Egg BT Fee Official Line

mary

Milarky wrote:

Could Eggs 'failure' to apply charging to anniversary offers hitherto be used to argue that they are not SPs in the terms of clause 7.2 and therefore must be a 'different' type of offer which is currently 'undefined' in the Agreement. Does this create a 'loophole' does anyone feel? (possibly Egg would need to further amend the Agreement - which would buy at least another month and let some more stoozers through?)

Milarky, when does your anniversary start?

How would you phrase your message to them under the circumstances to get a definitive "Yes"? (Me thinks we're on a losing wicket here) It's a question of semantics.

tabath

Got the anniversary offer through the post but too late to take advantage as it expired end of march!lol

dang

Does anyone know if you can take advantage of the 0% anniversary offer by doing the transfer direct to a bank account,and still not incur any fees for doing so?

YorkshireBoy

dang wrote:

Does anyone know if you can take advantage of the 0% anniversary offer by doing the transfer direct to a bank account,and still not incur any fees for doing so?

April 2006 is the last time anyone will get a fee-free (S)BT with the Egg Card.

dang

Thanks Yorkshireboy, i have been offered the 0% this month, i just wanted to check it would be fee free even if i transfer to a bank rather than a balance from another card.

Milarky

mary wrote:

Milarky, when does your anniversary start?

How would you phrase your message to them under the circumstances to get a definitive "Yes"? (Me thinks we're on a losing wicket here) It's a question of semantics.

March (I was lucky).

I thought it might be possible if the term 'Special Promotion' was newer than the anniversary offers (which began in 2004). However that definition is there in the old Egg Card Agreement going back to 2001 (I've checked on the archive.org website). So there really is no wiggle room here. Anniversary offers are 'Special Promotions' because they came along after a term applicable to them was already established. The only very slight 'crumb' I have found is that - even now - Egg's website for new applications states:

For all existing customers a balance transfer fee may be charged on special promotions we send, please check the detail of the special promotion to see if a fee is applicable.

http://new.egg.com/visitor/0,2388,3_11084--View_1765-bID_EcBalTraFaq-dva_1,00.html#isthereafeeforbalancetransfers?

"may" above probably just means 'will' - i.e. liable - all they have to do is tell you there will be a fee in your aniversary email

mary

So what we do now then is close the Egg Card with its current £10K/13K/15K limit on it, but before doing that ask them to shift the credit limit, lock, stock and barrel to the Egg Money card, stop using it as a 1% cashback card as I have up until now and then do BTs (positive balances) through it? Any flaws with that???

YorkshireBoy

mary wrote:

Any flaws with that???

Two immediately spring to mind...

1. You shouldn't need more than 50 days worth of normal spending (plus a small margin) as your credit limit on this card, since you'll be clearing the balance each month in full. Any unneccesarily high limit is bound to affect the credit limits given on other applications you make.

2. You don't need to stop using the card for it's 1% cashback. Just be careful not to incur a negative balance as a result of your BACS transfers.

mary

YorkshireBoy wrote:

Two immediately spring to mind...

1. You shouldn't need more than 50 days worth of normal spending (plus a small margin) as your credit limit on this card, since you'll be clearing the balance each month in full. Any unneccesarily high limit is bound to affect the credit limits given on other applications you make.

Take for example, I currently have a £13K limit on Egg Card and £2K limit for spending on Egg Money. I have just applied and got a LloydsTSB Plat Visa for £15K and put a positive balance on my Egg Card, which showed up today dated 3rd April. This will then be spirited away to savings account. However if by May 1st I ditch the Egg Card, I was thinking that that same high limit would be better switched to Egg Money, so if I had a similarly high limit to do a positive transfer on another occasion (here's hoping!), it could be channelled through Egg Money. (Can you really put a large positive balance on your card when the credit limit is pretty small?) In the past I have been keeping the Egg card for its anniversary with the same £13K limit, which may or may not have hampered any other applications I have made in the meantime. I had attributed the more modest £3K - £5K amounts due to the fact that I have a low income.

YorkshireBoy

mary wrote:

(Can you really put a large positive balance on your card when the credit limit is pretty small?)

Why not? Egg say that the minimum credit limit on Egg Money is £500. They also say that the most you can carry as a +ve balance is £99,999.99. There's nothing in the 'rule book' that says you can't combine the two. Indeed, I've personally carried 6 times my credit limit as a +ve balance.