Best way to get balance transfer money ?

Mousenut

I have just received an Barclaycard because of their 0% for 10 months, so what is the best way to obtain the £5000 ? I thought they would send me a credit card cheque I could pay into my savings account but they want to send to one of my credit cards directly. Should I let them do that and then apply for a credit card cheque from that credit card ? Is there a simpler way ? Thanks

YorkshireBoy

Mousenut wrote:

I have just received an Barclaycard because of their 0% for 10 months, so what is the best way to obtain the £5000 ?

'Slow-stooz' it by putting all your spend on the card, pay the minimum payments, and put the rest into a high interest savings account.

Alternatively, apply for an Egg Money card and transfer a (ficticious) balance from this card to the Barclaycard. Then BACS transfer the resultant positive balance from Egg Money to your current account, and on to the high interest stooz-pot savings account. See the 'Middle Route' in Martin's stoozing article.

I thought they would send me a credit card cheque I could pay into my savings account but they want to send to one of my credit cards directly. Should I let them do that and then apply for a credit card cheque from that credit card ?

I'm not familiar with Barclaycard's approach to cheques, but would only say to ensure you read any T&C's very carefully.

Is there a simpler way ?

Yes, if you want to stooz, do your homework before starting out! Check out the 'Stoozing' and 'Super BTs' articles on the main site (see the blue box above) and visit https://www.stoozing.com

mike1_2

Hi
i thought i would ask my question here as it is along the same lines , i have read martins info on this but can some one clear this up
i have just got a 0% for nine months , i have a egg cc (not egg money) can i still transer the £4000 from my new card to my egg card (don't owe money on this ) and then transer from egg card to my current accout to off set my morgage
the thing is when i applied i already set this up on the transer section of the application form, will egg let this happen or will i be charged when i transfer to my current acount even though i will be in credit , can i up grade to egg money before the cash hits the egg card
many thanks in advance
Mike

HGLTsuperstar

Unless your egg card is on your anniversary month, you will be charged the BT fee of 2% max£50, but get in quick as its going up to 2.5% uncapped, you can then SBT to your current account.
Not sure what you mean about egg money, its not an upgrade its a separate card and you need to apply for it and can have alongside egg green. With recent developments, its now probably the only egg card worth having

YorkshireBoy

HGLTsuperstar wrote:

Unless your egg card is on your anniversary month, you will be charged the BT fee of 2% max£50...

Mike doesn't say how long he's had his Egg Card. If he's a pre-May 1st 2005 cardholder his SBT will be free - I think? Also, I'm sure I've read that when cardholders have been charged for moving +ve balances, they've had the fee refunded when they pointed out that they were moving their own money.

Mike - I've never had a +ve balance greater than £1K on my Egg Card, so I don't know how they'd view a £4K +ve balance. If you're at all nervous about this, and you're a pre-May 1st 2005 cardholder, you might want to consider creating a debt by SBT'ing the £4K to your current account first, and then BT'ing this debt to your other 0% BT card. The cost should be about 40p/£1000/day the balance exists on Egg.

HGLTsuperstar

My understanding was that ALL egg card holders will be charged the new BT fee from May, if he is pre-2005 then and gets in quick then I agree he should be OK

mike1_2

HI Guys
thank you for your help, i am a novice at money saving i wish i had done this years ago as i have made some goods savings of late , i have turned my attention to stoozing as my finances are in good order at the moment
although i have researched things its nice to be able to ask questions when one is unsure and this site is excellent for this
anyway i am a pre may 2005 green egg card holder and when i applied for this latest card i just thought it ok to transfer it to my green card as a way to get the money into my one account to offset the money against my morgage , maybe i jumped to quick without thinking it through ,it was only after receiving the email from egg about the new T and C that i thought hold on have i done right here
after i posted my question i opened an egg money card and i will cancel my green card , it may not be to late to cancel the BT i made on my new card to egg green , i will ring them on monday then when i receive my new egg moneydetails i will make the BT to that card
once again thank you for your help i am learning all the time
Mike

HGLTsuperstar

Just one point, if the Egg green BT has gone through, you wont be able to move that positive balance to egg money which I think is what you're suggesting

mike1_2

If it has gone through i am hoping i can SBT to my current account,
if it has'nt gone through then i can cancel it then BT it to egg money then SBT it to my current acount
i hope
thanks
Mike

cazarol

Hi everyone, I am a new girl to money saving but am thoroughly enjoying myself on here!! Thanks to everyone. In simple terms please will someone explain the procedure for getting cash by balance transferring (even if I have no genuine balance to transfer?) to allow me to stash some cash in a savings account. Many thanks and keep up the good work

grumbler

Hi.

See Martin's articles:

REVENGE! Make Free Cash from Credit Cards
What is a Super Balance Transfer?

and

http://www.stoozing.com/full.htm

If this is not simple enough and you have further questions, don't hesitate to ask ...