Egg Money, Do I or Don't I?

GowertonRich1

Hi,

I have been reading Martin's Long Term Credit Card thread, and was interested with the method of transferring the balance from Card A to an Egg Money card for onward transfer to my account for a large spend.

I have an Egg Card, which is able to transfer to accounts within 7 days. However in the article it mentioned to ensure that the Egg card is an Egg Money account. How do I know this, I have looked at my account details and there is nothing obvious to show that it is an Egg Money account.

Thanks.

RPH

lisyloo

When you log into EGG, it takes you to a page called "Your Money"
What does it say under the column "Account type"

mine is an Egg Money card and it says "Money account"

What does yours say?

GowertonRich1

Under the account type, it says Credit Card, so I take it this would not be suitable for the purpose.

lisyloo

No.
There are only certain cards, that allow you to transfer to bank accounts.
Some do it via cheques, other via balance transfers to an "overdraft" i.e. current account.

Could you get a 0% for purchases card and buy the purchase directly, or are credit cards not accepted for your large purchase?

GowertonRich1

That is strange, because I have a transfer option within the account, as that is why I had the card in the first place.

Unfortunately, Card is not an option for the spend.

lisyloo

Can you provide a link to the long term thread you mention? Just to make sure we are talking about the same thing.

GowertonRich1

I tried earlier, but as I am a new member to the forum I cant.

http://www.moneysavingexpert.com/loans/plastic-loans

GowertonRich1

Ah, great, managed it this time, link is in the post above.

lisyloo

Right, I think I've got in now.

The new current Egg card offers balance transfers until 1/3/2011 for a 3% fee.
(I don't know when you took yours and what deal your on, this is the one available NOW).

So if you have that card you can have the loan until that date.
OR
You can transfer a balance from a longer term card via the EGG card to your bank account at a cost of 3%.

Neither option is both long term and FREE.

What Martin is saying if you had a long term deal on another card, then you
1) Xfer a fictional negative balance from Egg money to the long term card (this puts Egg money in credit).
2) Xfer a fictional negative overdraft from your current account to Egg money (this puts your current account in credit).

Step 2 is long term and FREE.

At the moment you can have short term with the EGG card.
OR
You can use the EGG card as a "mule" (step 2) but it will cost you 3% to do that.

Hope that helps

Is this for a car? If so have you considered asking the car dealer what the fees are to pay by card?
Some will accept cards if their fees are paid.
The reason I say this is that it's often less than 3%.

GowertonRich1

I think Step 2 will be the option, at a 3% charge, which will not be to bad.
No, its not for a car, its for house improvements. We may be able to pay for the purchase via card (Not checked yet), but I would have prefered to have done it by cash.

Thank you very much for your help.

lisyloo

Well dont' forget that if you do it in cash then you have no protection.
So if the company goes bust and either doesn't deliver or you have quality issues, then you will have no protection.
I've seen a number of posts recently where people have been caught out paying up front with cash/cheque and basically you just lose your money.

If you pay on a card, then if the company goes bust then the card company are jointly liable and you can get your money back.
They are alos jointly liable if you have any warranty issues that aren't dealt with adequately by the comapny.

I don't know if you are hoping to get a discount for cash, but bear in mind that a number of companies will be going bust this year (and particularly this time of year especially with the freeze) so paying up front in cash is a risk.