Mule

MrChips

I have always used my old Egg card as my mule for transferring balances into my savings account. I had my anniversary month in March and I have my £10,000 limit safely tucked away earning me interest.

I am just about to apply for a second round of stoozing cards after paying off most of my first batch over the last couple of months. However it has just occured to me that if I were to use my Egg as the mule again, I would be paying off the £10,000 balance, and losing the 5 month offer in to the bargain. I wouldn't be able to transfer the original balance again at 0% as my anniversary month is now over and so the BT rate for new transfers will be the regular one i.e. over 10% apr.

Am I right? Have any other stoozers encountered this problem? Can you think of an inovative way round it, or will I either have to wait until the 5 months are over, or get an Egg money card, or simply sacrifice my anniversary deal?

Thoughts appreciated.

Careful_ly

If you still have your Mint card you could use that as your mule, other than that your choices are an MBNA card or going for the Egg Money card

MrChips

D'oh, I cancelled my Mint card!

Back to the drawing board

Milarky

1) only transfer in a month which is not under a Special Promotion or anniversary months - since any balance transfer 'to' Egg during these months will attract a 2.5% uncapped fee.

Then either:

2) transfer from a positive balance on the Egg card to avoid any interest charge (which is daily)

or alternatively:

3) transfer from a nil balance on Egg when you know the other 0% card's transfer is on its way. (eg one working day after)

or, even:

4) transfer from a nil balance on Egg on the same day as the payment to Egg (the other card's 0% transfer) is due to reach the account - a so called 'crossing payment' (eg two working days after)

Making successful crossing payments are fun because you actually have a nil balance on the Egg card at all times. The only problem is that you can't see the payment reach Egg on the day you request the same amount to leave Egg due to credit card accounts being updated one day in arrears.

HGLTsuperstar

Get Egg money card ASAP, use as mule and get 1% cashback aswell and, IIRC, you wont need another credit check as you already have egg green

mary

I'm coming up to my Egg Anniversary, which I will now avoid due to the uncapped fee. I have luckily just managed to do a £14,900 positive transfer using the Lloyds Plat card via Egg Card. However if I get another card, I will need therefore to use the Egg Money Card. I currently use this for spending and the 1% cashback. So what should I be wary of when doing a positive transfer with Egg Money?

Milarky

mary wrote:

I'm coming up to my Egg Anniversary, which I will now avoid due to the uncapped fee.

Only during the month of May, though, as transfers done after 'month one' are at standard rates again - and standard rate transfers remain fee free and you are only charged interest daily on the time spent with a negative balance.

I have luckily just managed to do a £14,900 positive transfer using the Lloyds Plat card via Egg Card. However if I get another card, I will need therefore to use the Egg Money Card. I currently use this for spending and the 1% cashback. So what should I be wary of when doing a positive transfer with Egg Money?

That you do not also spend on the card just ahead of transferring the postive balance away from EM. Transactions already shown on the card just get 'repaid' by virtue of the positive balance removing them. But if you buy something the day before, say for £100, and the posting date of that transaction is the same as the date of the BT request AND you transfer the full apparant balance then you may come a slight cropper - £100 of the BT will be at standard rates until you clear the whole balance again. (Other purchases will still be interest-free in the meantime however.) To avoid this simply transfer a smaller amount of positive balance at first. In other words it is difficult - but not impossible - to transfer exactly the right amount to leave you with a zero balance at all times.

Remember to that for smaller amounts - upto £500 - these can be withdrawn daily free from ATMs - handy but only in exact multiples of £10.