Urgent. Are BT's charged interest daily?

imsi

Sorry to start a new thread but I cannot find the answer searching previous posts.

I am waiting to receive a new 0% Credit Card but I have left it too late to BT.

My 0% interest period on my Lloyds TSB will end 14/1/05 but I do not have a another card to BT it to yet without incurring interest.

Should I just pay off theTSB card and wait for my Egg card's annual offer in May to Super BT some more, or is there a way keep the money borrowed from Lloyds TSB in my savings account until my new credit card becomes active?

In other words, if I BT from Lloyds TSB to one of my other cards (interest paying) , then bt again before the card needs paying, and again if necessary, do I pay interest for this short period until my new card is active?

I have £10k of Lloyds money earning interest in my Cahoot account and would love to keep it there cheaply.

Any advice welcome

Rob

Reaper

Interest is calculated daily. Some credit cards allow BTs free until the statement date but not very many. Nationwide is one, you will have to look for old threads to see what the others are as I can't remember.

Why do you say you must wait until the Egg anniversary offer? Why not pay off the LLoyds TSB card now, then when your new 0% card arrives pass the money via your Egg card to your bank/savings. No need to wait. Or have I misunderstood the question?

deemy2004

Sorry to start a new thread but I cannot find the answer searching previous posts.

I am waiting to receive a new 0% Credit Card but I have left it too late to BT.

Pay off your debt.... and then wait for the 0% card
Then use your egg card i.e. put it into credit and then transfer to your current acc.

imsi

Why do you say you must wait until the Egg anniversary offer? Why not pay off the LLoyds TSB card now, then when your new 0% card arrives pass the money via your Egg card to your bank/savings. No need to wait. Or have I misunderstood the question?

Thanks for your reply
My Egg card is no longer 0% and I have no money borrowed from it .How do I pass new card limit via my Egg card without paying interest?

I get the feeling I've not got my head entirely round this whole thing even though I've done ok so far. When interest is 0% i'm fine but I'm reluctant to pass funds through CC which charge interest. (i.e. my egg card just now)

Reaper

I answer this a lot, so I'll be lazy and cut, paste and adapt from one of my previous answers...

There is the proper way to do it and the naughty way which technically breaks the T&C but in practice works fine.

Let's say you have a new 0% card "X" and you want to use it to put £5000 in your bank account...

THE PROPER WAY: SBT £5000 from Egg to your account, and at the same time BT £5000 from card X to Egg. This leaves you back at £0 balance on Egg. No fees from Egg for doing this although you will have to pay a couple of days interest for the time your Egg card briefly had a debt on it. It is all allowed in the T&C.

THE NAUGHTY WAY: BT £5000 from card X to Egg creating a £5000 positive balance, then SBT this to your bank account. No interest or charges because you were never in debt on the Egg card. This is allowed in Eggs T&C but is probably not in card X's because it normally states BTs are for paying off debts.

imsi

Thanks Reaper ( and Deemy now I've understood your reply)

I think it's a case of me getting my positive and negative (balances) mixed up. Reminds me of school !


Cheers

Rob