Egg 2.5% balance transfer fee

richgirl

Recieved a letter recently that said the balance transfer fee is now 2.5% and it is uncapped. So that means no more stoozing

Milarky

Not quite yet! The 2.5% fee only applies in limited cases: - where a 'special promotion' rate for balance transfers is offered. This is only part of the time (although it includes anniversary offers unfortunately) but for the other months you can safely use the Egg Card for 'muling' amounts from other 0% cards paying only interest for the days before any balance can be repaid to Egg. Meanwhile at Egg Money both balance transfers and cash (ATM) withdrawals carry no fees whatsoever - you just have to take care to avoid negative balances that's all.

The problem is more general - concerning the spread of fees to other cards. Even if it remains free (and mostly convenient) to use Egg as a channel for this money you will still need to find a card prepared to lend to you for nothing...

[As a fallback I collect credit card cheques which are occasionally sent out saying 'no fee'. They can sometimes be used at any time to move money on to current accounts in an Egg-like manner but the problem of third party charges to borrow remains]

mary

I have £13K limit on Egg Card. I would be out of pocket now with the 2.5% fee to use my anniversary in May. I do have the Egg Money card as well with a £2K limit for shopping etc. Since I could still use the Egg Card as a mule, to transfer positive balances only from other cards in non promotional periods, is there any need for me to still keep such a high limit, or should I ask them to reduce it?

Tom_Saunders

I am well p*ssed off with Egg. I was looking forward to my transfer in June but with this 2.5% uncapped fee I am sure I will be one of hundreds of thousands who now canel their card. 2.5% uncapped for just 5 months is pants and more expensive than getting a loan.

Thefunkygibbons

Mine has been cancelled already as I may as well have the limit to use elsewhere

Tr@cker

Maybe they should charge stoozers the 2.5% BT and let the rest of us debtors have them for free.

Paul_Herring

mary wrote:

I have £13K limit on Egg Card. I would be out of pocket now with the 2.5% fee to use my anniversary in May. I do have the Egg Money card as well with a £2K limit for shopping etc. Since I could still use the Egg Card as a mule, to transfer positive balances only from other cards in non promotional periods, is there any need for me to still keep such a high limit, or should I ask them to reduce it?

I got lucky and was able to BT my £15K this month (I also have Egg Money - £3K limit) - I shall be cancelling the Egg Card (without shifting any of the
limit over to Money) in September once I've paid off the balance.

sicker

I am well pleased with Egg Money. I recently was coming to the end of a 0% so I applied and was accepted by another credit card. Rather than asking for the new balance transfer to be made to clear old card I did the balance transfer to Egg Money to make a few pence on the 4% interest they were paying. When the date for old card approached I transferred the required amount from egg Money to my current account. I then cleared old credit card from current account and low and behold I was credited with 1% interest for the transfer to my current account. Long may this continue.

John

ShopClicker

I cancelled mine today.

dealseeker

I would be out of pocket now with the 2.5% fee to use my anniversary in May. I only realised after contacting them to confirm details.

• £8k credit limit.
• Transfer = £7600
• Fee at 2.5% = £190 ouch
• Offset account rate 5.25%. Potential saving over 5 months = £190.
• Plus they charge interest on the £190 BT fee

..... so net effect would be to be charged interest on this outragous fee and a net cost for doing the transfer.

The stoozing game just got a lot harder.

Ridiculous they are not honouring the terms and conditions throught the promotional period. The whole reason I took out the card was for the advertised 0% anniversary offer not anticipating they would introduce fees to penalise customers they roped in under this promotion! Ironic the new charge comes in the very 1st day of my anniversary month too!

Will be writing to complain... doubt it will do any good. Keeping open for now until I have another 0% card to BT from/to though to get the ball rolling again.
:money:

strange

My Egg Money account has never been in the negative. In April I passed 6k through it from another card to my bank account.

Today I see that they have taken 50 pounds from my account. Apparently I had the choice between a high interest rate and no fee or a low interest rate and 50 quid fee. Since the account never went into the negative I wouldn't have paid any interest but they decided without asking that I wanted the latter and then wrote to me to tell me that they had done this as it was 'more advantageous'!!

I have written to them asking why that is...

Watch out folks, Egg have started playing games.

Str