Egg BT c*ck up

Cadwell_Parker

Hi Moneysavers...

I've been tarting around for a couple of years now with no problem, following the excellent advice offered here, but having transfered my debt from my virgin card to egg to take advantage of their aniversary 0% offer I seem to have got things slightly wrong.

The BT has gone though with no problem, the thing is I overlooked £5.87 which was left owing on the card from an old direct debit I'd forgotten about.

I now have this £5.87 mixed in with the BT amount which amounted to just over £4000. I understand I'm liable for intrest on the £5.87.

Ok, so the intrest on £5.87 is going to be negligable but I'd like to avoid paying any at all.

My question is can I BT the whole balance over to the virgin card and then back to the egg card before the end of the month as a new BT and so avoid any charges? Will this work or have I missed something?

Thanks in advance to anyone who can advise me on this.

YorkshireBoy

Firstly, won't Virgin charge a BT fee?

Secondly, have you actually worked out how much interest will be applied to your Egg Card?

Thirdly, won't Virgin charge you interest for the time the balance spends with them?

Fourthly, is it really worth all the hassle? After all, any glitches with the transfers and you might not get it back to Egg in time.

Cadwell_Parker

Hi yorkshireboy

'won't Virgin charge a BT fee?'

Yes. 2% handling on BTs, max £50.
I understand egg will not charge a fee unti l after may 1st.


'won't Virgin charge you interest for the time the balance spends with them?'

I was going to BT to virgin and then back to egg before the end of the month.
I thought I'd get the usual 56 days interest free if I paid the balance in full but a closer read of the blurb on virgins site suggests this is only for purchases, no mention of BTs, so I guess they will charge.


'have you actually worked out how much interest will be applied to your Egg Card?'

Egg currently charging 15.9% so on £5.87 this will be substantially less than any other fees incurred in shuffling the debt.


'is it really worth all the hassle?'

In view of the small amount of interest involved and the risk of possible glitches and further charges, no. It would seem best to pay the interest on £5.87 for the five months of my anniverary offer and chalk it up to experience. :doh:


Thanks yorkshireboy, you've helped me to get my head round this and I think I'll leave things as they are... unless anyone has an alternative take on matters.

CP