Help Transfer Egg Loan to Life of Balance card without fee?

bonkersrob

Dear All,

I've got an Egg loan for just under £5000 - which has a duration of 3 years at the moment, at 7.9% APR. I have been an Egg customer for years, and also have an Egg card with them.

A couple of years ago, I used an Egg loan before, and used a Virgin credit card to do a SBT super balance transfer (which I got at no fee at the time) to the pay the loan off and manage it at a reduced rate for 12 months.

Can anyone suggest a credit card/ or how I could use a Life of Balance (LOB) card to actually pay off the loan, and have it at a reduced rate? It would also be great if the fee could be nothing, but I may have to handle 2%.

I assume that this card would also need SBT ability?

Please let me know if you can help.

Kind Regards,

Rob

grumbler

I don't know any cards with low LOB rate and SBT facility (even with a BT fee). Read Martin's article about using Egg Money card as a mule - see 'Stoozing' link in the blue box above (The Middle Route)

Mercuryrising

I don't think there are any SBTs either (Mint used to be one but not for new customers) - apart from Egg Money which you could use to transfer funds to your bank account and then use it to pay the loan off.

As for LOBs - Morgan Stanley 5.9& LOB one doesn't have a BT fee. American Express apply one on an 'individually determined' basis, Sainsburys doesn't have a fee either.

Milarky

Mercuryrising wrote:

Sainsburys doesn't have a fee either.

They did introduce a fee on existing customer 'LOB-cheque' offers at the end of lst year though.