Stoozing Newbie Egg Money Card Advice

dale01

I have just taken out the egg money card. I also have a Egg Green Card.

Got a credit limit for £3500 on both cards.

I have read way stoozing works + on this site but do not understand how it works with the egg money card?

From the info here, transfer the £3500 from egg money card to a 0% other card (which i have yet to get).

Then not to sure from there??

1. where does the savings account come into it
2. do i set my egg money card to pay the min amount a month.

Sorry for the stupid questions just trying to get my head around all this

Thanks

dale

---lee---

dale01 wrote:

I have just taken out the egg money card. I also have a Egg Green Card.

Got a credit limit for £3500 on both cards.

Limit does not matter. When you transfer money from a 0% card to your egg money card, your egg money card will be in +'ve balance. +'ve balance has no relation to your card limit. Ideally, you will want a low limit on your egg money card if you are only using it for stoozing.

I have read way stoozing works + on this site but do not understand how it works with the egg money card?

Egg money is a SBT capable card which means that you can transfer money out of directly to bank accounts or savings accounts. The way you are using the card, it's acting like a mule - that is, just being a device to get money to your bank account.

From the info here, transfer the £3500 from egg money card to a 0% other card (which i have yet to get).

Correct. You are asking the 0% card provider to pay off a balance on the egg money card. When the transfer is complete, your egg money card will be in +'ve balance.

Then not to sure from there??

1. where does the savings account come into it

You can leave it in the egg money account and it will earn 4% gross. Or you can transfer it to a savings account to earn more interest on it.

2. do i set my egg money card to pay the min amount a month.

No, you need to pay the 0% card provider the minimum payment.

Sorry for the stupid questions just trying to get my head around all this

It is confusing at first. I suggest you read the into guides on https://www.stoozing.com . I'm sure you will still have questions (most peeps do) so feel free to post again.

YorkshireBoy

Take a look at the New Egg Money Card - Stoozing Analysis (and subsequent discussion) over on the stoozing website.

---lee---

PS dale01, just noticed your post count - welcome to MSE :j

dale01

Thanks for the great info and the warm welcome! :beer:

I understand it alot better. sometimes its alot easier when someone puts it in to terms that you can see.:T