yikes, have I been a bit hasty?

cathbull

Hi,
I ve decided to give this a go, I have just applied - and been accepted for the Egg Money card, but I note tha this seems to have changed and now has a £1 charge monthly (I assume this is only when you have a debt though). I have read through the charges etc but am not sure if this card is still advisable to use as the 'inbetween' card for stoozing or whether things have changed and the moneysaving tips are not updated?

In addition - and I think I know the answer to this, they gave me £1600 credit limit - but that's not really relevant on this card is it as I wont actually be in debt on it - it doesnt affect how much I put in does it? Say I put £3000 on the card, I can still transfer that cant I? Will I be charged transfer fees even though this will be a credit amount I am transferring?

Hope someone can help, wondering whether should cancel the application and give up!

LongTermLurker

cathbull wrote: »

Hi,
I ve decided to give this a go, I have just applied - and been accepted for the Egg Money card, but I note tha this seems to have changed and now has a £1 charge monthly (I assume this is only when you have a debt though).

No, it's a flat £1pm charge whether you use it or not, so you need to make sure your profit is > £12pa after tax.

Others will be able to answer the specific questions about muling - I don't use this so can't help, I'm afraid.

CannyJock

You've applied and been accepted, so no point cancelling it just yet.

As far as we can tell, the new card is still good for muling, there's just a £1 per month fee for it. Though because we've all got the old Egg Money card, we haven't been able to try it for ourselves. Looks like you'll be pioneering for us

You still get cashback on it. So if there's a month that you won't be using it for a BT - use it for your normal spending. If you spend more than £1200 in a year the cashback will cover the £ 12 per year.

With MBNA cards you'll save 1.02% by going down the BT to Egg Money route then to current account. So if you BT more than £1,177 on an MBNA card then the saving in fees will also cover the £ 12 per year.

Keep us posted on how you get on. Have you worked out where your stooze pot will be, the card's you'll be going for and the profit to be made?

LongTermLurker

CannyJock wrote: »

With MBNA cards you'll save 1.02% by going down the BT to Egg Money route then to current account. So if you BT more than £1,177 on an MBNA card then the saving in fees will also cover the £ 12 per year.

Is that because MBNA now have a higher rate for transfers to current accounts than to other cards? I think I've read a rumour to that effect.

CannyJock

Yup, super balance transfers have a 4% fee, balance transfers are 2.98%.

Have also just had confirmed by Egg:

You can have a positive balance on your Egg Money account.

You will not get a fee for returning the funds into your bank account.