simply print the relevant web page from one's account.

Jackie_Wright

A word of caution if you have a direct debit set up to pay off your Egg card and take out the anniversary offer. I transferred a balance up to my credit limit in October (my anniversary month). I have just discovered that my direct debit has been set up to "pay off the full balance" this month (ie only actually giving me 1 months interest free credit). I have not looked in to the reason for this, so I am not sure whether Egg defaults to payment of the balance in full or whether I inadvertently set it up like this. However, regardless of the cause, if you have a direct debit set up, I feel it worth you checking exactly how your direct debit has been set up.

MarkyMarkD

They don't default to full balance - it's optional.

But they do have system problems with their website and changing from full payment to minimum payment - causing my DDs to bounce three months running to great annoyance.

They have sorted out my account now, but it was a lot of unnecessary pain.

DEFINITELY check that you have your DD set on minimum payments if you do a balance transfer - it will say on your statement screen how it's been set up.

kev13

first off thanks to Martin for his great informative site.

Can you please try again at explaining the eggloophole.

I took out an egg card 9 months ago and am about to transfer my debt to another card. to regain 0% can I wait for my next statement to show nothing owing then transfer straight back to egg, or do I have to wait for the anniversery of taking out the egg card in 3 months time.

Does anyone know if egg send an email when the anniversery is due.

Regards

Kev13

Bargain_Rzl

You have to wait for your anniversary month to transfer the money back to Egg if you want a 0% rate. That is the whole point of the anniversary offer.

Not sure if they send an email...