Egg Anniversery offer, should I?

Pattie1968

Good Morning All,

I have a slight dilema.
I have an Egg Credit Card with a balance of 2,126.00. I make payments of £120.00 per month.

This month is my anniversery month and I can take advantage of their 'generous' balance tranfer offer of 0% interest until september 2006, then the interest rate will revert back to 15.9%

I know there must be a catch somewhere,

What do you advise,

By the way, I tried last year to do few balance transfers but I was turned down 3 times.

Thanks for reading

Pattie

The_Boss

There is no catch, but just bear in mind you will be charged 2.5% of the balance that you transfer.

Also, the 0% rate will only apply if there is a zero balance on your Egg card and you transfer a new balance to it.

YorkshireBoy

The_Boss wrote:

There is no catch, but just bear in mind you will be charged 2.5% of the balance that you transfer.

The 2.5% uncapped fee is charged from 1st May. The OP's anniversary month is April, so they won't be charged a fee.

To the OP:

Do you have another card you can transfer the balance to? Maybe your partner or other family member? If so, move the balance off your card and then back again to take advantage of (what will then be) 4 months at 0%.

Normally, I'd advise ensuring you have a statemented zero balance, but since time may be tight and you have nothing to lose, you may as well go ahead now.

The only fly in the ointment will be if you have a 'special promotion' running on your account at the moment - which will mean you will incur a 2% (max £50) BT fee. A quick call to Egg should confirm.