Egg Money Positive Balance?

jamesd

Positive balances are not permitted but what they do is transfer the money to your current account, which is exactly where you want it to go. You can beat them to this transfer.

Yes, you can usually do more than one balance transfer. Check the terms of the card you're transferring the balance to. It's not worth the hassle, though, just do it in one.

manic

jamesd wrote: »

Positive balances are not permitted but what they do is transfer the money to your current account, which is exactly where you want it to go. You can beat them to this transfer.

Yes, you can usually do more than one balance transfer. Check the terms of the card you're transferring the balance to. It's not worth the hassle, though, just do it in one.

Has anyone any recent experience on this. I have £10k to "mule" and I don't want to run the risk of it going wrong.

If it is as jamesd says, then it will be fine & dandy, just wanted reassurance that someone has actually done it.

Thanks.

[Deleted User]

manic wrote: »

Has anyone any recent experience on this. I have £10k to "mule" and I don't want to run the risk of it going wrong.

If it is as jamesd says, then it will be fine & dandy, just wanted reassurance that someone has actually done it.

Thanks.

I did this in May this year and all went well. I did the transfer of the positive balance to my current account online.

YorkshireBoy

manic wrote: »

Has anyone any recent experience on this.

I asked the same question on the stoozing site recently and, sadly, no one had. Not really surprising perhaps, being as the T&Cs ('prohibiting' such positive balances) only changed on 22nd of last month.

I have £10k to "mule" and I don't want to run the risk of it going wrong.

Are you paying a fee? If not (eg it's a Santander card), then it's not really a problem?

If you are though, and mine* was nearly £400, then I can understand your concern.

Best of luck, and if you do go ahead please feed back.


* I negotiated a money transfer on the same BT terms in the end so didn't need to mule the funds.


EDIT: If you do decide to 'gamble', 2 tips...

1. Make any balance transfers online, as anactuary says above, and

2. Keep them under £10K (which seems to be a trigger for further investigation at Egg)

manic

YorkshireBoy wrote: »

* I negotiated a money transfer on the same BT terms in the end so didn't need to mule the funds

I have the option to do a direct transfer to my current account, but the fee is 4% instead of the 3% for a BT. I assume that you had a similar offer.

Do you have any tips on getting them to reduce the 4% fee, or did you just ask?

YorkshireBoy

manic wrote: »

Do you have any tips on getting them to reduce the 4% fee, or did you just ask?

Fortunately mine was on Virgin Atlantic, which still has a 2% fee.

thenudeone

shaunjones wrote: »

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.

New terms published on 22/07/10 (section 9.1) state : "You are not permitted to have a credit balance on the Account. If this occurs, we may return such balance to you, usually by making a payment to the account from which your Direct Debit is taken. "
This may be exactly what you want anyway, from a mule card; but it doesn't say anything about charges! Anyone got any recent experience?

kataddey

I have done this recently with no issues - I was buying a 2nd hand car and wanted to pay cash, so I got a Virgin card and transferred £3800 to my Egg Money card. At the time I had a debt of ~£2200 on my Egg Money card (an expensive month!!!) so this gave me a £1600 positive balance. In the end I didn't bother then transferring the money to my current account (i'd already paid for the car by this stage from my current account) and so just left it as a positive balance. As i gradually spend on the Egg Money card the positive balance is reducing (currently ~£600) but i haven't been asked to transfer it out (nor has it been done automatically by Egg).

I have had my Egg Money for several years (I still get cashback with no monthly fees) so not sure if my T&C are different to more recent cards......