Got me EGG when shall the stoozing commence

happyhero

Hi guys

Just got my EGG card with £12,000 limit, luverly jubberly and I'm new to this so I just wanted some input from you lot, basically I'm going to do a SBT for the full £12,000 into my FD CURRENT account.

So its basically "never been with EGG before and now BANG day after getting the card take £12,000 off them, card maxed out". When did you do it ? Did any of you do it on the day you received the card?

I know its like I need nursing all the way with this, but as a beginner it still is hard to get my head totally happy with the idea that you can do all this without anyone blinking an eyelid. Hopefully in a years time moving £12,000 in one go for my devious ends, will be small fry and I will be a dab hand at this, advising others. ;D

Margaret_Millne

Just balance transfer the lot ASAP. Oh, and just to be really cheeky, then open an Egg savings account - you can do it on line and the interest rate is around 5% - and put the lot in there.

johnllew

Do it as soon as the system allows you to. It's perfectly in order to transfer the whole of your credit limit from your Egg card to your current account in one go. And the sooner you do it, the sooner you can start making money.

Don't forget to make a note of exactly when your 0% promo ends so you can repay the balance outstanding at the right time. Also ensure you've got your monthly DD payments covered.

johnllew

Oh, and just to be really cheeky, then open an Egg savings account - you can do it on line and the interest rate is around 5% - and put the lot in there.

The EGG Internet a/c rate is 5.5% gross and if you apply via Rpoints you can get £5 cashback when you open the account - see the link in my signature for more details.

Milarky

Not sure waht the question is exactly?

However just to point out that Egg will have set up a paperless direct debit for you from your bank account [First Direct?] for the amount you originally stipulated. It is a good idea to check that it is currently set to 2%. Remember that you may amend from 'min' to 'fixed amount' to 'full' at any stage up to 4 days or so before collection of the payment. Also, any payment you make on account up to this 'cut off' date will reduce the amount taken from your bank. And finally you can, of course, balance transfer the minimum payment back to your bank the day after it is credited if you wish. But this only works during the initial promotional period [not anniversary periods] because further balance transfers are interest-free only throughout the initial period.

mary

Did any of you do it on the day you received the card?
;D

Yes.

mary

Remember that you may amend from 'min' to 'fixed amount' to 'full' at any stage up to 4 days or so before collection of the payment. .  

My time is up with Egg on Jan 1st. So from what you say I simply click on the "regular payment" part, then just change to full payment and it will be cleared automatically. I was wondering whether I should do it a few days in advance, just to make sure, but not really wanting to loose any extra pennies interest I could squeeze out of the £10K I've borrowed.

stuwilky

The payment option may not be the right time to make the payment, the payment due date may not tally with the end of the 0% period. I'd get the exact dates from your account for both and then decide if you need to make a manual request, remembering of course to check when that needs to be, quite possibly this wednesday with all the bank hols.

Martinslovechild

Just balance transfer the lot ASAP.  Oh, and just to be really cheeky, then open an Egg savings account - you can do it on line and the interest rate is around 5% - and put the lot in there.

You can't BT direct to another Egg account, so you'll need to SBT to FD, then do a payment to send it all back to the Egg Savings Account, which, at 5.5%, is far better than FD.

Japmark

New to this myself.

But surely you would not pay of the remainder on your egg card from your current acount, you would transfer the remaining to another 0% card? Or am I totally of the ball with this?

zcaprd7

Maybe, depends if you get another 0% deal...