Egg anniversary offer - SBT questions and advice

mrvolleyball

Hi all you knowledgeable people, hopefully some of you can answer a few questions and give me some advice.

This month is my year anniversary of my Egg card, how do I find out about their 5 month 0% offer - should I have heard from them or do I have to contact them.
Now my situation:
In 2 days I'll have a credit limit available on this card of £3000.
I also have approx £1100 left on my 0% for 13 months Barclaycard
Lastly I have a egg loan (10.9% I think) for approx £4000.

I'm hoping to use the 5 months 0% offer on my egg card to do a SBT - Is this possible ? If so is there any problem just transfering this into a current account ?

So now where I'l like some advice, whats the best way to make my money work for me ?
Should I do a SBT to my smile current account and then use it to pay off some of my egg loan.
Is there any way I can use my £1100 available on my barclaycard ?

Any advice / suggestions are greatfully received

Joe_Bloggs

I have a green egg anniversary 5 month 0% offer. I don't have a Barclay card or a crappy Egg loan. Egg do not tell you again about the anniversary period until you ask them 'Why did'nt you remind me about the anniversary offer'.
I managed to do three ordinary balance transfers from 0% cards into my egg card. Transfering the money each time into my current account. I finally transfered my egg credit limit into my current account.

All this within the free balance transfer month that comes with the egg anniversary deal.
J_B.

Milarky

I don't know about Egg loans. Can you repay them early or made additional payments?

If the loan is a 'fixed repayment' type then you are stuck with it, I suppose. the best you can do is use the 'free' money from credit cards to earn [taxable] interest to partly offset the cost of this loan.

If you could repay any amount an borrow more later [doubtful] it would be truely flexible and you could fully offset for the five months before borrowing the money back from Egg, paying it to your urrent account, and repaying the card just in the nick of time.

mrvolleyball

I don't know about Egg loans. Can you repay them early or made additional payments?

One of the good things about this loan is that you can make additional payments whenever you want.

Thanks for the replys guys.

I've had another think about my situation and came up with this:
What if I SBT from egg card to current account then make a balance transfer of £1000 from this new debt on egg card to barclaycard, thus will have maxed barclaycard but debt will be at 0% for 12 months.
Then use £1000 of the new money in current account (from the SBT) to pay off part of the egg loan, put rest of money from current account into savings account for 5 months. When 5 months 0% interest is up on the egg card, pay it off with the money from the savings account.

Does this make sense and should it all work ?

robnye

doesnt barclaycard have a limit of 90% of credit limit up to £5000 for balance transfers?

Joe_Bloggs

It should work if Barclays are not going to charge for the balance transfer. You will still have £1000 of credit limit left on the egg card after the Barclay transfer.
Is there no way to pay the £1000 of your loan direct with an egg card ?
J_B.

mrvolleyball

It should work if Barclays are not going to charge for the balance transfer. You will still have  £1000 of credit limit left on the egg card after the Barclay transfer.
Is there no way to pay the £1000 of your loan direct with an egg card ?
J_B.

Hadn't thought of that, but it would make more sense doing it that way, I'll check and see if its possible. Thanks

mrvolleyball

Is there no way to pay the £1000 of your loan direct with an egg card ?
J_B.

Just checked this, but unfortunately you can't make a loan payment with a credit card, only bank transfer or cheque

Suzz_2

I think it says in the terms & condition of the Egg offer, that it can't be used to pay off a debt to Egg. You'll need to transfer it to your current account first.

Make sure the BTs are completed during your anniversary month.

Worth checking for sure that any Barcalycard BTs you do will be free and at 0%.

mrvolleyball

Pants !!!

Just checked with Egg and it turns out my anniversary month was July (thanks for letting me know Egg >:( )

Now I suppose the only thing I can do is find out how much I can transfer to my Barclaycard for free at 0%, do a SBT from egg card to current account for that amount, do a BT from Egg to Barclaycard and use the cash in current account to pay off part of Egg loan.

Ah well every little helps

Joe_Bloggs

I'm not laughing.
I made my cynical remarks about them reminding you when you ask them to, in jest. Clearly it is egg policy to keen anniversary deals a secret from those who can benefit.

There is always the SBT aspect of the card to make it worthwhile. Also if you spend £5000 on purchases you can get £5 purchase rebate. The old green un has its uses.
J_B.