Egg Money Positive Balance?

shaunjones_2

Thanks for that - I have replied confirming that it is for a positive balance only. So just to be sure, you have sucessfully used the balance transfer tool on the website to transfer a positive balance without a fee? If so I may just use that instead if I don't get any further with my reply.

CannyJock

Yes, most recently transferring just less than £5K to my current account (17/02/10).

Left a small positive balance on the card just to be on the safe side.

No fee charged

tipsychick

Yes me too, many times in the past.

If you're quite new to stoozing, have you tried http://www.stoozing.com?

The forums on there are pretty good as I'm sure CJ will agree!

sturgeon

I owe about £400 on my egg card on my latest statement (pay by direct debit every month) and have just transferred £3k to my egg money from Virgin. I was weary of withdrawing that and incurring charges, due to the fact I owe that amount. Should I only withdraw the £3k minus the £400 I owe (so £2,600)? How should I do this to definitely avoid balance transfer charges?

shaunjones_2

Just to follow up if anyones interested, I ended up using the online balance transfer tool to transfer the full credit amount to my bank account. It took around 2-3 days and I haven't been charged a fee.

sicker

Just phone them and ask for the amount you want transferred without charges, back to your linked account from which your monthly payments come from. It just takes a few days to appear in your linked account.

YorkshireBoy

sturgeon wrote: »

How should I do this to definitely avoid balance transfer charges?

As per the above two posts, but...

You should ensure you have no transactions pending, ie purchases made but yet to be posted to your account (can take 3 days or, in rare cases, longer to appear!).

Additionally, you should not use the card again for purchases until you see the BT/BACS transfer (whichever method used) listed on your recent transactions page.

sturgeon

To be honest I'm still not entirely sure what to do. Why will I be charged a balance transfer if withdraw a positive balance but other transactions take place in the meantime?

As £400ish will come out on my next direct debit to my egg card, and £3k is winging its way from my Virgin card, should I maybe just withdraw £2,500? I just don't get why I'd be charged anything to withdraw a positive balance. Also, when the £3k arrives, will it only show me being £2600 in credit taking into account what i owe on the card at the moment? If so it may be best to leave a lump in the account to use to pay off the current monthly balance.

CannyJock

sturgeon wrote: »

To be honest I'm still not entirely sure what to do. Why will I be charged a balance transfer if withdraw a positive balance but other transactions take place in the meantime?

As £400ish will come out on my next direct debit to my egg card, and £3k is winging its way from my Virgin card, should I maybe just withdraw £2,500? I just don't get why I'd be charged anything to withdraw a positive balance. Also, when the £3k arrives, will it only show me being £2600 in credit taking into account what i owe on the card at the moment? If so it may be best to leave a lump in the account to use to pay off the current monthly balance.

It's not to do with other payments that you're making, it's to do with other purchases you've made. If you're not sure what you're doing, then withdraw the reduced amount to ensure that you don't create a negative balance regardless of any other payments.

Stable_2

It's actually possible to do the transfer without Egg's intervention. When you're logged on to your Egg Money account, if you go to the LHS of the screen, click on "balance transfers", then click on "current account/overdraft", you can move the money out yourself. Doing it this way does mean that you don't have the added security of corroborating beforehand that there won't be a fee though.

Is there anything in the T&C's that suggests they could charge a fee making a transfer to a current account from a positive balance or has anyone ever been charged a fee?

I am in the process of ringing 'round my card lenders with the intent of making some large BTs to the Egg Money then making a single large transfer to my current account when the BTs arrive on the Egg Money. If there is any possibility that a fee will be charged it could be a disaster.

Thanks