Egg 2.5% balance transfer fee

YorkshireBoy

Paul_Herring wrote:

Well since the maximum limit on the card is £15000...

Is it though Paul? Whilst it's recognised that Egg's 'normal' maximum limit is £15K (although I don't remember this being mentioned anywhere in the Egg Card's T&C's), I've personally been offered £17K by an Egg manual underwriter earlier this year. I declined the offer because the underwriting had to be escalated up a level and I didn't want to draw attention to my stoozing activities (plus I already had a £15K limit on the Egg Card and £5K on Egg Money).

Paul_Herring

YorkshireBoy wrote:

I've personally been offered £17K by an Egg manual underwriter earlier this year.

Ah - that's the first time I've seen anything beyond the £15k being mentioned with any certainty. Still - I believe my original flippant comment stands - there is still technically a cap, albeit based on your initial credit limit

dealseeker

YorkshireBoy wrote:

Is this a copy and paste, or have you mis-typed it? It doesn't make sense...the fee can't be uncapped *and* have a maximum!!

No it was a copy and paste from their response. Like the other 2 sentences they wrote it doesn't make sense.

Any other comments welcome.

schiff

JollyNolly - by 'current climate' I meant the situation where credit card companies are falling over themselves to offer 0% BTs to all and sundry - interest free loans once the fee is paid. Nothing to do with their profits!
Sorry it wasn't clearer.:o

dealseeker - appreciate your upset at egg's decision and replies but it was something that had to come (see my earlier comments). You seem to have come to a similar conclusion viz:
The stoozing game just got a lot harder

Changes in the rules within the full range of financial products are happening ALL the time and can occur abruptly. It's a battle but MSE users are usually quicker to respond and limit the potential damage. Personally I think if Martin was less 'in your face' about ripping off the card companies (the spend a £1 and cut up the card attitude), things might continue longer. Sorry Martin if you are listening but I'm being honest!

mary

YorkshireBoy wrote:

(plus I already had a £15K limit on the Egg Card and £5K on Egg Money).

If you don't mind me asking, do you plan to keep these limits or reduce any? Mine are £13K and £2K respectively. I am tempted to reduce the £13K to around £5K ish, just to keep it open as an avenue for positive balances whilst using Egg Money for shopping etc.

YorkshireBoy

mary wrote:

If you don't mind me asking, do you plan to keep these limits or reduce any? Mine are £13K and £2K respectively.

Fortunately I've just started my Egg Card anniversary in April (phew!), so don't have to take a decision until September on this product. However, if Egg don't renege on their 2.5% uncapped BT fee by then, the card will be closed as I'm not prepared to carry £15K of available credit 'just in case'.

With regard to Egg Money, I suppose I could lower it to £2K, but haven't done yet because a) I don't need to make any applications for a while, and b) I was going to put a £3K holiday on it for the cashback. I'll take a decision on reducing this limit at the end of next month.

I am tempted to reduce the £13K to around £5K ish, just to keep it open as an avenue for positive balances whilst using Egg Money for shopping etc.

I'm quite happy to 'mix and match' my BACS transfers and purchases on Egg Money, although I'm aware that this does take a little more 'management' and wouldn't suit everyone.