SBT and purchases

johannamse

Example:

Say I use my Egg card for all my purchases and I pay it off at the end of every month. Say I do a BT for £5000 onto it to stooze. As soon as 5k has cleared - I transfer it out. Say when the 5k clears I have - 500. Would they let me transfer all the 5k or only 4500? Would 4500 (which it is in credit) be free and 500 be charged as a cash advance/bt at x% (if not in 0%). I am sure I have not explained this perfectly - but I hope you get the idea?

Walletwatch

Correct, BT rate would be charged for the 500 debit balance, from the time the transfer takes place from your egg card to your current account.

Milarky

Just transfer the exact credit balance and no more

johannamse

thanks peoples.

What is the normal rate on a card (egg if possible) for a BT, if not during a 0% Does it even exist? If they allowed me to transfer the extra 500 what rate would it be at - what would it be called on the statement?

Thanks for all your help. You are all very clever.

Reaper

While I've had a glass too many tonight to give sensible answers in answer to your original question I'd be very careful about mixing purchases with balance transfers. If you were to take out a card today purchases are only free until 1st July whereas balance transfers are free until 1st September. As it can get tricky as to which it being paid off when you make a payment I always suggest people use a card for one or the other, not both.

As for doing balance transfers outside the 0% period it will cost you 14.9% APR from the date of the transfer (not your next statement date). So don't do it. Get another card.

There is an exception for credit balances passing through, but that's another subject...